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 But if that actually is true, and you do have a unique talent living
under your roof, then watch out. You have to start thinking about
how to develop that talent, how to support their career - and how to
pay for it all.
Now there is a book to get you through the process. New York
City-based entertainment lawyer Steven Beer just released "Your
Child's Career in Music and Entertainment," about how to navigate
the choppy waters of child superstardom.
After 20 years in the business and helping to launch the careers of
Britney Spears, Lady Gaga and Taylor Swift, Beer took up the task
when his own son, Max, was cast in a touring production of Neil
Simon's play "Lost in Yonkers".
Reuters sat down with him to discuss what to do - and what not to do
- when your kid is about to take over the world.
Q: Everyone thinks their kid is talented. How do you know if
they are really something special?
A: Talent is not enough. There has to be an 'It Factor,' that
breaks through in a competitive market. And they have to be a
self-starter, to be prepared and responsible enough to rehearse
without parents having to badger them. Those are the things you are
looking for.
Q: If a child starts getting offers, what should parents look
out for?
A: Parents are typically so flattered that they don't think
clearly. So they should sit down with a good attorney to explain and
negotiate it. For an artist just starting out, a manager might ask
for 20 percent. But 15 percent is a good middle ground, and 10
percent is what we strive for. And you always want a shorter term.
Q: What costs can parents expect in developing their child's
career?
A: The biggest cost is training, like high-level vocal or
acting coaches. It is also very expensive to travel, whether it is
to Midtown Manhattan for auditions, or to the West Coast for TV
pilot season.
Every March you have countless parents and young artists moving to
residences in Studio City, California: They fly out there, rent an
apartment, rent a car and pay for meals. Those are costs you really
need to consider, because they are substantial.
Q: What are some creative ways to finance all that?
A: The trend these days is to access development dollars
through crowdfunding platforms like Kickstarter or Indiegogo. Those
didn't even exist a few years ago.
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If you have a good audition tape, and people start to get excited
about it, then fans will start to fund you. In return you might give
them a DVD, or a CD, or a backstage tour of one of the child's
productions.
Q: How important is writing down a budget?
A: It is essential. It may seem like this is just a passion,
but this is a real business. So you have to write down a business
plan, estimate expenses and set up a timetable.
If a parent has to stop working, that is another financial element
to be considered. Sit down with an accountant and figure it all out.
At the end of a certain period, you have to make a business judgment
about whether or not it makes sense.
Q: A lot of stage parents see dollar signs when it comes to
their children. What exactly are they entitled to?
A: There are plenty of examples where parents just helped
themselves to their child's revenues. Some of that may be justified,
in terms of the up-front investment dollars that they get reimbursed
for.
But that money really belongs to the child from the get-go.
Q: What do most parents do wrong in this situation?
A: They do many things wrong. Mostly it is because they lack
experience in these areas, and have no objectivity. When it is your
kid, it is so easy to lose perspective.
That is why I strongly urge parents to work with experienced
professionals as a sounding board. It is treacherous terrain, and
they need to make sure everything is being done in the child's
interest.
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