How to Choose an Honest Business Manager: Avoid Kevin Garnett’s Unfortunate Situation
It’s an unfortunate truth — not everyone knows how to choose a business manager who has their best interests in mind. When it comes to selecting someone to handle significant wealth, one mistake can have devastating consequences.
Choosing an accountant for athletes isn’t always easy, but it is critical that you make the right decision. Kevin Garnett is one athlete who has learned first-hand the importance of working with the right people.
Kevin Garnett’s Lawsuit
NBA star Kevin Garnett retired in 2016 as one of the highest-paid players ever. However, he is currently suing his former accountant and associated firm for $77 million that was allegedly stolen from Garnett over his career.
Many high-profile athletes and celebrities could avoid cases like this if they take the time to learn how to choose a business manager whom they can trust.
Of course, it is impossible to predict the future, but there are actionable steps that can be taken to minimize the risk of catastrophic mismanagement. Sadly, Kevin Garnett is just one of countless athletes to face the consequences of allegedly predatory business managers.
Selecting an Ideal Sports Accountant
While every individual athlete’s situation is unique, there are criteria that you can use to make a sound decision as you seek the right accountant to handle your finances.
Obviously, the most important factor is trust. However, in this type of situation, it is important to realize that blind trust can be problematic. While it may be tempting to go with a friend or family member, that is rarely a prudent choice when approaching how to choose a business manager.
The simple truth is that most friends or family members — even those with a background in finance — do not have the experience required to handle the unique circumstances associated with a professional athlete’s estate.
Instead, when choosing an accountant for athletes, it is wise to select an accountant and firm with dedicated, trackable experience in the professional sports arena. Not only do you get the peace of mind from knowing that your accountant’s current and former clients have had no problems, but you can rest assured that your accountant is equipped to deal with any sports-related issues.
Beyond selecting a sports accountant with experience and a solid reputation, you want someone who knows when to say “no.”
When learning how to choose a business manager, it is all too easy to want to choose the person who allows for frivolous spending. It is much smarter, however, to go with an accountant who sees the bigger picture and considers long-term planning. A good sports accountant genuinely has your best interests in mind and sometimes that means limiting spending.
Call Derderian & Associates Today
If you are currently looking for a sports accountant or business manager, our firm has the experience and qualifications to assist you every step of the way. Call us now at (310) 443-4152 or send us a message and we’ll be happy to provide further insight into how to choose a business manager who won’t let you down.