Adrian Clark is launching a book, Protect Yourself at All Times. Clark, who created AC Sports Management, helps young and talented boxers go in the right direction in their career in and out of the ring. Clark was recognized by Forbes “30 under 30” which looks at some of the brightest minds in sports under the age of 30.
Leading up to the release of his book we’ll be exclusively sharing the 12 rounds (12 Chapters) on #TeamEverlast along with video blogs mad by Clark.
Round 3: Accepting Money From Management
Before accepting money from your management team (or advisor), make sure that the paperwork you ink is either a loan agreement, or promissory note.
Just because they have money that can help you and your family out does not mean that this individuals owns you, your family or your career. Contracts in regard to your boxing career needs to be totally separate from any advance or loan.
For example, if you are interested in hiring a particular manager and he agrees to loan you a couple of bucks to stay above water until you fight… Make sure you ask these questions, or have these things in the promissory note or loan agreement.
– How much you are borrowing?
– What date you borrowed the money on?
– How long do you have to pay it back?
– Is there an interest rate If so, it needs to be included to the contract?
– What penalties (if any) are added if you are late paying loan back?
– Is there an option for installment payments?
Just as in Round 2 (Know what you are signing), you want to make sure you are signing something that is clear cut for you and protects your career.
Don’t ask for more than you need to handle things. Don’t go deeply in debt before you ever being making a decent amount of money.
Protect Yourself at All Times!