Billboard’s 2021 Top Business Managers Billboard 2/22/2021 Billboard Staff
The music industry’s leading business managers serve as financial advisers, tax accountants and fiscal therapists for artists and executives alike — and they have long preached the importance of saving for a rainy day. But what if the storm lasts for a year?
In 2020, as revenue from live touring halted, traditional recording sessions ceased and marketing meetings moved to Zoom, the roles of business managers became more crucial than ever. “This year has been a bit of a roller coaster,” says Sally Velazquez, owner of Empower Business Management.
Business managers helped their clients financially survive the pandemic by revising cash flow projections, focusing on long-term plans and exploring new revenue sources, including song catalog sales in a red-hot market. When necessary, they applied for government aid available under the CARES Act and subsequent legislation — “a gigantic fire drill,” says veteran money manager Bill Vuylsteke.