Tools for MGMT: Episode 117
Back at it for the homestretch...
SHOCKING: Jon Tanners leaked a few of our iMessages in his latest essay out today on Profit. Please go enjoy that right here – and welcome if you are new! 👋
My name is Ethan. I manage a screenwriter and a comedian. I started this newsletter to regularly send out a few links and musing that I hope other managers will find interesting. Thanks for reading this seventeenth edition.
Where was Tools for MGMT?
Why no newsletter the past two weeks? I’m glad you asked.
First, I was overseeing the counting of the mail-in ballots in Philadelphia on Friday 11/6. And then last week, I took a midweek vacation (Wednesday through Friday) with Caitlin to the Catskills. Thanks to those of you who reached out with your concern (note: actually no one did this).
Admittedly, the timing was a bit strange given that we’re all hurtling toward some built-in downtime with the holidays… but I was IG targeted (and repeatedly retargeted) by these tiny cabins in the woods and just had to do it this side of 2020.
If you have not taken any time to yourself this year, I hope that you’re soon able to do so. The data speaks for itself. Three days with no obligation to respond to emails and my resting heart rate immediately fell off a cliff. ❤️ That has to mean something, right?
2020 Year-End Tax Strategies
This is not financial advice, but I’ve been seeing this Tax Savings Strategy presentation going around, and thought that a few of you may find it useful. Some strategies that jumped out for management businesses to be discussed with a CPA:
Home Office (especially in a pandemic!)
Health Care + Self Employed Health Insurance Premium Credit
Solo 401(k) (more detailed guide here)
Schedule C to S Corp (perhaps combined with a Late S Election)
S Corp to C Corp (with larger profits)
Augusta Loophole (I had not heard of this)
Reminder: paying taxes is a sign of a profitable business. And if I had to choose between time spent optimizing my tax bill vs. time spent strategizing on how my clients and business could make more money, I’d choose the latter every time.
Lawrence Schlossman Profile
I’m relatively new to the Throwing Fits universe, but have been listening more and more as of late – particularly because I very recently started working with a new client whose concentric circles of influence and income intersect with fashion. (More on him soon enough.)
As the former Editor-in-Chief of Four Pins, in a way Lawrence has had an influence on me long before I started listening to the podcast he co-hosts. The 2015 piece Drake In Real Life (originally published by Four Pins) set off a roundabout series of events that led to me getting into talent management. I also admire that he has built a following and community of (mostly) young men interacting positively together online… not an easy task. Esquire profile here. The New Yorker profile from this summer is also quite good.
In the mood to speculate amidst the current crypto euphoria, I bought an NFT last night via Nifty Gateway. I struck out on the on-sale (just as I have for the last 4 consecutive 7PM drops…) and paid a $150 premium for this gorgeous gold piece right here. I relisted in the hopes of a quick flip last night, but withdrew this morning and am going to watch and see what happens as BTC approaches an all-time high and the auction on the 1 of 1 piece wraps up.
The weird dynamic that has defined my dabbling in crypto over the last few years is that of course I want to talk about it (in the hopes that talking will somehow drive prices ever higher) – but that I’m also internally conflicted because I’m not a true believer in any of this, tbh. At least not yet.
But boy, do I want to be.
Indeed, Nifty Gateway is a compelling on-ramp to the world of crypto art, where I was able to pay with my Amex (as opposed to SuperRare where you have to transact in ETH). And above all else – I’d be doing my clients a disservice in not figuring out how this all works and how they can benefit.
Perhaps the best part – Nifty Gateway was founded by two twins (Duncan and Griffin Cock Foster), and then acquired by the Winklevoss (!) twins last year. Twins investing in twins. Trump sending his own slate of electors to the EC. Crypto art drops selling out instantly. Obama sending in the SEALs. Bitcoin to the moon. Chaos reigns.
In the spirit of Thanksgiving, here are a few things that I am grateful for:
these vaccines that are CLOSE (Pfizer merch on Grailed)
clients who are good people that are also exceedingly talented
this $19 Daily Manifest which I’ve printed and filled out for 131 days
moving from a studio to a 1 bedroom apartment where Caitlin and I can both be on the phone at the same time
not having to go to Los Angeles ever again (until the premiere of Alex’s movie)
starting this newsletter which has made me new friends, allowed me to get these takes off my chest without having to tweet, and created new opportunities 👋
Thank y’all. Have a safe and splendid Thanksgiving.
P.S. My company has sent out holiday cards every year since 2014*. If you want one in your (physical) mailbox and moved or haven’t received one before, kindly provide me your address right here: elixrglobal.com/holiday 🎄
*We skipped 2019, can’t remember exactly why… not important.