4. What's in the fine print?
The contract you sign to seal the deal will likely have a number of terms and conditions that need to be met. While this may seem like boring legal jargon, some can have serious implications. Here are some of the key points to review:
Image rights and usage: Specifics—and limits—of how your name and likeness will be used and for how long.
Obligations: Number of appearances, social media posts or other promotional activities you may be required to do.
Exclusivity: Limitations that restrict you from partnering with competitors.
Duration and termination: How long the deal will last and under what circumstances. Review the terms under which either party can end the deal, including what happens in cases of early termination or breach of the agreement.
There are bound to be a slew of other legal considerations involved. For instance, you should understand what would happen if in some way you could not fulfill the contract, such as getting injured and not being able to play. Consult proper advisors, including your attorney or an agent, to review the details and help ensure the terms are fair.
5. What else do I need to protect?
Your personal brand may extend beyond your name and likeness. If you have other businesses and endorsements or even a popular nickname, catch phrase or logo, be sure that your agreements spell out if those valuable assets can be referenced or not. You may also consider registering for a trademark to protect ownership of those elements.
6. Do I even want to do this?
It’s important to weigh the pros and cons of each deal that’s presented to you. For example, if a deal is not aligned with your personal values and goals or feels vague, ask yourself if agreeing to it is worth the risk. You have the power to decline any deal that isn’t a good fit for you.
Whether from brand endorsements, social media partnerships, merchandise or other opportunities, you may have the opportunity to profit from your talent. Be sure to review each deal carefully and enlist a team of advisors to help you evaluate and negotiate. This can include your attorney and accountant to help ensure you’re being compensated fairly and ensure that any deal aligns with your financial goals.
Personalized Financial Advice
Build a plan to help you navigate your complex financial decisions and achieve the future you want, with a Morgan Stanley Global Sports and Entertainment Financial Advisor dedicated to serving the needs of professional athletes.
Start the conversation: firstname.lastname@example.org