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 giganti