How Does One Develop a Profit-Sharing Plan for a Singular Event?
October 31, 2019 2:00 PM   Subscribe

I would like to gather a group of jovial and creative individuals to assist in producing an independent event that will celebrate Buckminster Fuller's 125th birthday in July 2020. My intent is to introduce Fuller to a new audience, inspire this audience with their unique purpose, and provide a stage to honor those who carried on Fuller's work through their art, design and other chosen disciplines. I am looking into the possibility of having a profit sharing plan for the production team. How does one go about developing one? Who can I speak with for advice?
posted by goalyeehah to Work & Money (4 answers total) 1 user marked this as a favorite
Do you have a reasonable expectation of turning a profit? If not, you could be setting yourself up to disappoint your team.
posted by jon1270 at 4:53 PM on October 31, 2019 [1 favorite]

These sorts of events generally don't have any profit, instead require hefty donations from sponsors to pull off, even if guests are paying. Any money raised would go to a non profit as a fund raiser, not as a profit for the participants.
posted by TheAdamist at 4:56 PM on October 31, 2019 [6 favorites]

I worked a lot of events like this back in the day. They were almost always money losing propositions, often quite a bit of it.

Spend your time figuring out how to pay the bills if your attendance is way lower than you expect. Pick a school to donate any profits, should they occur, to.
posted by Candleman at 5:11 PM on October 31, 2019 [6 favorites]

For advice, feel free to reach out my way (my MF username + There is no one way to do this, but in a nutshell you just set expectations for team members, and if they meet them they receive a percentage of profits or a flat rate. Create contracts for everyone involved.
I'd first try and rally people around this though and see if there's interest in taking part. Depending on how much work is needed, some people may join in for free to take part in something they're also passionate about.
This sounds like a passion project, so I'd first look at how to make the event happen, not making it profitable. You can also simply offer honorariums post-event if it does make a buck.
posted by Unsomnambulist at 8:19 PM on November 1, 2019 [1 favorite]

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