Sponsorship Post-Corona
Posted by Pete Robbins on Jul 6th 2020
These past few months have been tough times for those who make a living fishing competitively, because if you don’t compete, you don’t earn. That’s not just about tournament earnings, it also has to do with sponsorships. Some sponsors have declined to pay the anglers or the tours during extended breaks in the schedules, and others have fallen off the map completely. More than a few pros now have more space for rent on their jerseys than they did at the beginning of 2020.
So the primary focus is still on finding good prospects, luring them in, and signing on the dotted line, but for those anglers who have staying power the virus should be a wake-up call for their business plan. By that I don’t mean that you should approach N95 mask manufacturers, Purell and Clorox for deals – although I have no doubt that someone has done so – but rather that the way you want to structure your deals might change.
Most anglers get paid on a monthly, quarterly or yearly basis, crumple up the check, deposit it when they can. Unfortunately, that’s a spigot that can stop flowing, and if you’re a sole proprietor there’s nothing you can do about it. But if you can get classified as an employee, or have your sponsorship income become part of your corporate earnings, you may have some recourse. I know of at least two anglers whose loss of income qualified them for enhanced unemployment benefits, and I’m sure some received PPP loans. I’m not opining on whether that’s ethical or whether it’s smart as a matter of policy, but rather making clear that one check for $500 a month is not always the same as $500 a month. Consult your accountant for more info and don’t just sign the papers you’re given.
