What Super Bowl Players Can Teach You About Windfall Events
As football fans are expected to consume 1.33 billion chicken wings during this weekend’s contest between favored New England and the Philadelphia Eagles, players on both teams are set to get additional bonus pay as a result of their postseason success.
In addition to the taking home the Vince Lombardi Trophy, bragging rights, and potential endorsement deals, media appearances and fanfare galore, the winners of this year’s big game will receive $112,000 each for winning the big game. Players on the losing team will get $56,000.
Here’s the breakdown: Players on NFL teams that made the 2017-2018 season playoffs in either division got a $28,000 starter bonus if they won their divisional playoff game, plus an additional $51,000 just for playing in their respective conference championship, for a grand pre-Big Game total of $79,000. Should the Patriots win their sixth championship ring this weekend, the total take for New England players for postseason play would be $191,000 (the championship winner’s $112,000 bonus in addition to the $79,000 already pocketed).
Many NFL players, as was highlighted in the 2012 ESPN film “Broke,” show that success on the field doesn’t always equal long-term financial well-being. Performance bonuses for individual players, like any other windfall event, often create a need for additional planning as well as strategies to handle extra tax burdens.
Like NFL athletes, many entrepreneurs hit new revenue strides and find themselves the decision-makers of an increasingly intricate business playbook facing many additional tax “flags on the play”. Many soon come to see that having an expert advisory team can help avoid unnecessary fumbles and maximize growth. With a broad spectrum of services complimenting the needs of entrepreneurs and their closely-held businesses, Talley provides the financial, tax and legal insights you need in order to call the best plays for you and your business.
Whether you are considering an M&A transaction or experiencing a financial windfall event, the professionals at Talley LLP can make the most of both your earnings and winnings.