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J

justin22g

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or anyone else who has played a little pro golf..

I have a good friend who is looking to start out on a mini tour next year. He is looking for financial backers to help him out.

He is a damn good player and I see him making it.
http://mt5493.ghinconnect.com/GH/IIHBP82.CGI?Y=101111101110101111110011%20%20%20&WHEREFROM=&WHOFROM=&BACKTOURL=&BACKTOURLTARGET=&L=1&T=1#

He has a couple of backers already, and he is wondering how he should do it.

he said he wasn't going to write a contact, but I told him it would be a good idea to get it in writing.


if any of you have had experience with this, whats the best way to do it?
 
D

dunclock

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dude has a helluva recent track record

had a chance to try it 20+yrs ago and turned it down cause i dont like to practice, look back now and regret that

had a few friends try for it and your buddy should DEFINITELY have a contract with anyone that has an interest in him

it should be short term so it protects him and his investors

hopefully he makes it quick, then he pays off the investors, and doesnt need them going forward so he can pocket ALL his winnings

vgl to your friend and hope that helps
 
Agent 0659

Agent 0659

:mj07:
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I ordered some contracts from a guy who did it as a service. He had a GREAT program.

I incorporated myself and sold shares at $2,000 per. Sold 30 shares for a years playing. Covered EVERYTHING, down to foods, band aids, equipment, etc.

Shoot me an email and I can help him a lot.

Chad
 
Woodson

Woodson

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Agent 0659 said:
I ordered some contracts from a guy who did it as a service. He had a GREAT program.

I incorporated myself and sold shares at $2,000 per. Sold 30 shares for a years playing. Covered EVERYTHING, down to foods, band aids, equipment, etc.

Shoot me an email and I can help him a lot.

Chad
Click to expand...

Now that is a cool story. Ever thought about writing some of it down as memoirs for the little one while its fresh on your mind?

Very cool.
 
dawgball

dawgball

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A good friend of mine was moving up in the ranks and was in the top 5 on the Buy.com Tour a few years ago in position to get his tour card when he was diagnosed with Leukemia and eventually passed away.

His contract was a very good setup, I thought.

His backer paid him a "salary" of $100,000 which was to cover all tournament fees, his and his wife's RV that they lived in and travelled to all events, and living expenses.

The payback was on a 70/30 (I think) with the 80% going to the backer until the original $100K was paid back. Once the investor had his return, the percentages flipped and Jace kept the higher percentage and the backer the lower.

http://www.usatoday.com/sports/golf/2003-12-08-bugg-obit_x.htm

Crazy that I see this thread and respond today. Today is the 5 year anniversary of his death.

RIP, my friend.
 
Agent 0659

Agent 0659

:mj07:
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Woodson said:
Now that is a cool story. Ever thought about writing some of it down as memoirs for the little one while its fresh on your mind?

Very cool.
Click to expand...

It was good stuff. Rolltide quit his job and was caddying for me for like a year. We had some wild fking times in Orlando, Florida! Nothing I want to write down for Augusta:mj07: We did a monthly newsletter to my sponsors to show them progress, where I played, etc. I was nothing more than a race horse but it was a blast. 80% of what I won went back into the corp. until the initial investment was returned, then the split was 60/40 I think until investment doubled, then 75/25 me. That was one hell of a fun 5 years I had!
 
D

dunclock

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Agent 0659 said:
It was good stuff. Rolltide quit his job and was caddying for me for like a year. We had some wild fking times in Orlando, Florida! Nothing I want to write down for Augusta:mj07: We did a monthly newsletter to my sponsors to show them progress, where I played, etc. I was nothing more than a race horse but it was a blast. 80% of what I won went back into the corp. until the initial investment was returned, then the split was 60/40 I think until investment doubled, then 75/25 me. That was one hell of a fun 5 years I had!
Click to expand...

And look at us now, don't know how to qualify....

is it "has beens" or "never was" :mj07:
 
Woodson

Woodson

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Well, I can assure you that a lot of us only have dreamed of consistently hitting solid shots...

I remember following Chad in the Indiana? amateurs and was impressed he went so far... very cool guys.
 
J

justin22g

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Chad, did you have an LLC?

One our buddies who is playing now got a lawyer to draft up an LLC contract. I haven't seen it in hand but the way he described it, it was pretty air tight.

I told jimmy that we could copy that contract and change anything he wanted to in order to get it the way he wanted it. The only problem is I don't think he wants to go that route.

I told him as long as he has the stipulations in writing and gets it notarized, he shouldn't have a problem.

Hopefully we will see him on TV in the years to come.

I'm not that bad of a player, probably a 1 now, and he has to give me 2 a side, and I can count on one hand the times I've actually beat him.

I still remember one round where I took the woods outta the bag and played him w/ a 2 iron. Shot 68 and beat him by one shot... thanks to his D. bogey on the last hole.

He practices for about 5-6 hrs a day, and I could NEVER do that... so damn boring!
 
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