Just a quick and hopefully obvious tip. Never, ever turn down a film/tv job, or any job, because you're in what you think are "final negotiations" with an investor on your next film. Negotiations have a nasty way of going south at the last minute, leaving you in shock and unemployed.
It is not uncommon for negotiations to go on for a couple months (or longer if it's an international investor). And even though things may look perfect, be cautious and learn from my mistakes. Yes, I was an idiot a little while ago, trusted the wrong people and turned down a mid-level studio pic, and after nearly 5 months of back and forth negotiations, funding fell apart. I'm still licking my wounds and eating humble pie over that one.
While it hurt me financially, it taught me to not get cocky and to be careful who you trust and those facilitating financing often cannot be trusted on face value and to not reach out to talent, directors, crew and others saying you have financing, when in fact, you don't. That can damage your reputation and leave you with egg on your face.
Always say yes to a paying job. Until that investor's money is in your business account, there is no real deal yet. You may have contracts in place, but until you see that $$, it's not real yet. It's always easier to leave a job due to film financing secured, then to end up unemployed and trying to find a job if the financing falls through.
Film Financing Business Plans, Budgets & Schedules Prepared For Any Size Project. DM me for info and rates.
Enjoy your day.
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Sorry to hear the funding fell apart, Patrick McIntire. Great advice! Thanks for sharing it. Enjoy your day too.
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If the money's not there, then I find that the best thing to do is always to offer an LOI - or Letter Of Intent, for anyone else who might be reading this. Basically, it's a memo stating my intention to work on the film and establishing any terms in my agreement to do so. Nothing about an LOI is binding. If that's the level on which the producer is engaging me, then meeting them on that same level is always a reasonable compromise.
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In the civlized world you can work with contracts. Based upon a contract you can get a loan, assuring you to have cash in your account. But yes, (film) companies do go bankrupt, even in a civilized world.
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omg this is the best advice EVER
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This is excellent advice, Patrick McIntire, and also great follow up advice, Tennyson Stead. As on of my mentor's always used to say, there's a reason the word "business" is twice as long as the word "show". The money has to be in hand for it to be real and until it is, always take a paying job. Thanks so much for sharing this.