Ken Davenport - Opinions from a Broadway Producer

How to invest in a Broadway show. Part II

Yesterday, we dispelled some of the rumors associated with investing in Broadway shows.  Today, we'll step through my checklist of how to decide whether or not to invest in a particular Broadway or Off-Broadway show.

BROADWAY INVESTING RULE #1:  Have passion for the project.

 

Broadway shows are often referred to as the "children" of Producers and Investors.  Shows need the same type of care, hand-holding, and unconditional love.

 

So much love, that even when your kid F***s up royally, you (as the parent) will still love him, right? 

 

Unfortunately, the odds are that your "kid" is going to disappoint you, so you better make sure that your bond is so tight that you won't care either way.

 

This theory is based a bit on famed investment guru Peter Lynch's theory of "invest in what you know." Peter believed you should put money into companies that make products which you see and use every day (and products that you can't live without).  I believe this should be adapted to entertainment investments as well.  Invest in shows that you can't see NOT happening.  Invest in shows that you believe are important to be seen; whether that's because it has a socio-political message, whether that's because it features an amazing performance by an legendary actress, or whether that's because it's so much fun that the audience's day will be better just by experiencing the show. 

Invest in shows that you love. 

 

BROADWAY INVESTING RULE #2:  It's all about who's driving the boat.

Before investing in a mutual fund, Wall Street geeks will tell you to look at a variety of factors, one of the most important being who is managing the fund.  You've got to know who is making the day-to-day decisions.  What is their track record?  Where did they learn to do what they do?  How long have they been doing it?

 

These are all questions you need to ask before investing in a Broadway show.  Look at the Producer's resume (you can find them all on the Internet Broadway Database (www.ibdb.com).  Have they produced shows that have recouped?  How many hits do they have?  How many misses?  Would you have produced similar shows?  Do you have similar tastes? 

Choosing to invest with Producers with a proven track record is one of the best ways you can reduce your risk when investing in a Broadway or Off-Broadway show.

BROADWAY INVESTING RULE #3:  Just like an actor, you have to know your objective.

What do you want out of investing in a Broadway show? 

Different objectives will greatly affect what project you choose to do.  Do you want to make money?  Do you want to get access to opening night parties, etc. so you can network?  Are you looking to get inside access to agreements and figures, etc. so you can learn more about how to produce your own show?  Do you want to support the work of a specific playwright?

One of my favorite "objective" stories is about the investor who was thinking about graduate school as a way to learn how to produce.  They decided against it, and took the money they were going to spend on tuition and invested it in several shows.  They thought there was more to learn by playing the game.  Last I heard, they were doing pretty well and beating the odds.

There are a zillion reasons to invest in a Broadway show.  Make sure you have at least one. 

BROADWAY INVESTING RULE #4:  Don't try and be a one-hit wonder.

We all want our first time to be perfect (I even wrote a show about it!), but often our first time out isn't what we hope it will be.  Don't expect to knock one out of the park your first time up at bat.  When signing up to invest in Broadway, imagine that you're a baseball player playing a full nine innings.  If you strike out the first time (or even the second and the third) don't worry, you could hit a homer in the bottom of the 9th and win the game. 

If your first show doesn't make it, have a post-mortem with yourself (and with the Producer) and try and determine why it didn't work. Learn from it, and apply those lessons to your next time up at bat.  Your odds of success should get better each time.

Just don't pull yourself out of the game. 

BROADWAY INVESTING RULE #5:  Examine the lay of the land.

It's impossible to time the market.  But, in a playing field as small as Broadway, with its limited audience, it's important to take a look at your potential competition.  Are you doing a new musical at a time when six other new musicals are opening?  How do your stars match up against the other shows' stars?  Are you the only classic play?  Are you the only comedy?

The big TV networks program their seasons so they can appeal to all of the appropriate demographics, without too much weight on one type of show.  Since Producers are mostly independents, we can't program collaboratively, but as an investor you can look to see if your show is going to get lost in a sea of other similar shows, or if it will stand out amongst a lack of competition, without having to place $125k New York Times full page ads.


So there you have it!  The above are the first five basic questions I ask myself when contemplating investing in a Broadway or Off-Broadway show.  There are countless others you should ask when you get into the details of the production after you examine the budget, find out who's directing, etc., but these will get you started on the road to investing in a show. 

You'll notice that a lot of the above rules and checklists are very similar to the rules and checklists for investing in the stock market or any market (invest for the long haul, know your objectives, risk tolerance, etc.).  And that's the most important thing to remember. 

Too many people think investing in Broadway is a hobby, which it can be, and in those cases you'll probably only hit a winner on the average 1 out of 5 times

Broadway is big business, and should be treated as such.  And if you apply the same principles you'd apply to other investment vehicles and do the due diligence, there's no reason you can't turn that hobby into something that is fun, educational, and yes, even profitable.

If you are interested in learning more about investing in Broadway shows, click here.

How to invest in a Broadway show. Part I

I've gotten a lot of questions from readers all over the world expressing interest in investing in a Broadway or an Off-Broadway show.  Usually they are unsure about how to get involved and, more importantly, they want to know how to pick their first show.

Since this seemed to be such a hot topic, I thought I'd take a couple of blogs to dispel a few of the nasty rumors associated with investing in Broadway or Off-Broadway shows, and also give you my checklist of how to choose a show to invest in.

 

Today, we'll deal with the rumors.  Tomorrow, the checklist. 

 

BROADWAY INVESTMENT RUMOR #1:  Investing in Broadway shows is only for the super-rich.

Because Broadway capitalizations can range from $2 million for a Play up to $20 million for a Broadway Mega-Musical, many people fear that the "entry point," or the amount of money required for an initial individual investment, must be astronomically high. 

Not true.

 

While the average smaller investor in a big Broadway show is probably about $25,000, I have seen many shows where investors were able to get in for as little as $10,000, and even a few where the entry point was only $5,000!  There are a lot of publicly traded mutual funds that don't allow you to get in at that level.  These lower investment thresholds are very common in the Off-Broadway arena.

 

What determines the lowest investment level?  Here's how it works.  Capitalizations are divided into 'units', just like shares of a stock.  What defines a unit is up to the Producer.  Some Producers like to have a round 100 units per show, regardless of the capitalization. Some like to pick the lowest amount they can accept as an investment (some shows are limited to the # of investors they can have).  Some just make it up arbitrarily.

 

Here's a tip.  If you're considering a show and you get sticker shock when you hear the price of one unit?  Ask for a partial.  Splitting units ain't like splitting an atom.  It can be done with ease.  Depending upon a variety of circumstances, including how hot the property is, who the producer is, and whether or not other investors took "round units," it may be possible for you to invest in a smaller amount than the "ask."

 

The key is, of course, never be pressured into investing more than you're willing to lose.  If the entry point on one project is too high, don't worry, there are others.

BROADWAY INVESTMENT RUMOR #2:  Investing in Broadway shows is only for the super-crazy.

So many people think that it's bonkers to get involved with Broadway. 

The fact is, if you're an individual of a certain net worth, your traditional financial advisor will probably recommend that you allocate a certain amount of your investment portfolio (usually about 10%) to higher risk instruments or so-called Alternative Investments in order to diversify yourself (most Broadway and other AIs require investors to be "Accredited," although this is not always the case for shows).  Look at the Smith Barney site here to see a description of the Alternative approach.

Why would Broadway, with its high risk but potentially high return, be excluded from that list?  In fact, it isn't.  Check out the Wikipedia entry for Alternative Investments here.  Recognize anything? 

Alternative Investments, including Broadway and Off-Broadway shows, are high-risk, without a doubt.
The commonly quoted statistic is that only 1 out of 5 Broadway shows recoup their investment (that ratio is even lower for Off-Broadway shows).  But it's not the only high risk instrument on the market, by any means.  Investing in Broadway shows is a lot like investing in a restaurant, a piece of art,  or frankly, in any entreprenurial start-up.  Look at this statistic that puts the success rate of start-ups at the exact same percentage as I just quoted above - 20%!  See, it's not as bad as we thought.

And, if you do proper due diligence, as we'll discuss tomorrow, you can increase those odds. 

Also, with big risk can come big rewards.  Even if you do end up performing according to the stats, the goal and hope is that the 1 show out of 5 ends up paying for any other previous losses (it's a marathon not a sprint) and then some. Imagine what it would have been like to invest in Annie, West Side Story, Cats or Wicked.

BROADWAY INVESTMENT RUMOR #3:  Investors in Broadway shows belong to an exclusive 'club' that doesn't accept new members.

While it is true that there are a lot of investors in the Broadway world that have been in the circle for a long time, it's not as closed door of a club as you think.  While it can be hard for a new investor to get in on the hottest shows coming to town, it's not impossible, and sometimes, Producers will let you get in on a 'sure-thing' (which doesn't exist, by the way) if you also agree to come into something a bit more risky.

However, it is a relationship business, and preferential treatment is often given to investors who have been doing it longer, and to those that have been faithful to the Producer. 

So what does a new investor do?

Start the relationship. 

Call a Producer.  Email them. Fax them.  Simply state that you're looking to invest in a specific show (if you know one that they are about to do), or ask to be put on the list to be called about their next show. It's not a commitment for either party, and I don't know any Producer out there who would mind putting you on a "potential" list.  Just make sure you are serious about your interest. 


Those are three of the biggest obstacles potential Broadway and Off-Broadway investors tell me prevent them from taking the first step and joining the ranks of Broadway investors.  Tomorrow, we'll talk about just how you choose a project to invest in, once you've decided that investing in Broadway is something you definitely want to do.

If you are interested in learning more about investing in Broadway shows, click here.

What's the difference between Best Musical and Best Revival of a Musical?

This question came in over the weekend, after a reader noticed my tweet about going to see the new Broadway revival of West Side Story. 

Obviously, the person who asked knew the basic difference between the two awards categories, but she was more interested in how revivals were judged.

It's a great question - considering that shows like West Side or Hair or Guys and Dolls may have been seen countless times by the voters of The Tonys, Drama Desks, Outer Critics, etc.  These shows have been on Broadway, on tour, in dinner theaters, in high schools, on cruise ships, etc.  Many of the voters have probably performed in these shows at one point in their life!  (When I was working on the Rosie O'Donnell revival of Grease, I mentioned to Author and Greased-Lightning Zillionaire Jim Jacobs, that I once played Kenickie in summer stock. His response?  "Ken, I don't think I've met anyone who hasn't done Grease.")

With such familiarity and such an emotional (or lack thereof) connection, how do voters (and reviewers, for that matter) distinguish one revival from another?

This question reminded me of the end of the season awards banquets my high school baseball team used to have.  Every year when the season was through, we got together in the high school cafeteria. After some bad pasta and some bad speeches, the coaches gave away two awards: 

Most Valuable Player . . . And Most Improved Player.

And that's what a great revival is to me; the most improved.  It's a take on the material that makes it seem even better or more relevant now than it ever was.

The trouble is that it takes a lot of sweat to be an MIP, in baseball and on Broadway.

And if you're not ready to go "sweatin' with the oldies,"well, then stay away from producing revivals. 

Because, without an MIP mentality, you'll just end up being another one of the millions of Kenickies out there.

Broadway Grosses w/e 4/12/09

I have received several requests from subscribers asking me if I can include the weekly Broadway grosses on my blog (especially those in the Will It Recoup contest), so here they are! 

Here's how it's going to work:

• Every Monday (or Tuesdays if the Monday is a holiday), I get the grosses emailed directly to me from The League right before they go public. 
• I'll post them as soon as they come in, which means there will be two posts every Monday.
• If you subscribe to the blog via email (see Feedburner box to the left), the grosses will get emailed to you every Monday evening. 
• The Grosses will be categorized under Broadway Grosses, which means you'll have access to all of the grosses going forward if you want to do some of your own research.  

Hope you all find this helpful!

Show Name	Gross
33 VARIATIONS	$325,279
9 TO 5	$505,671
ACCENT ON YOUTH	$145,549
AUGUST: OSAGE COUNTY	$261,800
AVENUE Q	$347,579
BILLY ELLIOT: THE MUSICAL	$1,207,493
BLITHE SPIRIT	$621,770
CHICAGO	$764,173
EXIT THE KING	$515,662
GOD OF CARNAGE	$744,195
GUYS AND DOLLS	$725,782
HAIR	$822,889
IMPRESSIONISM	$297,473
IN THE HEIGHTS	$881,338
IRENA'S VOW	$145,123
JERSEY BOYS	$1,043,780
JOE TURNER'S COME AND GONE	$161,508
MAMMA MIA!	$1,021,653
MARY POPPINS	$1,050,779
MARY STUART	$172,797
NEXT TO NORMAL	$176,309
REASONS TO BE PRETTY	$157,040
ROCK OF AGES	$375,157
SHREK THE MUSICAL	$1,040,066
SOUTH PACIFIC	$874,820
THE 39 STEPS	$247,906
THE LION KING	$1,409,411
THE LITTLE MERMAID	$1,003,853
THE NORMAN CONQUESTS	$96,012
THE PHANTOM OF THE OPERA	$951,710
THE PHILANTHROPIST	$119,727
WAITING FOR GODOT	$385,171
WEST SIDE STORY	$1,308,787
WICKED	$1,524,141

For the actors: five tips on how to get an agent.

The most common question I get from up-and-coming Producers is "How do I raise money for my Broadway or Off-Broadway show?"  I spoke to that one here. 

Recently, I got an email from one of my favorite and faithful actor readers who asked me to address the most most common question I get from up-and-coming actors, which is, "How do I get an agent?"  

So this is for the actors out there, although, honestly, it could apply to writers, composers, directors, and anyone looking for representation of any kind. 

Five Tips on How To Get An Agent

1.  Got a friend?  Get a Referral.

Word of mouth is what sells tickets and word of mouth is what sells anything.  Getting a friend who is already with an agent to walk you in the door, send an introduction email, etc. and vouch for your talent is one of the best ways to get a meeting with an agent.  Ask your actor friends who are already repped to do you a solid.  And then ask your Directors, Casting Directors, General Managers, etc.  They know all the agents very well, and often agents will do them a solid to get on their good side.  Gentle reminder, if you ask someone to vouch for you and they tell you they'd rather not, don't push them.  It's probably not a reflection of your talent.  You can imagine how many requests like this Directors get, so some folks just don't do it.  But it never hurts to ask.  And it's your job to ask. 

2.  Play the Picture and Resume lottery!

Almost every actor I know has done a mailing to agents at some point in their career.  It's not a bad idea, and I have seen it work, but you've got to manage your expectations.  Sending out 100 pix and resumes in the mail is like playing the lottery.  The odds of that pic/resume getting by the assistant and then to the agent and then opened and then it standing out and you getting a call are like the odds of someone doing a musical version of Jaws . . . with a real shark.  It's also expensive and labor intensive.  That said, sending pix and resumes are part of your "media mix."  You're a product, and a picture and resume might not lead to an appointment, but it certainly is another impression.  So maybe you got a referral from a friend, and then your picture shows up and reminds that agent to give you a call. 

If you are going to play the lottery, do it smart.  Get creative.  Realize that 100s of these things show up every day (I worked for an agent for 3 months and it was my job to sort through these suckers and it was one of the reasons I quit), so you've got to get yours to stand out.  Here are some ideas:

• Time it to arrive towards the end of the week, when the mail loads are lighter.
• Put it in any color envelope just not a plain manila envelope. 
• Send a letter a week before the picture, introducing yourself.  A letter sized envelope is much more likely to get to the agent, and maybe they'll keep an eye out for that soon to follow different colored envelope.
• Don't send to the agent.  Send to an assistant.  They'll be flattered and much more likely to spend more time on you.
• Include a short, personable and personality driven cover "note" (I recommend twice as large as post-it size).  
• Make sure your picture and resume are professionally done (and the same size and stapled together).
• Do a mailing when you're in a show.  Agents need to see you do your stuff.  It's the first question they'll ask when you meet them, "When can I see you in something?"  Have an answer.
• If everyone else is mailing their stuff?  Do it different.  Messenger it.  It'll seem urgent and may get through the secretarial gates.  Sound expensive?  Well, you're an actor, right?  Do what I told my bike-riding friend to do . . . throw a messenger bag over your shoulder, get a clipboard and play messenger for a day.  If they recognize you later when they're staring at your photo?  Well, that would be awesome.

3.  Pay to Play

There are lots of classes you can take around town on auditioning, acting for soaps, etc. that are taught by agents.  Actors Connection and TVI are two of the most popular.  Make no mistake, these are exactly what they seem to be.  You are paying to get your A$$ in front of an agent.  But hey, if you've got the goods, why not?  If you're fantastic and what an agent is looking for, do you think an agent wouldn't want you to 'stay after class', just because you paid an admission fee?  People in this town are always looking for the next big thing, and it doesn't matter where we find it, as long as we don't let it go when we do. 

4.  Work for one.

Agents are always looking for interns, assistants, etc. so offer to volunteer your administrative services a few days a week.  While it would be awesome for that agent to pick you up and start sending you out on countless auditions, that's not why I recommend it as a tip for how to get an agent.  Working for an agent will give you an inside perspective on what they are looking for in clients, mailings, etc. You'll see who stands out and who doesn't, so when you're ready to market yourself to an agent, you'll be highly educated.  And if they do start sending you out, well that's a bonus.  Word to the wise - don't push this either.  You can let them know you're an actor, of course, but they won't want you anywhere near the office if they think you're only there in search of rep.  Keep that on the DL and let it happen naturally.  Be a smart and subtle salesman, not Crazy Eddie.

5.  Do great work.

Ahhh, and this is it, my friends.  The ultimate and sure-fire way to get an agent lusting after your bod.  Do what you do.  Perform.  And do it well, and with other great people, in great productions.  Sooner or later, whether you like or not, people (and Agents) are going to take notice.  It's the Field of Dreams "If you build it, they will come" theory applied to actors and it's as true here as it was for Costner.  I know so many actors out there who put themselves on life-or-death missions to get an agent.  Your mission should be get yourself out there - to perform - as often as you can.  The agents will follow.  Besides, what would you rather do . . . chase someone down, begging them to work with you?  What kind of relationship is that going to bring?  Would you ever beg someone to go out with you?  No, you'd much rather them come a calling, right?  Well, the same theory applies here as it does to dating.  Be the chasee, not the chaser.  I often tell people, when you're ready for an agent, one is going to be right there, in front of you, begging for you to sign with them.

There you are, my actor and artist friends.  Five simple tips on how to get an agent. 

But let me leave you with this.  When I was coming out of acting school at NYU, I had this image that agents were like Wizards of Oz . . . all powerful and scary people that were hidden deep in office/fortresses all over the city who had more knowledge about the business than I ever could.  I thought to myself, "If I could just get to them, my life will change."  When I got out there and met a few of them (including one who had just left a job editing porn for pay-per-view), I realized I couldn't have been more wrong. 

It's important to realize that an agent is not going to change your life.  You are going to change your life.  Agents can't get you the job.  They can make it easier for you to be seen for a job, and negotiate a good deal for you when you get that job, but you're the guy in the room that's going to convince someone to give you that job.  And you're the guy that's still going to have to market yourself when you do get one (and in this age, you can do a lot of that without an agent).

So don't think give them have God-like status and think they can change your career with a wave of their hand. 

The good agents, and there are good ones out there, are your partners.  And they can't be your partner when you've got 'em up on a pedestal.

- - - - -

Only 14 Days until the 1st Theater Bloggers Social!

Thursday, April 23rd.

6 PM

Planet Hollywood

For more info and to RSVP, click here.

"How many movies recoup their investment?"

You hear me and others quote the Broadway recoupment stats all the time:  4 out of 5 shows never make their money back (it sounds like a Trident commercial, doesn't it?  "4 out of 5 dentists surveyed . . . ")

An inquisitive reader whom I'll call Joseph, because that's his name, wrote in over the weekend and asked, "How much better off are movie investors than Broadway investors?"  

A good question that I was disappointed that I didn't have the answer to . . . so I got on my google and did some research.

I found this interesting Freakonomics blog, written not too long, that featured a Q&A with the President of the Motion Picture Association of America, Dan Glickman.  In it, he talks about the increasing price of movie tickets (sound familiar?) as well as why he thinks movies do well in times like these (buzz word alert:  "staycation").

He also says this about recoupment stats in the film industry:

Movie making is inherently a risky business.  Last year, the average cost to make and market a studio film was over $100 million.  Contrary to the perception you might get if you just read the headlines about the big summer blockbusters, 6 out of 10 movies never recoup their original investments in their domestic runs.  

Well there you have it, curious Joe who's not from Hannibal, Mo.   Movies have a 60% failure to recoup rate in their domestic runs.  

(It must be stated, however, that looking at a movie's domestic run is a bit like looking solely at a show's Broadway's run (like our "Will It Recoup" rules), and not accounting for any subsidiary income, etc.  The rub is that a movie's post-domestic run can be much more rewarding than a show's life post-Broadway, thanks to the number of places available for distribution and the cost of that distribution compared to the potential income.)

While I'm glad Joe got me digging for this stat, the most important bit of info I learned from his question was not how many movies fail to recoup.  No, no . . . the most interesting thing to me was that both Broadway and Hollywood constantly refer to their recoupment rates in failing terms!  

"4 out of 5 shows never make their money back . . ."

"6 out of 10 movies never recoup . . . "

Depressing, right?  

Well, I'm changing my semantic tune, and accentuating the positive from now on.  A 20% success rate may not be much to shout about, but it's better than the 10% success rate associated with drilling for oil, and that hasn't stopped people from digging . . . and 20% won't stop us from producing, will it?  I didn't think so.

So from now on, you have permission to e-slap me if you catch me using any of the above negative phrases in the future.  And I promise to do the same to you. Deal?

From now on it's 1 out of 5 shows recoup their investment, or 2 out of 10 pay profit!  

Unless, of course, you're involved with one of my shows . . . and then the ratio is a lot higher. ;-)

How To Get A Producer To Read Your Script.

As someone who gets a minimum of 10 script submissions a week, I can tell you first hand that I know how hard it is to get a Producer to read your script and give it even 1/10th of the time and energy that you gave when you wrote it.

So what can you do to get that Producer to take that first step to producing your show and actually sit down and read your script? 

Here are five tips on how to get a Producer to read your script:

1.  THE ASSISTANT APPROACH

Surprise, surprise, most people who work in Producers' offices love plays and musicals, and have similar tastes to their boss, or at least know what the boss likes or doesn't like (no one in my office is bringing me absurdist operas about Dadaism and its effect on South African monkeys). 

Odds are that these people don't get a minimum of 10 scripts a week sent to them like the guy or gal with their name on the door.  So find a way to get your script to them (which will probably make them feel pretty special and they'll be even more inclined to like it).  If they do read it, and if they do like it, they'll have 40+ hours a week to push it to the Producer.  If the Producer has already hired that person, then they already trust them, so odds are high that he or she will read it.  I know I'd read anything that my staff asked me to.

2.  THE TREATMENT APPROACH

Time is moolah, so sitting down (or standing up) and reading a script is a major investment for someone with a busy schedule.  I once did NOT read a play simply because it was 187 pages.  It could have been the next August: Osage County, but the thought of flipping 187 pages when I looked at my schedule made me throw up in my mouth (BTW, I did give it to an associate to read, and it was NOT August: Osage County).  The last thing you want is the taste of vomit in a Producer's mouth before they've even glanced at your script.

Why not send a paragraph or one page treatment to whet the appetite of the Producer.  Or just send one of the best scenes (Producers tend to make up their minds quickly about plays and if your first few pages don't grab the reader . . . don't start by sending the whole play which starts with the first few pages!!!) 

Along with the treatment, include a postage-paid postcard with a box to check to request the full play, or ask him or her to reply to an email if he or she wants to read the full play.  Not every show is for every Producer, and that doesn't mean it's a bad script.  God knows, the Dadaism opera could be the next Jersey Boys, but I still wouldn't want to produce it.  Why waste the Producer's time and the Earth's trees if the show isn't a concept that appeals to the Producer? 

Anyone can read a page.  Bait the Producer.  Get him or her to ask YOU for something.  Make them beg for it.  It'll put a little psychological power back in your court.

3.  THE PRODUCTION APPROACH

Produce the show.  Anywhere.  Anyhow.  Produced shows have more value.  I don't care if it was up at a community theater, a black box on the lower-east side, or in your college dorm room.  Get it up, and tell me that it was up, and show me some good reviews.  A few random quotes from a Philadelphia paper is what got me interested in the book writer of Altar Boyz's work.  Without those quotes, he and I never would have met, and the show wouldn't be the same.

It doesn't even matter what the production values were like or if you only sold 2 tickets.  Just give me the highlights . . . like a (here we go) baseball game on the 11 PM news.  Show me the game happened.  Show me that you won.  And show me a couple of great 'plays'.  But I don't need to know everything.

4.  THE PAY THE PRODUCER TO READ IT APPROACH.

Just kidding.  ;-)

5.  THE CONTEST APPROACH.

Can't get a show up?  Win a contest.  There are zillions of playwriting contests out there.  Enter a few.  Win a lot.  Slap that seal of approval all over your cover page that you send with your one-pager.  Awards are cool and even if it's from an organization I've never heard of, it still makes Producers sit up and take notice.  (By the way, contest deadlines are also great ways to motivate yourself to finish something if you're having trouble setting a deadline for yourself)

There are many other ways to get Producers to read your script.  Just put yourself in their shoes.  Imagine that they don't know you or what it took to write your baby.  What would make you read it?

Oh, and what do you do if you try all this, and do your follow up, and they still say they don't want to read your script?

Move on.  #$*&( 'em.  You can thank them for passing on it when you win your Tony Award, because there was obviously someone better suited to produce it.

You just have to get that person to read it.

A Question from a reader: "What happens if I flop?"

I was speaking to a class at Columbia today, and right after we solved all of the problems of producing on Broadway, I got this question:  "What happens if my first show right out of the box is a flop?"

I've gotten this question a few times before, and frankly I remember asking it to myself.

The first "anything" always seems to have more pressure, higher stakes and oodles of anxiety (shoot, I made a show about one of those firsts).

So what happens if your first producing venture doesn't work?  Does that mean you're dead in the H20?  Does that mean you hang your head and go back to WhereverYou'reFrom, USA to work at the local bank (if it hasn't gone under)? 

You can, I guess.  Or you can do what I do.

Whenever I feel nervous about failing with a show, I play a game called "FIND THE FLOP!".

Wanna play?  You can't win an iPhone with this game, but you can win some confidence and perspective.

Here's how to play:

• Go to ibdb.com.
• Search for any producer that you admire and respect.
• Scroll down and look at the beginning of their career . . . and FIND THE FLOP!  
• Then scroll UP and look at what they've done since then.
• And then ask yourself your same question that got you to this game and you have your answer!  By the way, this game works great for every industry - look at the flops of Lincoln, Gates, Truman and Disney in this article )

One of the hardest things about being a theater producer ain't union deals or authors agreements, or even the New York Times.  The hardest part about being a producer, or any business owner, is that we hire ourselves.  So if we fail, we've got to get up and do it again, because no one is going to do it for us.  If we don't hire ourselves, then we don't work.  And we have to find something else to do.  Or we don't eat.  Period.

How do I stay motivated to hire myself?  (Can you smell a sports story coming?  Here goes . . .)

Baseball players strike out all the time.  And even if they "backwards K" three times in a row, if the team cycles through the lineup, they have no choice but to step back up to the plate again.  It's how the game is played.

So teach yourself that you have no choice.  You're a producer. It's what you do.  If you had a choice you'd be doing something else.  You don't.  So call me "Coach" if you want, but I'm not pulling you from the game.  You're staying in, flops or not. 

And have confidence that if you take enough swings, sooner or later you're gonna hit one out of the park.

"Hi. My name is Ken. Would you like to buy a knife?"

A reader from Austin asked me what I considered to be the best training for a Producer.

I rolled back through the years to see what I thought was most valuable to me: 

Was it Company and General Management? 

Was it NYU? 

Was it being in the ensemble of The Fantasy Spectacular at Carousel Dinner Theater?

The truth is, it was all of those things.  Throw all those experiences in the blender known as life, put it on puree, and pour yourself a Producing smoothie.  Mmmm, mmmm, good. 

But there's one secret ingredient in my smoothie that I recommend you all try (in fact, I recommend it much more than singing "Your Cheatin' Heart" on stage at the Carousel Dinner Theater).

Sell knives.

In 1991, Massachusetts was in a recession and jobs were scarce for us college kids home from school so I responded to an newspaper ad from Vector Marketing and got the gig!  My first marketing job!  Of the "finest cutlery in the world".

And that's when I first learned that marketing really meant sales. 

I was an old fashioned salesman, but I was being trained (without pay and with a mandatory $99 fee for a sales kit) by one of the largest direct marketing firms out there who had spent millions perfecting how to sell.

I learned how to pitch, cold call, close a sale, find leads, advertise, negotiate, and more.  I learned that back-end incentives and commission drove me (and the rest of the team) to work harder. 

And I learned how believing in a product made it much easier to get out of bed in the morning. 

So if you've never sold Cutco or Mary Kay or Tupperware, give it a shot, or let someone who sells this stuff pitch to you.  See what tips you can pick up for talking to investors, or pricing your tickets, or . . .

. . . here's an idea for someone looking to create the next Vector Marketing:

We hire reps to hold ticket parties, where instead of Tupperware, we sell Broadway tickets to a whole different bunch of shows at a discount.

I wonder if I've got my old Cutco training manual . . .

 

"Are you nervous?"

For those of you following my tweets on twitter you know that I was in Mexico earlier this week seeing the 100th performance of the Mexican production of My First Time (BTW, seeing a show that was first read aloud in your living room now performed in another language in another country is a one helluva trip, literally and figuratively).

I got a lot of questions below the border, most of which I embarrassingly couldn’t understand (I’ve got a couple of months before My First Time debuts in Spain, so Mom, if you’re reading, this is what I want for my belated b-day).

The most common question that I understood was about what I was doing next.  And the follow up after I told them that I had a couple of shows opening up on Bway this fall was always the same: 

¿Está usted nervioso?

The answer?  Sure, I'm nervous.

There is always a bit of the willies whenever you put something out in the world.  If I wasn't nervous, I'd really be nervous.

So don’t beat yourself up if your stomach ties itself up as you get closer to a start date on your project.

My advice?  Think about opening a new show like a first date.

Be nervous, fine, but be excited.  Because just imagine what can happen after that first date.

And no, all you dirty-birdies, I’m not talking about some one-night stand where you get lucky, and someone is  screaming your name (like in a review).

While that kind of reaction is fun to brag about to your friends, it's only temporary.

What you want is a first date that leads to something that lasts. 

You want your audience to commit for the long term.