In the past few years we’ve seen celebrity meltdowns that have dearly cost recording, motion picture, and television industry businesses, advertisers, sports franchises, celebrity agents, etc., which were riding on the celebrity of these stars.
Isn’t it time for all these celebrity-associated enterprises to become proactive and mitigate the huge risks they take? As we’ve seen, just one wrong-doing by one renowned celebrity can cost these organizations a giant dent in their reputation, not to mention the loss of millions of dollars in expected revenue.
Here are some practical ideas for mitigating such risks.
• Write a morality clause into every celebrity contract with penalties for dishonoring the clause.
• Require celebrities to attend at least a half day, initial, one-time course on being a role model
• Hire a role model coach and require at least a once a year session for each celebrity
• Build in an escalation clause into the contract of more frequent role model coaching when even a hint of trouble comes to the surface
• Require one-on-one role model coaching for 2 or more negative incidents
• Require the celebrity, by contract, to adhere to all reasonable recommendations made by the coach
• Keep all the role model coaching specifics confidential – out of the media
• Keep all the one-on-one coaching specifics completely confidential, including not even one hint of such coaching to the celebrity’s peers
• Monitor the coach and the coaching to assure you get the value that you need and expect
• Have a plan for what to do if anything confidential leaks to the media
The above are just some examples of what can be done to mitigate the risks of being associated with celebrities. Don’t be hesitant to take such specific steps proactively. Not only could taking such steps save your firm’s reputation, it could save it millions of dollars.