All this funnybusiness about Backstreet Boys and *NSYNC bigwig Lou Pearlman going to jail for 300 months (!) for conspiracy charges, money laundering and making a false statement in a bankruptcy proceeding is quite interesting.
It has inspired us to revisit, this morning, Lou's amazinghilarious autobiography/self help guide 'Bands, Brands And Billions: My Top 10 Rules For Making Any Business Go Platinum'.
Here are some of our favourite bits.
"Suppose I came to you when you were an aspiring singer trying to make ends meet and I told you that I was willing to invest $3m to help make you a star? How would you feel if I offered you this deal: if it all works out, you'll make $10-$20m and I'll make $20-$50m. Does that sound like a good deal to you?"
"The most valuable thing I learned in business school was basic accounting."
"You probably noticed that there is no mention of money in my top 10 reasons for being an entrepreneur. Money isn't the prize for entrepreneurs, it's just a great way to keep score."
"Bad stuff is going to happen. Money is going to be tight. Cash flow is going to dry up. You need to be prepared for that…"
"I get many opportunities to give back to other people who've struggled … I hope that if you are successful as an entrepreneur, you'll do that same thing."
"Don't pull an Enron. Expect your accountants to be independent advisors. Give them the straight story and listen to their advice."
"Until you have secured your financial position and established a solid foundation for your businesses, I don't think it makes sense to take money out of them to build your ego."