I’m a first time writer and director. Wrote a feature length screenplay with an ensemble cast using some very talented acting friends here in L.A. I've written and directed some shorts, many years of study in everything but not the producing side much.
A friend of my introduced me to a producer with a similar experience level as myself but on the producing end is his stronger suite. He loves the material and totally gets the story. He has been working on budgets and scheduling for the last month, 3 SAG Min Tiers. I have not seen them as of yet. I believe he has some contacts and friends in the industry that could get to some open doors both in talent and production companies, bigger producers.
He presently holds a non-disclosure agreement on the material with a 6 month option to decide to produce, which he has.
Now we are beginning the negotiation phase between us to protect our sweat equity up to this point, then into the next phase of attaching talent and securing funding.
So the idea is to form an LLC which he and I are owners of, of which the LLC will option the rights to my script for a fee, (WGA mins.) for a period of time, with the option to extend. During this time he will be responsible to secure funding. Shares of this LLC will be sold to investors/studio/distributor. Should he fail to secure funding all rights and ownership of the screenplay will revert to me and the LLC dissolved.
So my question is, as the owner of the property and attached as Writer, Director, Producer and Talent, what should I be looking for in an agreement of this nature and beyond? Initially Guild Mins. for the respective positions from a budgetary standpoint. Owner percentages etc. Creative control of the script. The compromises that could be asked in return for funding, etc. On and On and On. Very broad I’m sure.
I’d will definitely secure an Entertainment attorney after I am much more familiar with the process as they can be very pricey!
This is kind of my vision of the business model up to this point.
Has anyone here had a similar experience they would like to share, what worked, what did not? All input is appreciated.
Thanks for you thoughtful responses,
Al
A friend of my introduced me to a producer with a similar experience level as myself but on the producing end is his stronger suite. He loves the material and totally gets the story. He has been working on budgets and scheduling for the last month, 3 SAG Min Tiers. I have not seen them as of yet. I believe he has some contacts and friends in the industry that could get to some open doors both in talent and production companies, bigger producers.
He presently holds a non-disclosure agreement on the material with a 6 month option to decide to produce, which he has.
Now we are beginning the negotiation phase between us to protect our sweat equity up to this point, then into the next phase of attaching talent and securing funding.
So the idea is to form an LLC which he and I are owners of, of which the LLC will option the rights to my script for a fee, (WGA mins.) for a period of time, with the option to extend. During this time he will be responsible to secure funding. Shares of this LLC will be sold to investors/studio/distributor. Should he fail to secure funding all rights and ownership of the screenplay will revert to me and the LLC dissolved.
So my question is, as the owner of the property and attached as Writer, Director, Producer and Talent, what should I be looking for in an agreement of this nature and beyond? Initially Guild Mins. for the respective positions from a budgetary standpoint. Owner percentages etc. Creative control of the script. The compromises that could be asked in return for funding, etc. On and On and On. Very broad I’m sure.
I’d will definitely secure an Entertainment attorney after I am much more familiar with the process as they can be very pricey!
This is kind of my vision of the business model up to this point.
Has anyone here had a similar experience they would like to share, what worked, what did not? All input is appreciated.
Thanks for you thoughtful responses,
Al
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