Permits Financse Event Planning Essentials

8/10/2019 Permits Financse Event Planning Essentials

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10.16.13 1Proprietary and Confidential—the information and materials in this document are not for use or disclosure outside of the Tactic Race Solutions, LLC except under express written consent.

RACE HQ / Permits & Finances

WELCOME

TO THEFUTURE OF

RACE DIRECTING.





PERMITS& FINANCESThe two most important things a Race Director needs to pull off an event ispermission and money. You cannot have an event without both.





NO MAGIC BULLETWhile the process of permitting & financing events is becoming moresophisticated, it can often still be ‘learn as you go’.

Current methods event managersuse today:

• Figure it out as you go

• Do what you did last year

• Pray that it all works out

• All of the above





OBJECTIVEBuild long-term financially sustainable events.

Cross these t’s and dot these i’s:• Full compliance with permitting authorities

• Proper insurance coverage for your event

• Strict financial management disciplines

• Tight cash flow management





EVENT CONCEPTDevelop a vision for your event to determine what permission you need andhow to finance it.

• Determine type of event you are planning

• Consider format and distance of event

• Establish ideal date for event

• Decide on location and venue

• Define scale and scope of event





PERMISSIONDevelop a comprehensive list of possible permitting authorities needed foryour event.

• Analyze who or what is being impacted by your event

• Determine who has control or jurisdiction

• Seek out who to approach for help

• Assemble event information packet as selling tool

• Approach permitting authorities with respect





STARTING LINEBegin with identifying potential partners that can help you approach permittingauthorities for the types of permits you need.

Potential Partners• Sports Commission, Convention & Visitors Bureau, Mayor’s Office, City Council, City Special Events

Liaison, Tourism Bureaus, etc.

Permitting Authorities• Police Department, Parks & Recreation, City Traffic Engineer, Fire Marshall, Building Department,

Alcohol Beverage Control, National Parks Service, U.S. Coast Guard (ocean swims), etc.

Types of Permits• Police Permit (Staffing), Facility Use Permits (Parks), Right of Way (Streets), Fire Permits (Tents), Alcohol

Permit, Entertainment License (amplified sound), etc.





INSURANCEEnsure proper coverage for all stakeholders including permitting authorities.

• Establish who needs insurance (i.e. business, event, contractors, city, sponsors, etc.)

•

Determine level and type of insurance needed• Research event insurance carriers and receive quotes

• Ensure you are also covered when needed

• Review current insurance policies to ensure proper coverage





FINANCESDevelop and institutionalize financial disciplines and controls acrossorganization.

• Build your event budget with realistic revenue and expense projections

• Determine who has spending authority within the organization and initiate protocolsto control spending (e.g. purchase orders, invoice approvals, etc.)

• Plan and facilitate periodic budget meetings to review projected vs actuals

• Negotiate terms and conditions with suppliers and vendors





REVENUEAnalyze pricing strategies that drive your marketing campaigns and initiatesponsorship sales program to contribute to the bottom line.





EXPENSESEnsure proper categorization of expenses and capture the benefit ofnegotiating terms with vendors and suppliers.





CASH FLOWTrack your progress, so you don’t get too far off track and can adjust yourplans accordingly and still hit your target EBITDA.





FUTURE OUTLOOKPermitting and financing events is getting harder to do, but with carefulplanning and disciplined best practices you can build the event of your dreams.

• Participants are looking for real-life shared experiences in a world of social media

• Industry continues to consolidate through acquisition and fall-out of events

• Private equity investors continue to invest in our industry

• Permitting and financing of events will continue to become more sophisticated.





THANK YOU

P h ot o: D onM ul l i g an



Proprietary and Confidential—the information and materials in this document are not for use or disclosure outside of the Tactic Race Solutions, LLC except under express written consent.

TACTIC Race Solutions, LLC1049 Camino Del Mar, Suite 7Del Mar, CA 92014

[email protected]

RaceHQ.com

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Permits Financse Event Planning Essentials