Dear Indie Producer

At dinner this weekend, I was asked, "How do you find investors?"

I posted on "how do you find financing?" a year ago, but today, as I'm in the midst of shopping an offering to prospective investors, I have a few things to add.

First off, know what you're selling. Be able to talk about your project in product/genre, scope, market, cash-flow, projected Return On Investment, and sales terms.

Secondly, and more importantly, know what type of investor you believe will "vibe" to your project. Will they be friends and family supporting your Big Dream? Will they be accredited investors who pool their monies in an Angel or Venture Capital group? Will your project lend itself to international co-production/financing partners? Will your ideal investor be someone who's as passionate about the topicality or genre of your project as you are? Will they be folks who thrill to support vanguard/experimental/pushing-boundaries content? Will they be constituents of your website who'll donate monies to your project?

Know what you're asking for, and don't be coy. Be specific.

Some samples:

• I'm seeking accredited investors for $500K of an $800K action-adventure movie to be shot on HD in 2011. My minimum investment amount is $50K, and my offering closes in March 2010. The remaining $300K will be/has been secured through an international co-production arrangement.
  
• I'm seeking $500 donations from a minimum of 100 constituents of my website over the next four months for an experimental narrative-with-archival-training-footage on Crime Scene Investigators and the history of their craft.
  

Once you identify your ideal potential investor(s), develop a contact list:

• Start with your writer/director/filmmaker. Is there anyone in their orbit who has said, 'Call me when you're ready...'? Put them on your list.

• Same thing goes for you, the producer. If you have any angels in the wings, now's the time to make your "ask."

• If you're inspired by a panelist's comments at a conference, approach or contact them for feedback on your project/plan.

I've trolled through many, many film-related web sites reviewing past panels and panelists from the last two-three years. I've read transcripts of panels, watch videocasts, listen to audiocasts. If I've landed upon someone whom I'd love to "pick their brain" about my strategy, I'll seek them out for their feedback. If, then, they think I'm on a good track, I'll ask them if they might be comfortable referring me to someone as an investor, co-producer, financier, etc.

• If your film lends itself to a certain field or demographic (archaelogy, Asian-Americans, weepy romances, etc.), brainstorm/research potential entities or nodes of support there, too.

What magazines, associations, organizations, conferences, retreats, websites, etc. exist in support of that field or demographic? Do some homework: look at panelists, boards of directors, editors, event/fundraising coordinators, you name it...

I'm not advising that you contact them for money, per se. But, if they're in the field/group that's pertinent to your project, ask them for feedback, clarification, potential buy-in when it's finished. And, if they're amenable, ask them if they can think of anybody (person or entity) who might be inclined to support the project with resources and/or investment.

Thanks for reading.

More producers? Nope...

Remember the additional producers I thought we'd seek? Not doing that now. Mostly, because I've managed to finally whittle the final numbers, projections, estimates, and so forth down for the project's lifespan... and, it's just not a compelling enough financial scenario to warrant additional producers. Now, if circumstances lend themselves to a financier(s) coming on board, with credit(s) given for producing, that will be something else to consider. But, for all the work and responsibility that being a producing partner would entail, at this budget level, more producers on board is a luxury we can't afford.

And, that's okay.

AND, I've finished the Fighting Version of the Business Plan. OH MY GOD. Hallelujah!

My completed first draft was 40 pages (including 5 appendices). The Fighting Version is 22 pages (including 3 appendices). The time is nigh to begin soliciting investors... Wheeee!

While in Austin, we confirmed our editor, website designer/developer, and attorney. We had a productive meeting with our Art Director, Ia, who's aiding Jentri in storyboarding the script. We also had promising meetings with several DPs. We'll be making a final decision about that key role by mid-June.

My toddler starts daycare two days a week at the end of this month. I'm really psyched about having more time to tend to this blog!

Thanks for reading.

After The Conference

I had a great, productive, charged-me-up time at the IFP MN Annual Producers Conference. The greatest result out of it was two-fold: I got good feedback on my revenue sources and projections for Lost In Sunshine, as well as my positioning ideas for it, and one of the panelists expressed interest in coming on board to help the project. If/when I have anything formal to announce about that development, I will. But, at the moment, let's just say I felt like skipping TRA-LA-LA! for the rest of the afternoon! :)

Post conference, I know definitely that we need to make due with less money than I initially thought. What I hoped to do with $700K needs to be done with $500K (or less). Daunting, but good to know.

Very recent developments in the Texas legislature are promising for better-funded film tax benefits, so we're hoping to finalize Texas as our shooting location. I'm flying down to Austin in mid-May to meet with our growing kickass production team: line producer, locations manager, film editor, potential cinematographers, storyboard artist, and more.

My brain's getting fuller and fuller with Things To Do. As if that's possible.

Thanks for reading.

Still Business Planning. God, I'm still business planning.

Here's the current skinny.

Traditional theatrical release is an aggregate money-loser and has enormous P&A costs for entry. North American cable sales for indies are currently diminished, because cablers are wanting more "sure thing" content with bigger-name talent in them (there goes my ultra-low-budget budget), among other reasons. Foreign sales numbers are down for indies for a bunch of reasons (subscribe to Filmspecific.com - love that site). Traditional home entertainment (DVD) distributors generally offer no advances for acquisitions, spend a lot of necessary money to market your title (if you're lucky), and pay you a smidgeon of any unit sales at the end of a long line of expenses, fees, and percentages owed to other players. Broadband and download scenarios are neat-o in concept, and no doubt will play bigger roles in even a few years, but currently offer close to zero in revenues.

So, where can an indie project make any money, especially make its money back with a return?

Cue Vincent Price laughter. Ha ha ha ha ha aha hahaha!

And, how will I, the producer, ever make a dime either, after investors are repaid? I'm already looking at how I can squeeze out a stipend, really, out of our budget. And, we're talking five figures here. And, that's supposed to tide me over between now and that mythical time that the movie makes enough revenues to have paid back its principal, and the remaining net profits will get split between me and the investor pool. And, right now, I use the term "me" loosely. It's likely that it will be some sort of "us" to share those monies.

Okay, now we've moved on to maniacal laughter. Seriously, someone needs to be locked up. It's scary.

I do this because I love the process. And, I'm motivated to inspire people with stories.

I've been working on projected return-on-investment (ROI) tables for Lost In Sunshine. And, it's hard. In a way. Because I can see how we can/will do it. But, making returns on movies is ALWAYS a nail-biter. But, then again, I'm really psyched about us keeping the reins of this project - from conception and execution through launch and distribution. There just aren't a lot of comparable titles and their numbers to reference. And, my projections include a large percentage of direct sales numbers from our (in-progress/future) website.

I keep thinking about our prospective investors.

On one hand, knowing what we need to do going in, arms us to prepare and work our asses off for that outcome. On the other hand, the Doubt Monster says, 'But, from what you can tell, maybe only one or two films/filmmakers have even reached those levels of revenues in the last two years.'

I'm not one to prop up exceptions as standard operating procedure. I want investors to know what a crap shoot indie film financing is, even if the producer(s) do everything "right." And, I keep wondering if there's more data I'm missing. I'm getting a picture; I just have moments where I wonder if there's a piece or two missing...

So, ALL OF THIS ABOVE, greatly explains my excitement over attending the IFP MN's Annual Producers Conference this coming Saturday in Minny-apple-less. Last year, I was blessed to be invited as a panelist; and, this year, I get to go listen to Peter Broderick talk about distribution! Plus, I'm delighted to be scheduled for a one-on-one mini-session with Matt Dentler of Cinetic Rights Management. He used to program SXSW, and jumping off bridges premiered there in 2006; so, I have a certain fondness for him already. I look forward to picking his brain over some of my digital projections, and all the others, too.

Thanks for reading.

What's Lorie Up To?

Obviously, I am so behind in posting here. Same old, same old. Still refining business plan for Lost In Sunshine and still parenting my two-year-old.

But, here are some updates:

Have realized I can't do Lost In Sunshine justice as its sole producer while also parenting the aforementioned two-year-old. Jentri and I are now seeking two additional producers to bring Lost In Sunshine to fruition. We're talking with friends in Texas and Minnesota about referrals and prospective partners to move forward with.

To wit, we're looking for a Line Producing maven who'll be on top of all things technical, mechanical, line-producer-y including not only pre-production and the shoot, but post production supervision, distribution deliverables, and website support. Someone who's psyched about our plans to build community around our project and embrace a budding indie distribution paradigm that involves a lot of DIY and nurturing a website.

The other partner we're seeking is someone who likes the "business side" like me. Someone with integrity and gumption who's confident and enthusiastic about soliciting investors and attaching talent. Someone who wants to market and distribute this movie with me and successfully monetize it to pay its investors back, with a return, as well as pay us, its producers!

You producers out there know that this is ambitious. Producers get paid LAST. Isn't that ironic? Without us, would there be a movie? Maybe so, maybe not. But, we're afflicted with this passion for the process, aren't we? Anyway, I still have this dream of getting paid to do what I love so much. I'll get there. I don't need lottery money earnings, just money to put toward my family's expenses. Oh, and toward a personal chef, too. ha ha

Another thing I've finally figured out is a positioning strategy for the story/movie. What will be our "hook?" What will distinguish our movie from all the other well-executed, art house, road trip, ensemble character study movies in the marketplace? We've decided to embrace the spirituality, New Age, metaphysical elements of our story and characters. That's been a big A HA for me. A lot of follow-on dominoes fall into place, based on that decision. Which gets me that much closer to finally completing the business plan.

Oh, if you haven't found/read it already, Jon Reiss has written some great case study stuff for Filmmaker Magazine on his DIY theatrical release of his doc, Bomb It! I really appreciated him posting his estimated and actualized budget(s). Check it out.

Applied to the Sundance Creative Producing Fellowship, the Tribeca All Access Program, and the LA FilmFest/Film Independent's Fast Track Program. I know we weren't selected for Tribeca (but, Kat was! Yay for Kat!), and I haven't heard anything from the other two, yet.

Sigh.

One side of me feels like the kid who nobody wants to pick for their Dodgeball team. The other side of me feels like if we were meant to benefit from being in one of the above programs, we'd be selected. If we're not selected, our path lies outside of them.

I'd still like to be picked, though. Wah.

Okay, what else? Oh the IFP Minnesota's annual Producers Conference in April in Minneapolis is hosting Peter Broderick as one of its panelists this year. I'm super-psyched. I think I'm a groupie of his. On his bulletin, he posted news about a movie called The Age of Stupid, which I was excited to find. I admire what/how they've done with their website strategy and release plan(s) for the film.

I LOVE blogs. All these cool, creative, inspiring people share the insides of their brains in writing, and I get to crib ideas and motivation from all of them!

Okay, haven't seen my husband all day, so off I go.

I know I'm not as consistent with posting here as I'd like. But, I'm going to keep showing up, consistently or not, so I hope you'll keep checking in with me. As my daughter gets older, I imagine I'll be able to return to the productivity level I used to work at. :)

Thanks for reading.

Meet The Producer Christine Kunewa Walker

Meet Christine Walker, President of Production at Werc Werk Works, a Minneapolis-based production company founded in 2008 with producing partner, Elizabeth Redleaf.

Christine Kunewa Walker is an award-winning producer who recently completed production on FORGIVENESS, written and directed by Todd Solondz. She is Executive Producer on the new Béla Tarr film THE TURIN HORSE (in production) and Producer of the recently completed comedy NOBODY directed by Rob Perez (40 DAYS AND 40 NIGHTS). Christine also co-wrote and produced OLDER THAN AMERICA starring Adam Beach and Bradley Cooper, which premiered at the SXSW Film Festival; produced FACTOTUM starring Matt Dillon and Marisa Tomei, which premiered at the 2006 Cannes Film Festival and the 2006 Sundance Film Festival; and along with producer Ted Hope, line produced AMERICAN SPLENDOR which won the Grand Jury Prize at the 2003 Sundance film Festival and the International Critics Award at the Cannes Film Festival. Christine’s awards and recognitions include: Producer’s Guild of America Diversity Award, Independent Spirit Award nomination, Sundance Institute’s Producer’s Fellowship, and the Minnesota Blockbuster Film Fund Award.

Sustaining the Muse
A Producing Questionnaire

* Please name all the "hats" you wear as a creative producer.

The most important thing to remember about any 'hat' you wear is that you can't let it sit on your head for too long. Otherwise, you're doing someone else's job and neglecting your oversight responsibilities.

* List all of the jobs you've held before or while pursuing a career in producing.

Prior to producing, I was a publicist, a development fund administrator, and a film programmer. Since I started producing twelve years ago, producing has been my sole job.

* Do you have a Big Dream or career goal as a producer? What inspires you to do what you do?

As long as I continue to produce, I am living my big dream every day. I am inspired by the people I work with from my own producing partners to the writers, directors and the rest of the crew. On a daily basis, they challenge me to work harder and to exceed my own expectations for myself.

* Please name five essential skills and/or traits a creative producer needs to sustain a career.

Stamina. Effective communication skills. Talent. The ability to see the big picture. The ability to evoke pity.

* Name a movie, or several, that you wish you had produced. And/or, producer(s) you admire (living or passed on).

The Diving Bell and The Butterfly, The Wrestler, The Motorcycle Diaries, Slum Dog Millionaire, The Lives of Others, Napoleon Dynamite, Once Were Warriors, Far From Heaven, Boys Don't Cry.

I admire Christine Vachon. She's brilliant. She's a fighter. She does not shy away from difficult material. She's an icon.

* How do you define success for yourself?

Getting paid for what I do.

* What's your motto when it comes to raising money for your project(s)?

It's easier to raise money than to make a great movie.

* How long did it take to support yourself as a producer?

Five years. Ten years, if you factor in food and housing.

* Who do you turn to when you need a pep talk?

My husband.

* If you could change one thing about yourself, what would it be?

My metabolism.

Tommy Pallotta leaves Facebook

This is a brief interview from the Filmmaker blog with Tommy Pallotta, producer, director, and animator (think, Waking Life, A Scanner Darkly, and most currently Lance Weiler's HIM). He and Scott Macaulay discuss social networking and Tommy's desires to reach out more directly to his audiences for his projects, than via sites like MySpace or Facebook.

Since I plan to reach out as directly as possible to our audience(s) for Lost In Sunshine, I thought it was a nice little thoughtful piece to digest and nod along with in agreement...