Page 14 - Duff McKagan Case Study

BECOMING A SUIT WITHOUT THE SUIT

McKagan had realized that most rock stars knew nothing about their
finances. Some didn't want to know whilst others were kept in the dark,

or were too self-conscious to ask simple questions. Yet, they were
comfortable talking about money matters with McKagan.

“From my experience, once you are pegged as a “rock
guy,” people just assume that you are either brain-dead
or off high-flying on a private jet with hookers and

cocaine. While I have definitely been guilty of both of
the aforementioned clichés, my life these days is just
kind of simple and book-filled.”

Duff McKagan's Column 'Duffonomics' @
Playboy.com
« on: February 05, 2009, 05:37:29 PM »

"I realized there was great need for some kind of

advice service. It wasn't just me who was freaking out
about being broke,"

Once the word spread that Duff knew his numbers, his phone started
ringing. Other musicians were regularly looking for financial advice,
which inspired the idea of creating a company which would bridge the
the gap between musicians and their money and the best way of looking

after it. As McKagan said:

"No one took the time to explain how money works,

you know, simple things -- the difference between
gross and net, what a bond was, how a mortgage
worked,"