The Halls of Shame, I mean Fame. This is a friend of a friend who recently left one and confessed to the economics....
"Well, having served on the board of directors (before quitting in disgust) of 2 "Halls of Fame", I'll tell you how these new money makers work.
160 nominees pay $200.00 for the honor. That's $32,000
The banquet hall has room for 240 guests @ $50.00 each. That's $12,000
Memorabilia like rings ($200-$300), T-shirts, special programs, etc. That's $15,000
Sometimes you have the "inductees" teach (for free) seminars the morning of the event. Of course the guests pay $50.00 for the seminar with the Hall of Fame masters. So you have 50 students at the seminars. That's $2500
Total take for the Hall of Fame= $79,000
Now the costs.
Banquet room and meals for 400 people. $15,000
160 Plaques @ $50.00 each. $8,000
Advertizing, printing, postage costs. $3,000
Total cost for event= $26,000
TAKE, $79,000 - COST $26,000 = $53,000 PROFIT
Now how does one of these HOF's get 150-200 inductees a year? Pretty simple. If it's a regional event, they use the phone book, word of mouth. And now websites.
They make awards that fit just about anybody that practices martial arts (and some who don't). Old timers get a: "Grandmaster of the Year", "Master of the Year", "Martial Arts Pioneer", etc. award.Average everyday instructors get: "Instructor of the Year", "Most Inspirational", "Innovator of the Year", etc.
Tournament competitors get: "Fighter of the Year", "Forms Competitor of the Year", "Sportsman of the Year", etc. Even got awards for kids: "Youth Competitor of the Year", "Outstanding Young Man", "Outstanding Young Woman", etc.
Now to make yourself legitimate, you induct (for free) some big names. Some of these big names are dead, so they can't refuse. Some will accept any free award. And some either don't know they were inducted, or refuse the induction.
Two things keep these HOF's going. The greed of those selling the awards. And the ego of those willing to pay $200.00 for the award."