I recently placed an NFL player into a fitness franchise. He is in his 20s, but with an NFL player’s average lifespan being about three years, he was already halfway, if not more, through his career. Over his years playing, he made just enough money to do something else with his future. And he chose franchise ownership, not ever anticipating before that a franchise would help with his transition into the next stage of his life. I was fortunate enough to help him move onto the next chapter. My job was to set him on a path to successful business ownership.
When we first met, his main goal was to find something that would accommodate his family. He wanted to take the experience that he learned in the NFL and grow something of his own. I was honored to act as his mentor and to help navigate the process of franchise ownership. We used a very systematic approach to clarify how the next chapter of his life would look. Once we explored a multitude of franchise opportunities, we were able to find the best fit for him to see both satisfaction with his new path and success for his financial future.
The Phenomenon of Athletes Investing in Franchising - A Recipe for Success
According to the National Bureau of Economic Research, 15.7% of professional football players file for bankruptcy just twelve short years after leaving the sport. And Sports Illustrated found that as many as 60% of those finishing their career with the NBA lose it all within just five years after retiring. That is a shocking revelation when you consider the enormity of what a typical NFL and NBA salary amount to at the end of the average athlete’s career.
There has been an increasing trend of ex-professional athletes buying into franchise ownership to grow their wealth. Besides, several franchisors have been seeking former athletes to grow their established franchises by holding networking events and hosting seminars to recruit them to help speed up the buying process. The reason? Professional athletes have the financial resources to make a franchise successful.
“I recently retired from professional ball and my next objective in transitioning was to find something to be a part of that I enjoyed, but also challenging while being profitable” - David Bass Jr., Franchise Owner & Former NFL Player
What Skill Set Does a Professional Athlete Bring to the Table?
Ex-professional sports players are ideal because they already know how to follow a “playbook” of rules to make things work. Franchises run like sports plays. If you follow the guide, then the rest is a piece of cake. Ex-athletes are also very good at following a coach. They understand that the best way to make it to the finish line is by taking the advice of the person who oversees the game and knows how to weave and duck to get the ball where it needs to go. Finally, pro-athletes tend to possess leadership skills that make them successful both on the court and off. Leadership is a crucial ingredient to becoming a business owner, in general.
Solving Ex-Professional Athletes Bankruptcy Problems
Although there is no surefire way to stop pro-athletes from going down the proverbial “rabbit hole” leading to bankruptcy, franchising can help channel their energy into growing something for their future. Many successful athletes have found a satisfying new venture off the court where they might not have imagined without the help of our coaching. A franchise consultant is similar to a head coach; we help our clients navigate the hurdles in their way to make the goal clearer and more attainable.
And It Isn’t Just About Sport-Industry Franchise Opportunities.
An obvious choice for ex-pro athletes would be a sports franchise like “Orange Theory” or “D1 Fitness.” But the beauty of being a franchise owner is that you don’t need any experience to flow into a different industry. All the skills that pro-athletes learn during the years of playing plays right into the hand of what you need to make a franchise successful. I find the most satisfaction in matching pro-athletes into franchises that they might not have ever considered without my help!
So is a Franchise a Good Fit For You?
As a professional athlete, your lifespan in sports is usually just a blink, and then it is behind you. Diversifying your assets by owning a franchise is an excellent way to switch gears for your financial future and security. Franchise ownership allows you to join an industry where you have no experience but where all the many skills you learned on and off the playing field are all you need. The goal of choosing your next venture is to find something you are passionate about that comes with minimal risk. A business that you know has the longevity to sustain your financial freedom desires long after your sports career has ended. Franchising is an excellent way to switch gears and find something that works for you instead of you working for it. Contact me today to discuss how we can get you from the ball field to business ownership today.