Many celebrities including retiring athletes and performers who bid farewell to the spotlight, become entrepreneurs, and start their own businesses. Most of them become quite successful at the latter. Perhaps it is their instinctual drive to be successful that drives them into the business realm.
Many retiring NBA players have taken their on-court talents into the business sphere. An NBA player hardly ever plays past the age of 42 – 44, so they need something to continue to keep their mind and body occupied rather than sitting around counting their earnings and remembering their glory days.
NBA Players Who Became Entrepreneurs in a short time
Let’s take a look at a list of 10 NBA players who have become entrepreneurs.
1. Michael Jordan
Michael Jordan became a billionaire, being one of the first professional athletes to reach such a milestone and the first NBA player to do so. But far from all of that money was earned from his days on the court. What Jordan did after he bowed out from the game he dominated (officially) was to become a majority stakeholder in an NBA team, namely the Charlotte Hornets.
But that isn’t Jordan’s only source of post-retirement income. He made around $80 million last year alone from his partnerships with other brands and companies, most notably Nike, but also Mcdonald’s, Coca-Cola, Upper Deck, Gatorade, 2K Sports, and Chevrolet. If that wasn’t enough, MJ also owns a Motorsport team, six restaurants, and a car dealership.
2. LeBron James
With an estimated net worth of $400 million, the still active LeBron James has been raking in money outside of his huge NBA contracts. He sold his 1% stake of Beats By Dre to Apple a couple of years ago, earning him some good returns. Of all of the NBA players, LeBron is easily the most endorsed. These sponsorships earned him $53 last year through some of the planet’s biggest companies including Dunkins, Nike, Coca-Cola, Baskin Robins, and McDonald’s.
His partnership with Nike resulted in his own shoe line (much like his idol Michael Jordan), which brought in a stunning $90 million in sales.
3. Dave Bing
Born in 1943, Dave Bing, a retired NBA hall of fame player, began his career with the Detroit Pistons in 1966. He retired from basketball in 1980 and founded the Bing Group. With time the company grew to an impressive position of becoming one of the leaders in steel production in the state of Michigan, producing appliances, automotive components, and products for office furniture manufacturers.
4. Vinnie Johnson
Known as Detroit’s unsung hero of the court, Vinnie Johnson, the sixth man for the Detroit Pistons, retired from the NBA but decided to stay in the Detroit area and build his company Piston Automotive. This drove the creation of many new jobs for inner-city Detroit residents and has helped elevate the local community.
5. Chris Webber
After making $176 million during his NBA career, Chris Webber kept up the business savvy investments after retiring. He is an owner of an investment firm that represents filming projects, basketball and football players, as well as real estate. In addition, Chris also owns the restaurant Center Court, and author of a book, and has even dabbled in music production, making him not only NBA All-Star but an accomplished entrepreneur.
6. Magic Johnson
After retiring at the end of a 13-year NBA career, Magic Johnson created Magic Johnson Enterprises, still serving as the company’s CEO. His company is the owner of several franchises including Burger King, and T.G.I. Fridays, Starbucks, 24-Hour Fitness, and many others. If one was to add up all Magic’s owned franchises, they serve an impressive 32 million customers!
7. Shaquille O’Neal
The 7-foot, 1-inch tall Shaq was a beast on the court, but after retirement, he channeled that into his business ventures. Not only does he have investments in Muscle Milk, Vitamin Water, and Google, he owns several Five Guys burger franchises and several gyms. He is frequently offered other investment opportunities, but like the astute mind he is, he carefully researches a business before deciding to make any other investments.
8. Quentin Richardson
After retiring from the NBA in 2013, Quentin “Q” Richardson also entered the business world, which he has long said was always his goal once he wrapped his basketball career. After purchasing the East Coast Wings & Grill franchise, Richardsons planned to open 10 restaurants across a spectrum of locations over the next 7 years. According to Q, he has a long-term business plan to expand into many other facilities in his investments.
9. Chauncy Billups
After dolling out 17 impressive NBA seasons, Chauncy Billups would team up with a fellow NBA star Junior Bridgeman and entered the business realm by securing a purchase of 30 Wendy’s franchises. Of course, Billups is far from the only former NBA player to invest in restaurants, but he might be the only one to invest in such a significant number of them. Hard to go wrong or fault Billups of the investment. Wendy’s is among one of the most reputable fast-foot establishments in the country, after all.
10. George Tinsley
Clearly, investing in restaurant franchises after retirement from their professional career as an NBA player is a common theme. George Tinsley founded the Tinsley group once he retired and they have invested in multiple restaurant franchises including TGI Fridays and KFC. What’s more, the Tinsley Group oversees operations of 50 franchises, just in the state of Florida. That is certainly an impressive undertaking and Tinsley has been quite successful in its execution.
NBA Players Who Became Entrepreneurs: Conclusion
There it is, the list of top 10 NBA players who became franchise owners, and it is entirely fair to say that these men have taken a smart and business savvy career path once their prime days on the court were over. Many others still make money through partnerships and receive royalties on their likeness through various clothing, shoes, and other paraphernalia that sports their likeness. However, depending on their popularity, those royalty returns might be somewhat limited so investing in other business assets is a great strategy.
Other celebrities who have stepped out of their line of business have made similar decisions to invest in various businesses and some chose to stay in the area where they built up their career and help the local job market growth, contributing to their communities. One might consider it an act of paying back fan loyalty.
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Frequently Asked Questions:
How many ex nba players are jehovah’s witnesses cousin keith?
There is no publicly available information on the exact number of ex-NBA players who are Jehovah’s Witnesses or the specific connection to “Cousin Keith.” However, several notable NBA players have been or were Jehovah’s Witnesses, including Michael Adams, Thurl Bailey, and A. C. Green.
How to meet NBA players?
Meeting NBA players can be difficult, but some ways to increase the chances include attending NBA games, attending NBA events such as All-Star Weekend, participating in basketball camps or clinics, or volunteering at events where NBA players are involved. Another option is to reach out to players on social media and request a meeting or autograph.
Do NBA g league players get paid?
Yes, NBA G League players do get paid. In the 2021-2022 season, G League players were paid a base salary of $35,000 for the five-month season, as well as bonuses and other incentives. Additionally, players can earn more if they sign with an NBA team or participate in international competitions.
Do NBA players wear cups?
Wearing a protective cup is optional for NBA players, as the league does not require it. However, some players wear a cup for added protection and to reduce the risk of injury to the genital area during games.
Do NBA summer league players get paid?
Yes, NBA Summer League players get paid, but the amount varies. In 2021, players on a Summer League roster earned a minimum of $5,050 for the entire summer league season, with additional compensation for each game played. Players can also earn bonuses for being named to the All-Summer League Team or the championship team.
Hello, my name is Idammah, and I am the founder of Wolfionaire.com, a personal development, and finance blog focused on motivation, success, and wealth. I am obsessed with studying the world's wealthiest individuals and learning about their path to success. I believe anyone can achieve their financial goals with the right mindset and strategies, and I hope to inspire and empower my readers to pursue their own path to success.
