Former NFL player Leonard Wheeler (at right) outlines opportunities for retired athletes to play a constructive role in their communities.
The buzzer sounded (literally) and the panel got underway. How can athletes transition from sport to business? Where should this transition begin? How does urban culture change the perception of athletes?
The spectator sports industry has grown twice as fast as the U.S. economy as a whole. Television has created an immediate medium connecting fans to athletes. Employment growth in the industry has shot past average U.S. growth even as it has shifted to specialized channels. "Imagine if there were an A-Rod Network," mused moderator Larry Carroll of KFWB.
But he went on to note that many athletes have trouble moving from their "lavish" system of sports to the reality of building their own wealth. That has not been the case for these panelists, all of whom have found business success off the playing field and all of whom make it a point to invest their time and resources back into their communities.
For athletes who are not superstars, prospects are bleak after their sports career ends. Many face tremendous physical problems and find themselves with no financial support down the road. Donald Latson of World Entertainment & Technologies, a former NBA player, noted that athletes have a divorce rate of 73 percent and a shortened life expectancy of only 62 years. Many athletes, he said, also spend time in prison or face bankruptcy. But Leonard Wheeler of Wheeler Enterprises, a retired NFL player, pointed out that a fraternity exists between professional athletes, enabling them to speak to one another as brothers. How, then, can retired athletes help current athletes built a successful life after they hang up their shoes?
Latson felt that much of the problem lies with perception. "Everyone looks at the pretty pictures that are painted of professional athletes; however, the hardships are not projected as highly after their career."
Panelists noted that there are gaps in the social development of many athletes and a sense of entitlement. Tate George of The George Group, a former NBA player, commented that many 30-year-old athletes act with the social capacity of 16-year-olds. This creates hardships for them in pursuing other avenues of wealth to make a living after they retire. Tate felt that professional sports thrusts a system upon its players, allowing them luxuries while they play the game but tossing them to the curb after their services are no longer needed.
Dale Davis, a member of the Detroit Pistons and founder of Pro Player Holdings, felt that former athletes should mentor those currently playing professional sports, helping them to understand insurance, mortgages and other realities of life. "It's tough for an athlete to be connected to the financial world."
The panelists are utilizing their past experience to help athletes transition from sports to business. Latson said that one of the biggest fears for athletes "is not knowing what to do." He felt that parents should offer their children a wider range of choices. "The biggest blessing was being reared in a loving environment. My parents prepared me for life after sports." The panelists all agreed that many athletes never have the options available to make the right decision. George mentioned a study showing that professional athletes are less equipped to develop a successful strategy for a sustainable life than athletes who stop playing in college.
These panelists focus on empowering their fellow athletes and pursuing business and philanthropy ventures that give back to inner cities. George noted that urban communities can adapt to offer children better choices in life, and these neighborhoods can offer athletes the ability to go home and reestablish their life when their playing days are over.
Finally, Latson noted that, "Oftentimes people in our position don't make ourselves accessible or available." Davis offers mentoring to athletes, teaching them how to build character and prepare for success in life after sports. "The hardest thing for some athletes is to transition to being successful off-field. We help them do that."
Global Conference 2013
Former Prime Minister Tony Blair, philanthropist Bill Gates and Strive Masiyiwa of Econet Wireless discuss advancing prosperity in Africa.
