21 April 2024

Where Do Athletes Go to Retire?

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Over the past few years, pro athletes have become a rising presence in the franchise world. Many chains have made recruiting former players a part of their game plan for expansion, hosting seminars and networking events and offering support to get the stars up to speed on running a business. More athletes, meanwhile, have gotten intrigued by the prospect of running a franchise after seeing prominent names strike it big as owners. Junior Bridgeman, formerly of the Milwaukee Bucks, has built up a portfolio of companies that oversee hundreds of franchises, including Wendy’s, Chili’s and Fannie May Fine Chocolates. More recently, current National Football League great Peyton Manning has become a Papa John’s franchisee and pitchman.

The Postgame Show 

The recruiting push is largely a result of the recent recession, which drove banks to tighten lending standards, and made it tougher for buyers to get the financing they need to buy franchises. Athletes bring lots of capital to the table, as well as strong marketing power—an attractive mix for franchisers. On the job, players can be good leaders and motivators, and are used to working within a team and “following a playbook,” says John Rotche, president of Title Boxing Club, which has screened more than 30 athletes this year who are interested in becoming franchisees.

Many athletes face steep learning curve. Some, in fact, can’t make the transition: Although franchises are reluctant to give examples, they say some big names have flopped at running outlets. So, chains insist that athletes or their management teams are rigorously trained and vetted, the same as any other prospective owner.

Papa John’s says it has four current or former athletes as franchisees—Mr. Manning, Mr. Mashburn, James Atkins and Jerome Bettis —and collectively they run around 70 of the company’s pizzerias. The company required all of the players, or their business advisers, to attend the same training sessions as other owners, including an in-person visit to corporate headquarters plus a two-week business-management overview.

Players can also get help outside of individual franchises. The Professional Athlete Franchise Initiative, a program of the International Franchise Association that helps players transition into a post-sports career, is piloting a program where athletes get mentored by successful franchisees and complete a yearlong business-education course and brief apprenticeship. The biggest challenge is to better manage the athletes’ expectations.

Time in the Field 

Brandon Gorin, a two-time Super Bowl champ, spent several months in 2010 meeting with mentors before he settled on the idea that franchising would be the best opportunity for him. He was attracted to having a team behind him and not having to do a lot of creating himself or moving around. He settled on Marco’s Pizza—in part because a friend’s brother owned a location—and now owns four shops.

Mr. Gorin found he had certain skills that made for an easy match, including time management and appreciating an organization’s structure. He can also lend his star power to the brand; he helps oversee expansion and development in the Indianapolis region, so he goes to support new owners during openings. He acknowledges that there were difficulties, including making his own decisions and moving the company forward as its leader.

Click here to access the full article on The Wall Street Journal. 

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