We've blogged in the past about the star power that retired athletes bring to the franchising industry. A new arrangement between the IFA and a group representing pro athletes will hopefully created enhanced franchise opportunities for former athletes seeking a second career.
Military veterans are not the only sector of society whose previous work experience prepare them nicely for owning a franchise. The life of an athlete prepares them well for becoming a franchisee. Being a professional football or basketball involves constant displays of teamwork, leadership and self-discipline, all assets that would help franchisees. Of course, beyond the world famous sports superstars, most athletes will need to work doing something after they hang up their jersey. Owning a franchise is a convenient option.
The likes of Shaquille O'Neal (Auntie Ann's), Venus Williams, Magic Johnson, and Keyshawn Johnson all own franchises, as the OC Register has documented in a recent story. In order to further enhance opportunities between athletes and the franchising industry, Michael Stone, former footballer, started the Professional Athlete Franchise Initiative.
The PAFI will be working with the IFA to "provide training and guidance for former pro athletes who are interested in owning and running a franchise or investing in them as a group."
"Today's professional athletes realize they need to think about what to do for a second career. Eighty-five or 90% are making a few hundred thousand dollars a year and they can't play very long," Stone told the OC Register.
We hope to see this initiative creating more opportunities for ex-athletes while stimulating the American economy.