According to the Small Business Administration, approximately 500,000 new businesses are formed every year in the United States. Obtaining financing is often the biggest roadblock for an entrepreneur. Many turn to family and friends for start-up funding but what about a professional athlete? Many professional athletes earn 160-times the average American income and have funds to invest.
Athletes are learning the inner workings of business investing through such programs as the National Football Players Association’s “Investing for Impact.” Karen Slaggert, associate director of the Gigot Center for Entrepreneurship at the University of Notre Dame, works with Investing for Impact. She stresses the importance of athletes conducting due diligence. Professional athletes rarely make a business decision without the counsel of the managers, agents, attorneys, accountants and wealth managers they trust. When dealing with a professional athlete, your business plan and proposal is likely to be even more heavily scrutinized because of the myriad of channels it must pass through before final approval.