Twenty years ago, I was selected eighth overall by the Golden State Warriors. Just five years prior, I was living on a tiny Caribbean island in St. Vincent and the Grenadines. Never in my wildest dreams did I ever think I’d not only get to play in the NBA – but also receive a top-tier education from one of the most prestigious institutions in the land – Colgate.
Still, despite what I was able to achieve in the league and pay forward during my post-playing career, there are still some lessons I would have liked to have learned when I began my NBA career 20 years ago.
In 2015, I wrote an open letter to the NBA Draft class, advising them to be mindful when it comes to the windfall of finances they were about to receive. While that advice still obviously holds to every professional athlete, that is just one aspect of carrying oneself as a pro. Like the classes before them, this year’s NBA Draft class is on the verge of becoming overnight millionaires. They will become one-person institutions for their personal brand – all while still abiding to the policies that comes with being an employee for their new team.
For anyone who’s played in this league, you know that the first couple of years can be a bit hectic. People are constantly approaching you wanting to meet you, endorsements come knocking, there’s always a business opportunity in front of you, and family and friends will inevitably come calling for something.
And that’s just what happens when you’re NOT playing basketball.
Players should never underestimate the pressures of being a professional athlete. The average lifespan in the league is just over four-years. And if players aren’t wise with their decisions, they’ll be out of the league before they know it.
In welcoming this year’s NBA rookie class, I’d like to offer these three simple steps on how they can quickly get acquainted to their new life in this exciting, yet chaotic, world that is the NBA:
Spend Time with Your New Co-Workers
The very second you are drafted, it will become a whirlwind. Lights will be flashing from every direction and microphones will be in your face the rest of the night. It’s important to know that the very next point of contact will be the team that drafted you. You’ll be on a place heading for your new team’s headquarters, talking to local media and holding up your jersey for all to see. Now that you have an employer, it is your responsibility to understand the dynamics of your new team. This will be your business for as long as you are working there. And just like any job, it’s crucial to get to know everyone you’ll be working with … and working for.
Become familiar with your coaching staff, read up on your new teammates and spend some time speaking with the front office. Obviously, let your general manager know how happy you are to be on the team, but also don’t be afraid to have conversations with management about the future of the team and what they envision.
If the team has a Player Programs Department, get to know them as well. I served as the Orlando Magic’s Director of Player Programs for two seasons and I like to say that I made an impact on several young players on the team. This is a department that all 30 teams in the league should have – but they don’t. And if your team happens to have one, leverage their knowledge, as they will help you navigate the organization.
Understanding your team’s dynamics will help not only with your role with the team, but also if you are ever interested in pursuing a post-player career within basketball. So take the initiative to talk with decision-makers within the team. The more you know, the better you will have an understanding of the team’s overall vision and outlook.
Take Control of “You Inc.”
While your new role as an employee on your team, you are also responsible for your personal brand. A windfall of finances means you are now in charge of your personal and business affairs. This can be an overwhelming experience, but if done right, it’s easy to take control of what I like to call an “Athlete Matrix.” Every player has a matrix (personal and business affairs, family, friends, etc.). No matter what matrix you deal with, you are always at the top, meaning only you have the overall control. I’ve seen so many athletes fall victim to not being involved with what’s happening to their businesses, and they wind up losing a lot of money due to poor practices or theft.
In the case of the business matrix, don’t start a company with the intent to make money. You’re already in a line of business that should theoretically sustain for the rest of your life. If you insist in starting a business, be sure it’s in an area that you are familiar and passionate about. In a lot of cases, it could be a non-profit organization. Regardless of what you do away from playing basketball, stay involved with all of the decisions, be sure the buck stops with you and be comfortable saying no.
Set Ground Rules for Friends and Family Right Away
Just like being on top of your business matrix, you are also on top of your family matrix. You will now be viewed as the breadwinner of your family. While there’s nothing wrong with helping out family, you must set some parameters that will help maintain your finances and allow them to thrive. First thing you must decide is how do you want to help your family. As the person who is on top of the family matrix, you have every right to call the shots and determine how you want to help your family. If they’re low on finances, should you establish an allowance? If they’re unemployed, is it better to send them back to school?
It’s crucial to determine how best to help them, so they will eventually be able to effectively become independent. Otherwise – and we see this time and time again – it will be a vicious cycle of relatives constantly asking for money. When I dealt with this situation with my family, it was important for me to educate my relatives and not enable them with handouts.
Have an entourage the works for you
As athletes, we all have a circle of friends that are there to protect us and are looking out for our best interests … at least that’s what we hope. Having an entourage doesn’t mean having a group of hangers-on living vicariously through your wealth. Any smart athlete will have the right people around them who will protect them and be a buffer between you and anyone who is trying to approach you.
Should you hire your friends to work for you? Should you bring in someone with more corporate experience? Only you know the answer to that. What I do know is that it would be wise to have someone in your circle with multi-faceted league experience and can be a jack of all trades to communicate with your team, as well as your agent, financial advisor, business associates and media. For example, my Business Manager Stephen once worked with the Warriors as the Manager of Player Programs and has worked with other professional athletes. My Publicist, Chris, is a former journalist who knows how to interact with media and has rich writing experience. I consider both of these guys chameleons. Your entourage should represent your first and last lines of defense. They must know what your priorities are and they should be a tight knit group that brings value to your life … not just someone who is happy to pick up your dry cleaning and fill your gas tank.
I recently published my second how-to book for NBA players titled The Athlete CEO. It is a 360-view of what it takes to succeed in the NBA … on AND off the court.
Had I known then what I know now, I would have been much better off today.
I will always be grateful for what this game has done for me. And I will continue to pay it forward by empowering today’s (and tomorrow’s athletes) to be successful. Not just as players, but as professionals and as men.
AF#31