Retired pro basketball players suit up for business boot camp at FAMU SBI

Back in 2009, Sports Illustrated shook the professional athletic world with an article that reported most former National Basketball Association (NBA) players end up penniless. According to the news story, “within five years of retirement, an estimated 60% of former NBA players are broke.”

The National Basketball Retired Players Association (NBRPA) has called upon the FAMU School of Business and Industry (SBI) to help it address this problem. SBI will begin offering a “Life after Retirement --Growing Successful Business Ventures” certificate program to the NBRPA’s membership in October 2013.

The certificate program will be an intensive, integrated four-weekend business boot camp series. Over the course of four weekends, it will guide retired basketball players through the process of developing a small business plan for submission to bank loan offices. 

Some of the specific teaching topics will include: franchising, financial services, real estate, and insurance. Instructors will engage the participants in exercises that will teach them how to conduct critical management processes such as balance sheet reviews and cash flow analysis.

Retired players who are successful entrepreneurs will serve as guest lecturers during the weekend boot camps. Those who complete all in-camp and between-camp assignments will leave with a sound business plan that has been vetted by FAMU business professors, Small Business Development Center certified business analysts, and bankers.

The NBRPA, also known as the “Legends of Basketball” organization, has more than 500 members. Its membership includes retired players from the NBA, American Basketball Association, Harlem Globetrotters, and Women’s National Basketball Association.