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The International Franchise Association and Professional Athlete Franchise Initiative entered a deal to provide former athletes training so they can own their own businesses or franchises, reports the The Orange County Register.  IFA President and CEO Steve Caldeira says “Professional athletes are strong leaders in the ultra-competitive sports arena, so they inherently understand the importance of working as a team and as part of a system to achieve success.”

What do NBA center Shaquille O’Neal, tennis star Venus Williams and NFL wide receiver Keyshawn Johnson have in common?

They’re business owners. Franchisees, to be precise. And the franchise community would like a lot more of them.

Franchising is a way of doing business used by more than 3,000 companies worldwide. While fast-food restaurants are the most common user of franchising as a way to grow the company and concept, the method is used by printers, bookkeepers, automotive product sellers, home improvement services ad more.

Altogether they’ve sold more than 825,000 franchised units and employ almost 18 million people.

Now the International Franchise Association and the Professional Athlete Franchise Initiative have struck a deal 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.

It can cost tens of thousands of dollars to buy a franchise, but it’s a mistake to think franchising loves professional athletes only for their money. Increasingly, franchisors put prospective buyers through testing to see if they’re a good fit for the franchise model.

Elite athletes bring more to the table, says IFA President and CEO Steve Caldeira. “Professional athletes are strong leaders in the ultra-competitive sports arena, so they inherently understand the importance of working as a team and as part of a system to achieve success.”

And franchising offers something of value to professional athletes, says Michael Stone, a 7-year NFL veteran who founded the Professional Athlete Franchise Initiative as well as the private membership Allied Athlete Group in Atlanta.

“I learned this from my own personal experience,” Stone said. “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 said he is targeting the lesser known players, not the superstars who earn eight- or nine-figure salaries and can live off investments after their playing days.

The franchise initiative uses a coaching style to educate athletes about franchising and earn certificates to make them more attractive to franchisors, said Stan Friedman, senior vice president of FranConnect who is on the PAFI advisory board. “Franchising allows athletes to take the court or field with a new playbook to own their own business once their playing days are over.”

Athletes are similar, Caldeira said. “They understand that working together and running smooth and efficient organizations can lead to success.

“As an industry, we’re trying to reach out to every segment of society,” Caldeira said of franchisors. “How do we build coalitions to get people interested in franchising?”

Photo by EdZa