Program Gives Former NFL Players Taste Of Entrepreneurship
LOS ANGELES (CBSLA.com) — The average U.S. pro-athlete makes more in one season than most earn in a lifetime but a recent study found that 78 percent of NFL players file for bankruptcy within five years of retirement.
Now, the NFL Players Association and Babson College in Wellesley, Massachusetts have teamed up to help former players make the transition to their new life.
"I would hope that I would be a better businessman 'cause that's going to have to last me a lot longer than my football career," said former NFL player, Mike Rivera.
Rivera started playing football in the seventh grade and enjoyed a standout career at the University of Kansas, then quick stints on five NFL teams.
Then, it was over.
"There was a few times where I thought my career was over. In a few teams, got released. Went back home. Go back to the drawing board. What am I gonna go," Rivera said.
The program is called, "Basic Training – It's My Business."
"This particularly session that we're running now is to give them a taste of entrepreneurship," said Fred Nanni of Babson College.
Nanni said, "They have a pile of money typically. They have a very high minimum wage while they're active players but it doesn't last that long."
The program teaches the former players how a business is run and the right questions to ask.
Maurice Williams played in Michigan and had a longer career than most.
"I retired at 30 years old. But now I'm just looking towards doing some things entrepreneur-wise," Williams said. "We're kind of able to use some real business tools that Babson teach their students in the MBA programs."
But trading a bench on the sidelines for a seat in a classroom is not without its challenges.
"You go from being training and thinking about football 24/7 to now I have to focus on something else that's not as physical," Rivera said.
The program has garnered a lot of interest. Fifty former players expressed interest in the first class, which had just 25 slots.