In 2012, Drew Gooden, who was still playing for the Milwaukee Bucks at the time, opened a Wingstop restaurant in Altamont Springs, Florida, usa, the first store he owned. After 7 years of operation, Gooden decided to expand his business footprint because he considered the store to be one of the most successful Wingstop restaurants in the United States. Gooden hopes to buy four more Wingstop restaurants and is currently in talks with the owners.
Wingstop is a chain brand specializing in handmade spicy chicken wings, founded in 1994, and in recent years, the growth rate of the US market has surpassed that of fast food giants such as McDonald's and Yum Restaurant. "In the 5 or 6 years before I opened the store, I was already a loyal customer of Wingstop. I did a holistic survey of the brand and its franchise system before I approached them. Gooden recalled. Before deciding to join, Gooden held several meetings with Wingstop executives and brought in his own accountants and financial advisors to ensure that the investment would not bankrupt him.
Looking back at Gooden's playing career, although he was selected by the Memphis Grizzlies with the 4th pick in the first round in the 2002 draft, he did not grow into a superstar. Gooden averaged 11 points, 7.1 rebounds and 1.1 assists per game in his career, which is a bit mediocre for a number four pick. As a result, Gooden was often the subject of trades for the team, playing for 10 teams in his career. The turbulent playing career has prevented Gooden from making much money, and the total salary of $67.9 million is not even as good as a contract for some star players.
Although the money earned as a player is not too much, as long as Gooden does not splurge, this money is enough for him to live a good life. As for choosing to invest in business, it is more because Ofen himself can't idle.
In the 2011-12 season, the NBA was suspended. In the previous October and November, Gooden used to play with the team everywhere, but the sudden shutdown gave Gooden a lot of free time and made him realize that he had no other way to make a living except basketball. So Gooden used the period when the alliance was shut down to study the fast-food industry and the business model of the Wingstop brand. "If it wasn't for the shutdown giving me time to study, the first store wouldn't have been able to open, and the shutdown accelerated the process of opening my store." Gooden recalled.
Bridgeman is a role model for retired NBA players to do business.
Gooden, who played for the Bucks at the time, also had a big advantage, when he was able to contact Junior Bridgeman, a retired player who had played for the team for 10 seasons. Bridgeman is considered one of the most successful players in business since retiring, with a net worth of $600 million.
Like Gooden, Bridgeman's playing career was modest, playing most of the time as a substitute. During the offseason, Bridgeman spends time researching the business model of Wendy's International Fast Food Chain, and also goes to work at a local Wendy restaurant in Milwaukee to experience the company's culture. As a result, After Bridgman retired, he soon opened 5 Wendy restaurants in Milwaukee. Coupled with the later investment in the American Western food brand Chillis, Bridgeman once had more than 100 Wendy restaurants and Chillis restaurants. Bridgeman sold its stores in 2016 and became a bottler for the Coca-Cola Company in 2017.
Compared with his own playing career, Bridgeman's business experience after retiring from the army is obviously more brilliant. The seasoned "veteran" has solved many questions for Gooden, the "newcomer" to the fast food industry. "I know I like the Wingstop brand, but I don't have any concept of doing business. Because of Bridgeman, I learned about it for the first time. Gooden said.
In Gooden's view, learning from Bridgeman in business is like a rookie asking a veteran for advice. "Rookie players are just starting out in the league, and they look to the veterans, coaches and team doctors around them for advice in order to adapt to the NBA as soon as possible and succeed. When I was in business, I had a lot of such 'mentors' around me. ”
In fact, the NBA and NBA players' unions began to mandate rookies to participate in the Rookie Transition Program as early as 1986, and financial literacy was an important part of it. As financial education has spread, players are increasingly willing to discuss investing, just as Bridgeman taught Gooden.
As a board member of the NBA Players Guild, Andre Iguodala promoted the first Players Guild "Player Tech Summit" with Stephen Curry and Bloomberg in 2017, which attracted more than 30 NBA players. Iguodala wants to open the way for players who want to become businessmen, leading them to learn to invest, do business and manage their wealth.
Warriors players also discuss investment in the locker room.
In 2013, Iguodala joined the Golden State Warriors. The Warriors have been a relatively successful team in the past few years, but players don't just talk about basketball in the locker room. In a 2018 interview with Lazy Bear Sports, Iguodala said, "We do discuss some business matters, and we all respect each other's investment and management in business." ”
Gooden's investments don't stop at Wingstop, he's also making some commercial real estate investments and currently owns his own properties in both Napa Valley and the Bahamas. For Gooden, wingstop is just one way for him to learn how to do business. "It's a learning tool, learning how to own a store, how to operate, how to negotiate."
In addition, Gooden also hopes to open some restaurants based on plant products in the future to cater to the current consumer trend of pursuing health and environmental protection. "A lot of people want to taste this kind of food, but not many fast food brands are doing it, and that's the business opportunity I'm looking for."
The former "newcomers" in the catering industry have learned to look for outlets and business opportunities.
Extended Reading: