Last month, the Orlando Magic has let go of Quentin Richardson. However, even if he doesn’t get an offer from another team, he can still keep busy with his other career being the owner of a restaurant.
Before his team waived him, Richardson was able to sign a deal with East Coast Wings & Grill of North Carolina to operate restaurants within the area of Orlando. He plans to open his first restaurant next year and nine more within the next 7-year period.
Richardson is among the athletes who chose to buy a business franchise to multiply incomes and plan their future after sports.
This year, Milwaukee Bucks player Drew Gooden who used to play for Magic opened his own Wingstop in the Uptown Altamonte area. Last month, Peyton Manning, quarterback from Denver Broncos signed to buy a business franchise of 21 Papa John’s. Shaquille O’Neal, former Magic star owns several pretzel shops of Auntie Anne’s through its investor group. Tennis ace Venus Williams has also opened outlets of Jamba Juice.
A number of individuals like Dan Marino of Miami Dolphins have been involved in restaurant business for years however the trend in franchising has only picked up pace recently.
According to International Franchise Association, there have been 50 agreements sealed during the past couple of years between franchise companies and sports stars. Senior director of IFA on diversity and education, Miriam Brewer stated that venturing into franchise business can be one brilliant move for athletes on the lookout on how to increase income.
A member of an organization that helps educate athletes about franchises, Brewer stated that athletes may face some financial hardship or bankruptcy after retirement.
Richardson stated that he started researching about franchising and franchises for sale several months ago after his financial adviser suggested it. He stated that at that time he needed to figure out ways on how to manage his finances when he retires.
With a guaranteed contract of $5.4 million with Magic in the next couple of years, Richardson stated that he would be involved with a number of business decisions like location choices but the day-to-day restaurant operation will be handled by his business partners.
Former Magic member Drew Gooden has restaurant veteran George Taylor as partner. Taylor has held managerial positions in Applebee’s, the former Mojo Bar & Grill, and Chili’s. Currently he holds the director of operations position at the Altamonte Spring Wingstop Store and the future restaurants that Gooden will own in the Central Florida area.