Baron Davis Has 3 Steps To Long-Term Wealth For Pro Athletes

Longtime NBA star point guard Baron Davis said that during his career he always had what was next after basketball on his mind. But he hopes success off the court in the business world is something that he can use to inspire young people.

“A lot of the time the message that we want to convey to kids,” Davis said in a Zoom interview earlier this month, “is to help them to become entrepreneurial thinkers, so they can then use it as they grow older.”

Davis started with the Charlotte Hornets franchise, and played half his career there after being drafted No. 3 overall in the 1999 NBA Draft. He retired after 13 years as a pro at the conclusion of the 2011-2012 NBA season, averaging 16.1 points per game and was named as an NBA All-Star twice.

Now he’s been enlisted as a partner in a new venture called WealthFlix, a groundbreaking subscription-based web platform, that aims to empower young entrepreneurs by providing exclusive access to business education content. Some of the features of the new WealthFlix include celebrity interviews and on-demand playback, as well as networking opportunities to teach younger generations about wealth creation. The platform aims to be a hybrid of TEDTalk and Masterclass, with subscribers having access to the content at their convenience.

WealthFlix is a joint effort between Italian venture capital firm United Ventures and Irvine, California-based Future Media, founded by longtime talent manager Duquan Brown and investment/M&A industry veteran Chase Wimberly.

Brown co-founded Future Media after retiring from a career in artist management, in which he managed with Tyrese Gibson and Busta Rhymes.

“Duquan and I are always talking about financial literacy and paying it forward, back to our community. And one of the many touch points of this is access—access to education but investing and hearing from the likes of a Magic Johnson and some of the top business executives.”

Davis adds that some of the most well-known NBA players such as Johnson and Isaiah Thomas, both Hall of Fame inductees, have been great mentors in guiding Davis and other ex-pros to the opportunities that lie in the business world.

Aside from providing top-quality programming online, WealthFlix aims to provide a rare glimpse into the tools and strategies that have helped so many individuals achieve financial success.

Davis also adds that WealthFlix members gain access to learning about “the behind the scenes of what it’s like to become a venture investor.” Davis added that, “a lot of time people get access to motivational speeches but they don’t really get the how-to’s or hear the specific success stories.”

Davis, who lives in Los Angeles, where he grew up and later played basketball for UCLA, will also embark on WealthFlix’s High School Nation Tour series, which included 30 curated courses around business creation and building generational wealth.

“For me it’s been an opportunity for me to talk about my journey as an entrepreneur, and share my stories and know-how.”

Davis and his partners are set to kick off an educational tour on financial literacy this fall and reach over 70,000 students in the Los Angeles area.

“For me it’s been an opportunity for me to talk about my journey as an entrepreneur, and share my stories and know-how.”

Davis and his partners are set to kick off an educational tour on financial literacy in October and reach over 70,000 students in the Los Angeles area.

On-court and off-court mentors

Baron Davis said that right after his rookie year in 1999, one player that made a huge impression on him was forward Jamal Mashburn. Mashburn, who came to the Hornets after four seasons with the Miami Heat, was the consummate team player, and one that Davis calls a “transformational player.”

“Let me tell you, Mash was one of the most unguardable players ever to play this game,” Davis said. “I know, because I would pass him the ball and just watch him shoot over the double-team.”

As an NBA player, the 6-foot-8 Mashburn was part of the 1993-1994 NBA All-Rookie Team, and a one-time All-Star who averaged 19.1 mpg in 11 seasons. Even while still playing in the NBA, Mashburn was known also for his business off the court.

“Mash was one I looked up to, and he was always thinking about his business life after basketball,” Davis said. “He was always thinking ahead, and setting up his business instruments. As a teammate, I was watching him build his empire.”

Mashburn, like serial investors Johnson and Shaquille O’Neal, has been profiled widely throughout the business press for diverse business enterprises. Mashburn has owned and acquired some forty Papa John’s Pizza franchise locations, over three dozen Outback Steakhouses, five car dealerships, four Dunkin’ Donuts stores, and a real estate firm, among other ventures.

“When you look at Magic (Johnson) in business,” Davis added, “Jamal Mashburn’s advice has been equally as valuable to me, since he’s been a teammate.”

As an entrepreneur, Davis has been involved in a number of sectors, with some high profile companies. He was one of the initial investors in beverage brand Vitamin Water, as well as health marketplace Thrive Market, and most recently invested in Kiddie Kredit alongside Dwyane Wade.

Davis also joined the fold of professional sailing this summer by becoming the first professional athlete participant and investor in SailGP, an 11-team sail racing league, founded by Oracle executive chairman and founder Larry Ellison.

Besides Mashburn and Johnson, Davis said he’s taken influence from a number of other successful entrepreneurs who graduated from the NBA’s ranks.

First he mentions Junior Bridgeman, who played in the NBA for twelve seasons from 1975 to 1987. Despite never earning more than $350,000 a season during his hoops career, Bridgeman has a net worth of over $600 million, and most notably is the owner of Ebony and Jet magazines.

There’s also Vinnie Johnson, the former guard and key sixth man for the Detroit Pistons, during their “Bad Boys era,” in which they won back-to-back NBA titles in 1989 and 1990.

After leaving the NBA, Johnson established a firm in 1995 called Piston Automotive, which became a major supplier for Ford and General Motors. To this day, Johnson, the man known on-court as “The Microwave” serves as the Piston Group’s chairman and CEO, and has served on the board of other related ventures.

“(Both of) them had a diverse pallet of investments. When you see guys like them and then NBA legends take positions in business or work for the league, I think it definitely influenced our generation.”

Three steps and a “renegade” approach

It’s no secret that young professional athletes know the opportunities lie in the equity stakes of an enterprising, profitable business.

Compared to the star athletes of the late 20th century, who often only got fees to endorse shoe and beverage brands, Davis points out that today’s NBA stars and athletes from almost every sport know the value of the equity stake in a successful business.

I asked him if this was a generational thing, or if athletes today learn from observing the success of the world’s Magic Johnsons and Michael Jordans.

“With us,” Davis said, “it’s more of a renegade approach. We love basketball; basketball is our art. But we want to do other things.”

Davis acknowledged that lessons learned in basketball transfer well to business: “It’s the message of being prepared that leads to thinking about life after basketball, investing, and finding out what your true north star is.”

Davis also said that, in his estimation, today’s smart investors consider three steps as they move to grow from one initial business or startup to building their own empire.

“It’s first figuring out, one—how do you solve problems? Then two—how do you build generational wealth? And, three—how do you partner with the right people that want to help you build—and that believe—in your dream?”

Davis adds that part of his work with WealthFlix and helping to educate young people is about “paying it forward, and paying it back.”

Read Frye’s interviews with Shaquille O’Neal and Mark Cuban.

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