NBA players often bag fortunes as they go through their careers in the biggest basketball league in the world. However, some face problems after hanging up their sneakers. According to a 2009 report by Sports Illustrated, almost 60% of NBA players go broke within five years of retirement. But there are a few who ascend to a further stratosphere. One of them is NBA great Shaquille O’Neal. And there seems to be a secret formula between him and a group of other top athletes.

Shaq is highly regarded as the most dominant force to ever hit the NBA. Over a 19-year career of ruthless dunks, the Big Diesel made over $250 million in salaries alone. However, since then, the star of Kazaam has grown a business empire for himself. Raising his net worth to over $400 million, Shaq earns more than he did in the NBA every year at the age of 50.

Here is how the likes of the Los Angeles Lakers legend, Venus Williams, and rapper Rick Ross are doing it.

How Shaquille O’Neal, Venus Williams, and others make millions through franchises

Sitting down for an interview with Brett Kelly, the Big Diesel spoke about life after retirement. After his 19-year run in the NBA, Shaq wanted to start his own business. His first way to learn came from a book, ‘The Dummies Guide To Starting Your Own Business’. Most of the chapters didn’t catch the four-time NBA champion’s eye. However, there was one part of the book which helped Shaq grow into one of the biggest business tycoons. Notably, he opened up about learning the art of joint ventureships.

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Shaquille O’Neal said: “It was a chapter that really piqued my interest, joint ventureships. For example, if I was to start an accounting firm in America, that’s when I would call you.” Shaq continued, “You already have 30 firms here. So you know what you’re doing so that’s the best way to do it. I could probably say, ‘I won an accounting firm’ but I’m not really doing all the work.” 

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Shaq’s franchise empire is one of the largest. Owning 155 Five Guys Burgers and Fries restaurants, 40 24-Hour Fitness Clubs, and 17 Auntie Anne’s Pretzels. The Big Diesel is undoubtedly a master of franchises. Others have also caught on to Shaq’s secret recipe to amassing wealth. Notably, millionaire rapper Rick Ross owns several franchises of WingStop. Tennis legend Venus Williams owns four franchises of Jamba Juice among her other business ventures.

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The franchise business has helped many athletes have a reliable return on their investments. However, while it may not necessarily require any work on their end during the deal, these greats had to sweat it out first. Earning the money to buy these franchises through their years of dedication and commitment to sporting success was the key. And Shaquille O’Neal and Venus Williams rank among the top. Hence, the mantra of success still resides in hard work. Without the blood, sweat, and tears, even Shaq wouldn’t be in this position today.

What do you think of Shaq’s franchise businesses? Share your thoughts in the comments below.