After the cheers of the Super Bowl faded, tight-end Christian Fauria of the New England Patriots and Philadelphia Eagles safety Brian Dawkins headed to the Wharton School to prepare for a very different kind of competition. Along with NFL All-Stars Drew Brees of the San Diego Chargers, Ahman Green of the Green Bay Packers, and a few dozen other players, they participated in an innovative new Wharton program in early April to prepare NFL players for business life after football.

A Temporary Job

"We are trained as professional athletes," said Buffalo Bills cornerback Troy Vincent, who helped to initiate the new program as president of the NFL Players Association. "We'll be going against people who have been exposed to this language since the age of 18 — while we were out drinking nutrition shakes and lifting weights. We will need to be able to compete."

Vincent, already a successful entrepreneur, has worked during every off season. "I always realized it was a game, not a career," Vincent said. "A career is something you do for 20 or 30 years and then retire. The average career lifespan in our profession is less than four years, which means it is a temporary job. We need to be prepared."

The 3-day program featured presentations by Wharton faculty on topics such as investment, entrepreneurship, real estate, and negotiations. There were sessions with successful entrepreneurs such as AND1 founder and CEO Seth Berger and a panel that included former NFL quarterback Ron Jaworski.

The onsite program is followed by a year of field work with faculty and coaches addressing implementation and issues of specific players. The program at Wharton, along with a separate program at Harvard, is part of an ongoing initiative by the NFL and NFL Players Association to assist athletes in preparing for their post-playing careers.

"Some of you are new to the league, some have been playing 10 to 15 years, and some are retired," said Jason Wingard, Wharton Senior Fellow and academic director of the NFL program, at the start of the first session. "Whether you are attempting to be an investor, work with partners, or you are trying to get a job, we'll give you all the resources and knowledge so you can make the transition properly."

Bars, Nightclubs, and Restaurants

The players come to their second careers with substantial advantages, including several years of high incomes and higher public profiles. But they also have some liabilities. "You have a particular advantage. You got rich fast, but now the job becomes getting rich slow," said Wharton's Peter Linneman, who offered insights from his experience advising high-net-worth private investors during a session on investments and scams. "Life is long. There is nothing wrong with getting rich slow. You just need to say no. I've made more money for people by saying no than by saying yes."

The high profile and public image of players also has its downsides. Linneman noted that many athletes are approached about investing in bars, nightclubs, or restaurants. These are risky investments that Linneman's high-income clients would never consider — and would never even see these deals. "You've got other ways to lose your money without doing that," he said. "Just stack the bills and start a fire on a cold day. At least you'll be able to warm your hands." Even when investment opportunities are legitimate, they may not be worth pursuing. "You all have football plays that are legit, but they don't all work."

People Matter

While Linneman discussed expected payoffs and deal structures, the fundamentals of good investing are not so different from the fundamentals of football: good people. "The most important thing I've learned about investing and watching brilliant investors is that people matter," Linneman said. "If a person tried to cheat me once, he will do it again. The most important thing about your teammates is their talent and dedication to getting the job done. All that is also true in investments. The most important thing in any deal offered is people."

Linneman said in making investments, look for partners who have skin in the game, and experience. "You have broken too many bones to get your money to invest it in someone's first deal. It is not about spreadsheets. If the numbers don't work, you obviously won't do it. But there has been more money lost on deals where the numbers were perfect and the person was wrong."

People are also important in networking. Successful investors have great Rolodexes with people they can call for advice. Linneman pointed out that players, through their business contacts, nonprofit boards, and even upscale neighborhoods have access to many experienced investors who can offer insights and advice. "Networking is what it is all about," he said.

Wharton Sports Business Initiative

The new educational program builds upon the deep expertise in sports management of Wharton's Sports Business Initiative (WSBI), launched in October 2004. The initiative is led by Wharton Professor Kenneth Shropshire, a pioneering researcher and educator in this area, who served as faculty sponsor of the Wharton NFL executive education program.

The goal of the WSBI is to forge a partnership among top-level sports business leaders, Wharton faculty, and students to generate and disseminate knowledge about the sports industry through educational programs, strategic corporate partnerships, high-level student consulting assignments, forums, and research. Among the projects on the drawing board are a sports brand index and a new sports business journal.

This deep commitment to understanding sports business helped in attracting the NFL players to Wharton. "Wharton wanted to be involved because they care about this area," said Vincent. "They understand the player and all the dynamics of the industry, and they bring that understanding to the table."

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