In this episode of EYL Medium, hosts Rashad Bilal and Troy Millings sit down with guest Rich Kleiman, entrepreneur and business partner of NBA superstar Kevin Durant. The conversation revolves around the concept of a family office and how athletes like Durant are changing the narrative of athletes going broke.
For those unfamiliar with the term, a family office is an organization set up to manage the finances of high-net-worth individuals or families. In Durant’s case, his family office is responsible for managing the multitude of income streams he generates from various sources such as endorsements, investments in public and private equity, and philanthropic endeavors.
Kleiman explains that the family office’s primary focus is to build generational wealth for Durant and establish a philanthropic legacy in his hometown of PG County. With Durant’s active lifestyle as a professional athlete, constantly moving and traveling during the off-season, the family office also takes care of the logistical aspects of his life, such as hiring trainers, chefs, and managing his various investments.
The idea of a family office was not exclusively Kleiman’s or Durant’s, but rather a natural progression that came about when they moved to the Bay Area. Through connections and introductions, they found themselves in the company of influential individuals in the business and investing world. This exposure led Kleiman to quickly learn about the different aspects of investing, from early-stage to series A and series B funding, and build a network of experts to assist them in their ventures.
Kleiman emphasizes the importance of focusing on what they truly want to own and believe in, rather than simply investing based on the potential returns. Their portfolio includes investments in sports teams, real estate, and consumer brands, with the goal of building wealth beyond Durant’s NBA career and Nike endorsement deal.
The conversation also touches on Durant’s relatively quiet nature, which may contribute to him not being mentioned as a potential billion-dollar athlete despite his business acumen and successful investments. Kleiman highlights the importance of not only making smart financial decisions but also enjoying and believing in the ventures they undertake.
The ultimate goal is to ensure Durant’s financial stability and continued income even after he retires from basketball. By diversifying their portfolio and strategically investing in various industries, they aim to create long-term wealth and opportunities.
As the conversation wraps up, Kleiman mentions the attractiveness of traditional businesses like Burger King in today’s uncertain economic climate. While headlines about cryptocurrency and NFTs may dominate the news, Kleiman sees value in more familiar businesses that offer stability and the assurance that people will always need to eat.
In conclusion, this episode sheds light on the importance of a family office in managing the finances and investments of high-net-worth individuals like Kevin Durant. It showcases how athletes are evolving from the stereotype of going broke and instead taking a proactive approach to building generational wealth and making strategic investments. The conversation serves as a valuable resource for anyone interested in understanding the behind-the-scenes workings of a professional athlete’s financial management and investment strategies.
#EYL #EYLMedium #KevinDurant #RichKleiman #FamilyOffice #AthleteInvesting #GenerationalWealth #Philanthropy #Investments #SportsInvesting #BusinessManagement #FinancialStability #DiversifiedPortfolio #TraditionalBusinesses #BurgerKing #NBA #Entrepreneurship #WealthBuilding