Saturday September 30, 2023

NBA Veteran Drew Gooden Finds Success With Restaurant, Real Estate Investments

  • Gooden began his portfolio with an investment in Wingstop franchises.
  • His bread and butter is triple-net commercial real estate properties.
Apr 12, 2018; Los Angeles , CA, USA; Drew Gooden during the BIG3 League draft at the Fox Sports Studio.. Mandatory Credit: Kirby Lee-USA TODAY Sports
Front Office Sports Today

Donovan McNabb and the State of Football

From Taylor Swift to the Prime Effect, there's a lot going on in the world of football.
Listen Now
September 29, 2023 | Podcast
Linkedin
Copy Link
Link Copied
Link Copied
Photo Credit: Kirby Lee-USA TODAY Sports

As Drew Gooden reached his 10th year in the NBA, he realized he wasn’t making money outside the sport. 

During the four years following that, Gooden continued to play in the league, rebuilding his off-the-court career to support his post-career life. Gooden went with an industry he knew well: restaurants. Specifically, chicken wings and the quick-service restaurant, Wingstop.

“From a customer perspective, I fell in love with the restaurant, it was something that pulled me in,” Gooden said, explaining how he decided to go with a chain for his first entrepreneurial endeavor. “You always hear the horror stories of opening a restaurant, the statistics of them being successful. So with the situation I was in, I thought I could beat the odds.”

As Gooden, who played for ten teams during his career, began looking into opening his first shop, he started the due diligence process. That included chatting with fellow NBA players Junior Bridgeman and Jamal Mashburn, both of whom have become quick-service restaurant businessmen. They answered many of the questions Gooden had before opening his first Wingstop in Altamonte Springs, Florida, in 2012.

“Those two guys stick out amongst a lot of others because they own hundreds of concepts,” Gooden said. “I knew I loved wings, but I didn’t know the business concept. It was a first-time learning experience.” 

This article is brought to you by the National Basketball Retired Players Association and Legends Magazine.

After seven years in control of the store, Gooden said it’s one of the most successful Wingstop locations in the U.S. He’s now in negotiations to acquire another four Wingstop locations. 

Along with his growing Wingstop empire, Gooden said his bread and butter is triple-net commercial real estate properties, including national tenants. He said that once he began running a business, the idea of owning an asset and collecting rent on a physical property intrigued him. Now he owns commercial real estate across the southeast, in Napa Valley and the Bahamas, and is always actively looking to add to his portfolio, particularly in regions that are growing and appreciating at a fast pace.

For him, Wingstop wasn’t the end-all, be-all, but a means to learn the ropes. As he learned the fundamentals, he began to wonder why he was paying rent.

“It was a learning tool, how to own, how to operate, create leverage, and negotiate,” he said.

With his early business endeavors, Gooden also said it’s crucial to embrace mentors the same way rookies might look at veterans in the game.

“You want to get all the guidance in the world,” he said. “I correlate as being a rookie, coming in you look at the veterans, coaches, medical staff, to get you into a routine in the NBA to succeed. I surrounded myself with the same type of components in my business life.”

Gooden said it’s vital to harness opportunities available during a professional athlete’s career. 

“There’s a mass network of people that want to know you while you’re playing,” he said. ”When you’re retired, a handful are still interested, but most, you don’t build the relationships over time.” 

The stories of professional athletes making bad investments or going broke after their playing days echoed through Gooden’s ears before starting his post-career endeavors. Some of that knowledge is why it took him until his 10th year to begin building his portfolio. 

“It’s the coulda, woulda, shoulda,” he said on if he should have started sooner. “We had enough data of athletes making bad investments, so I was wary about jumping in too soon. At the same time, I wish I would have, as the places I was looking to invest in have appreciated three-fold since my rookie year.”

“It’s all a learning experience. And the blessing of playing in the NBA at a young age is you retire still young, and there are still lots of opportunities out there.”

He said there was a disconnect in financial literacy teachings in generations of the past, but it’s improving rapidly as more athletes talk about their successes and failures.

On the horizon for Gooden? Before the season, he signed a new broadcast contract with NBCSports. He also recently finished his communications degree at the University of Kansas and is enrolled in an executive education program at Columbia University. 

On the food front, he’s also looking at plant-based restaurants.

“Plant-based is here to stay,” he said. “There’s a huge percentage that wants to eat it, and not many QSR serve it. That’s something I’m going to look at.”

Linkedin
Copy Link
Link Copied
Link Copied

What to Read

A rendering of plans for a new arena and surrounding entertainment district in Reno, Nevada.

Nevada Basketball Arena Centerpiece of $1B Private Investment in Reno

It's the largest private investment in the city's history.

Lillard And Giannis Pairing Could Be Big For The NBA, Too

Bucks to be featured on national TV 19 times this season

Magic Johnson Open To Knicks Minority Ownership Stake

Basketball Hall of Famer only interested in specific NBA franchise
Golden State Warriors GM Mike Dunleavy Jr. recognizes the impact the NBA’s new second tax apron rule could have on his organization.

Warriors GM Feels ‘Targeted’ With NBA’s New Tax, Rest Rules

"They're making rules to prevent you from succeeding,” Mike Dunleavy said.
podcast thumbnail mobile
Front Office Sports Today

Donovan McNabb and the State of Football

0:00
0:00

Featured Today

Ryder Cup’s Future Hanging In The Balance Amid Saudi Disruption

An unexpected change could be coming to the Ryder Cup.
September 29, 2023

Colorado Has Become the Hollywood of College Football. This Weekend Proves It.

Folsom Field will welcome dozens of Hollywood stars on Saturday.
Toy Story
September 29, 2023

‘Toy Story’ Success Could Lead to More Disney-Branded NFL Kid-Casts

A successful ‘Toy Story’ game could open the door for other franchises.
Kansas City Chiefs tight end Travis Kelce on field after the game at GEHA Field at Arrowhead Stadium.
September 29, 2023

Taylor Swift Shaking Up Travis Kelce, Chiefs Prop Betting Market

Sportsbooks are capitalizing with Taylor Swift-themed prop bets.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Chicago Cubs
Chicago
Fanatics
New York
Tri Star Sports and Entertainment Group, Inc.
USA - Multiple Locations
Mahomes’ restructured Chiefs deal will pay him $210.6 million through 2026, the most in NFL history over a four-year span.

Patrick Mahomes Restructures Chiefs Contract for Historic Payday

Mahomes' restructured deal breaks the NFL record for a four-year span.
Simona Halep
exclusive
September 18, 2023

Former World No. 1 Simona Halep Says ‘There Is No Proof’ Behind Doping Ban

Simona Halep continues to fight her doping ban.
Eli-Manning-New-York-Giants
September 15, 2023

Eli Manning: Keep MetLife Field Turf

Eli Manning feels that MetLife Stadium should keep its artificial turf field.
September 12, 2023

Rodgers’ Season-Ending Injury Carries Huge Business Impacts

Marquee quarterback lost for entire season just four plays into first game
Joe Burrow’s $275 million deal makes him the league’s highest-paid player, with an average annual salary of $55 million per year.
September 11, 2023

The 10 Highest-Paid NFL Quarterbacks

Burrow's $275M extension is second to Patrick Mahomes' Chiefs deal.
Novak Djokovic of Serbia celebrates with the championship trophy after his match against Daniil Medvedev in the men's singles final on day fourteen of the 2023 U.S. Open tennis tournament at USTA Billie Jean King National Tennis Center.
September 10, 2023

Novak Djokovic Extends Majors, Money Records With U.S. Open Win

Djokovic extends his all-time record men’s major victories (24).
Coco Gauff of the United States celebrates with the championship trophy after her match against Aryna Sabalenka in the women's singles final on day thirteen of the 2023 U.S. Open tennis tournament at USTA Billie Jean King Tennis Center.
September 9, 2023

Coco Gauff Arrives With U.S. Open Victory, Secures $3M Payday

Gauff earns $3 million for her first career Grand Slam victory.
Travis Kelce
September 7, 2023

Travis Kelce Talks Positional Values, Players Sports Betting Ahead of NFL Season

Kelce says tight ends should be paid off of production metrics.