Grant Hill was exceptional on the field, but what really set him apart was his approach to managing his finances. Even as a rookie, Hill chose not to hire a sports agent as his representative; instead, he hired a lawyer to secure the deal he wanted.
For his first contract, Hill hired attorney Lon Babby, who previously had sports experience as general counsel for the Baltimore Orioles. That early decision set the tone for a career defined by smart, cautious choices off the field.
“Essentially, we are the managers of our companies,” He said in an interview with CNBC’s Jabari Young. “And CEOs don’t usually hire agents and pay them a certain percentage. They work with lawyers and have attorneys to help them negotiate and vet deals for you. And to protect your contractual interests. So, I chose representation.”
Just like the head of a company, NBA players and athletes in general are responsible for making important decisions to protect their interests for long-term financial success.
This means they need to stay on top of everything, including managing contracts, approvals and financial planning with the help of trusted advisors. Hill’s point is that athletes should think strategically and independently, making decisions that protect their future, rather than blindly relying on others.
Although his actions were unique, no one could argue with the results. Babby, who paid Hill an hourly rate in 2000. agreed on a seven-year 92.8 million USD contract with the Orlando Magic and numerous brand deals. The rare setup saw Hill sign an $80 million, seven-year contract with FILA and partner with McDonald’s and Sprite.
Over the years, Hilla no longer needed Baby’s help. His business grew into an empire, so he had a team of lawyers, rather than one, to handle his financial endeavours. For example, in 2018 his business team entered into a lifetime agreement with FILA. As a result, Hill increased his net worth to $250 million.
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From the beginning, Hill treated his career as a hands-on learning experience. He took control of his business early on and learned more by gathering executives’ thoughts in meetings, analyzing marketing campaigns, and even visiting advertising agencies to understand how strategies were developed and executed.
At the same time, he became his finance student. He took an interest in the newspaper business department, made conscious spending choices and focused on keeping his financial life simple and smart, developing habits that would pay off long after his career’s final buzz.