Penny Hardaway Scores Big with Booming Business Portfolio

Although some assume the most notable of Anfernee “Penny” Hardaway‘s post-NBA endeavors may be his widely popular Nike Foamposites, he says the development of the Bottom Line Sports Show has brought him back into the national spotlight. After his highly successful basketball career started to slow down because of injuries, which resulted in six knee surgeries, Penny began to think about businesses he could start that would keep him financially stable. Since retirement, the Olympic gold medalist has opened a high profile salon and barbershop in Memphis and a celebrity fitness center, Terf Athletic Facility, in Miami, as well as launching a shooting skills website, Pennyandtheshotdoctor.com. He’s also been an analyst on NBA TV and most recently became the Executive Producer of the Bottom Line Sports Show. More information on Penny’s latest projects can be found on his official website Iam1cent.com, which launched shortly before the 2012 NBA All-Star Weekend and his Orlando Homecoming.

By setting up multiple streams of income, Penny continues to build a diverse portfolio that will benefit him for years to come, and that others may learn from. BlackEnterprise.com had the opportunity to catch up with the avid golfer after he returned from Michael Jordan’s Annual Celebrity Golf Invitational and he spoke about his post-retirement success and why it’s never too late to go back to school.

The Foamposites are one of Nike’s top-selling shoes. What is your current involvement with the Foamposites and which pair is your personal favorite?

As I am still under contract with Nike, I am involved in the process through speaking to the guys that are building the shoes about what’s coming out next. They’ll show me some colors that have already been made and they’ll ask me what I like, what would I change, and what I would like to be added.

My favorite

pair has to be the blue originals. When they first came out in the ’90s it was a shocker because that was before they even started making blue shoes. I also think the solid black and solid white colorways are pretty dope.

Some may be surprised at your post-NBA business portfolio. Which entrepreneurs, if any, do you look up to as business role models?

I have two people that I mainly look up to: Magic Johnson is one of them. He just blew everything out of the water. He didn’t make much money in basketball but since basketball has been over, he’s investing in the community and making a lot of money at the same time.

The next one I look up to is Sean Combs, who has always been a hustler. He never sleeps. He is always on the grind and I respect him for that. Let’s not take anything away from Russell Simmons or anybody like that but Puff just took those guys as his mentors and went harder.

You have several business projects, but you say that working with the Bottom Line Sports Show has really brought you back into the public eye. How did you start getting involved with the show?

It initially happened with them calling me and asking me for an interview. When I did the interview, it went so great; we could tell there was something that had to be built on. They called me back and asked if I wanted to be involved with the show. I accepted because it was the best interview I had ever had so I thought, “Man, this would be fun.” Later on, Gerald Brown, the show’s founder, asked me if I wanted to be an Executive Producer and I said sure. The show is growing, it’s a great show and it doesn’t degrade people, which I’m really proud of.

What do you see as the future of the show?

We are trying to do some big things with the Bottom Line Sports Show. It’s a matter of a few things happening the right way, getting the right look, the timing being perfect and once someone takes a chance on this show, I really believe it’s going blow up. We have all aspects that make a great show: the humor, the serious facts, knowledge, and more.

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How did your decision to open Caesar’s Palace Salon and Barber Shop come about?

It came about because one of my friends who had always been cutting our hair and he told me, “Man, I want to expand. I think I’m ready now that I understand the business side of [operating a shop].” The timing and his skill set matched with me wanting to help him grow as a barber was how it all happened. It took us a year to find the building because we wanted to be precise in choosing the right location. We finally found one downtown that we liked and then we moved in.

You recently donated $1 million to your alma mater, the University of Memphis. You also decided to go back to school. What made you go back to get your degree 10 years after you left to play in the NBA?

I wanted to go back to school because I made my grandmother a promise that I was going. I believe that education is important. Getting a college degree is something that a lot of people don’t do, especially athletes. When I graduated, it was definitely the happiest day of my life because it was like I really accomplished going back to school after I left and I really did not have to. It makes me proud every time I say it to a kid or to anyone.

Do you have any advice for players on how they can set themselves up for life after basketball?

I do, though, I must say a lot of guys really don’t listen because they believe what the retired players come and tell them will never happen to them. Too often you will have the guy making $16 million on a team and a guy that is making the minimum is hanging out with him, spending all his money. Don’t try to go out here and buy jewelry, a lot of clothes, and the most expensive car. Take care of yourself but don’t be so “come up” that you spend all your money trying to “keep up.”

My advice is to always pay attention to your business. Always take the time on a weekly, bi-weekly, or monthly basis to check on your bank account and pay your own bills. That’s one thing I started doing because at first, I was allowing the bank to pay my bills then I found out people were putting their cell phones on my account. Also, after you cover your mom and maybe buy you and her a house, put yourself on a legitimate budget.

How close are you to completing the Penny Hardaway Fast Break Courts 100,000 square foot facility in Memphis?

Since the facility will benefit the Memphis community, we met with and presented to the State Representatives in Nashville, to secure state funding. Once we get the money, it will be about 18 months before it is all said and done. We plan to host all kinds of tournaments there. It’s going to be filled with a lot of different sports, not only basketball, mentoring programs, ACT tutoring and all kind of things that will help keep these teens off the streets and help them achieve their dreams. I cannot wait.

What other projects are you looking forward to the most?

Right now I have an AAU (Amateur Athletic Union) program called Team Penny for children ages 12-17. I coach the 14 and under team and my friends coach the other teams and we’re trying to compete and win the national championship this summer. I also would like to be back on the big screen. I had a great experience filming Blue Chips and am certainly open to similar projects in the future.