Finances

Player Finances

At Doan Sports Management, we do whatever it takes to help each and everyone one of our clients reach the highest level of professional and personal success. Over the years, we have developed a first-class comprehensive management structure taking into account every facet of a professional athlete’s lifestyle.

With an emphasis on the financial success of our clients, we do much more than negotiate multi-million dollar contracts and secure sponsorship deals. At Doan Sports Management, we provide a myriad of financial planning services for our clients as well. From estate planning and tax preparation services to business planning and investment management, we provide a wealth of financial planning and management services that are second to none.

Proper financial planning is critical for the economic future of every professional athlete. While the athletes we represent make a substantial amount of money, the time period in which they can earn this money is relatively short. In fact, while most people are just beginning to reach their prime earning potential in their late thirties and early forties, professional athletes often reach the summit of their income potential long before this. Therefore, professional athletes must plan, budget, and invest to ensure a comfortable lifestyle when his/her playing years have come and gone.

Our Proven Financial Management Services

We at Doan Sports Management whole-heartedly believe it’s our responsibility to assist our clientele in developing a sound financial plan and taking care of all of their financial planning needs in order to help them reach and maintain their full income potential. Doing so extends far beyond contract negotiations and involves everything from investment planning to tax preparation. Our goal is to help our clients create and implement sound investment strategies, adding significant value to each of their financial futures.

Driven by talent, dedication, and our relentless vision of maintaining successful long-term client relationships, our financial planning and management services are second to none. Our purpose is to add significant value to our clients’ financial future through the wisdom and experience of our firm. More than contract negotiators, investment advisors, and retirement planners, we provide highly effective action plans tailored to each client’s specific financial needs, including:

• Tax Management – As professional athletes, our clients benefit from unique tax strategies and ample planning opportunities. We take a proactive approach to tax planning and analysis, keeping the tax implications of our clients in mind throughout the year rather than year-end. In addition to going above and beyond for clients, we go above and beyond tax compliance as well. In fact, we work with our clients throughout the year in an effort to minimize tax liabilities and maximize savings opportunities. Timely and thorough tax planning is essential in paying lower taxes at the end of each year.
• Money Management – It’s not necessarily how much you make that makes you financially successful. It’s about how much you keep as well. Establishing a budget is paramount in being able to enjoy a strong financial foundation. While we absolutely do not give clients rigid budgets to stick to or tell them how to spend their hard-earned money, we at Doan Sports Management do believe in developing flexible frameworks that ensure our clients’ money works for them and allows them to achieve their ultimate goals rather than disappearing shortly after an early retirement.
• Investment Management – Whether you’re a budding young star or well into your retirement years, our expert portfolio management team will dedicate their expertise to help you develop and manage a portfolio tailored to your specific financial and investment needs. True financial security is having an appropriately structured investment portfolio during every stage of your life, and we’ll help you achieve just that. At Doan Sports Management, we study the global trends that drive our economy, shape our investment landscape, and ultimately impact the performance of your portfolio to ensure it is running on all cylinders at all times.
• Risk Management – As our client, we will provide you with a comprehensive review of your home, health, life, auto, and various insurance policies to help ensure the protection of your family and assets. Let’s face it; as a professional athlete, the world is envious of what you have. As your professional and financial management team, we are here to look out for your best interests and advise you against predatory scams, speculative investments, and any wealth-draining influences.
• Estate Planning – You have worked hard your entire life to get to where you’re at today and be in the situation to provide for your family. However, all of your hard work can easily get flushed down the drain without proper estate planning. Fortunately, we’ll go over several effective estate planning strategies with you and help ensure your lifetime of savings and hard work will result in a legacy of financial savviness for not only your children but future generations to come.

At Doan Sports Management, we individually evaluate and work with each client to fully understand their needs and objectives. After meeting with you and determining your individual needs and financial objectives, we will provide you with a precise financial strategy based on balanced planning, substantial asset growth, asset protection, and ultimately, long-term financial security.

Endorsements: Part of the Financial Picture

With $100 million contracts and multi-million dollar signing bonuses, most fans assume players make the bulk of their money on the court or field. However, any smart athlete will tell you the bulk of their wealth comes from endorsements and sponsorships, many of which pay handsome royalties long after a player’s career has ended.

While the corporate world we live in loves using pro athletes in marketing campaigns and has no shortage of advertising dollars to spend, the window of opportunity to spend that money is quite short for the vast majority of athletes. Landing these lucrative deals takes dedication, persistence, and most of all, skill.

We candidly counsel each of our clients about their potential endorsement or marketing appeal. Although not everyone is a LeBron James or Peyton Manning, you don’t have to be a household name or superstar to make substantial off-the-field income. With our efforts, many of our clients have supplemented their incomes quite nicely with local, regional, and national advertising and endorsement deals, which is in line with our overall financial and wealth-building strategies.

Giving Back to the Community

Many professional athletes are known more for their charitable foundations than their athletic prowess, and we encourage every client to give back to their community in some form or another. This involvement offers an invaluable service to the community and earns the client positive recognition. We’ve assisted many clients over the years in establishing charitable foundations, hosting charity events, conducting sports clinics, and more. With so many tax benefits, being charitable is an important aspect of sound financial planning.

Planning for the Long-Term

The playing career of a “good” professional athlete typically ends when he or she reaches their mid-thirties. Regardless of how financially secure you are when the time comes, adjusting to retired life at such a young age can be difficult. Therefore, we encourage every client to develop contacts and interests with the potential of leading to second career opportunities when their playing careers are over. Moreover, we take an active role in helping clients strategically plan their post-career business opportunities in order to help them live productive and fulfilling lives for the rest of their years.

Reach Out To Doan Sports Management Today

Jimmy Doan is the owner of Doan Sports Management, a company that helps you every step of the way. His experience as a lawyer helps him be the best agent to all his players. Contact us at (844) 321-0000 or fill out our convenient online form.