GOOD OLD-FASHIONED TEAMWORK.

Come together with colleagues and private groups to build a community of profitable black-owned businesses

ATHLETES BUILDING BETTER COMMUNITIES L.L.C. (ABBC) is the brainchild of Mike D. Jones, Jason Fisk, Eddie Robinson Jr., and Henry Ford. The Tennessee Titans' defensive linemen and linebacker, respectively, are taking their skills from the playing field of the professional National Football League (NFL) to the investment arena. ABBC, located in Nashville, Tennessee, was formed in June 2000 for the purpose of investing in housing developments, franchises, real estate, and retail outlets that are located in underserved communities.

The idea for the company started out with a few guys in the locker room who expressed an interest in going back to their communities and starting businesses. "We took the seeds of the notion and developed a viable business plan," says Jones, 31, who is retired after a nine-year career as a professional athlete. Each invested $100,000 in seed capital. "We hope that other athletes will be able to use our model to do something in the NFL cities where they play or their hometowns."

The ABBC starting team has already scored a major victory--the exclusive rights to build a minimum of 20 Athlete's Foot franchises in the entire state of Tennessee over the next 10 years. "We will be working with local people who are interested in opening up these stores," says C. Everett Wallace, business manager for ABBC. "One of the missing ingredients has always been access to capital; that's what these guys bring to the table." The partners used a portion of their $400,000 initial investment to purchase the area agreement in the franchise deal, which has projected revenues of $15 million to $20 million per year over the 10-year period.

These Titans are putting in motion BLACK ENTERPRISE DOFE principle No. 7: to use a portion of my personal wealth to strengthen my community, as well as DOFE principle No. 8: to support the creation and growth of profitable, competitive black-owned enterprises.

ABBC hopes to form alliances with community development organizations, banks, faith-based organizations, and educational institutions. In fact, talks are under way with historically black colleges and universities, including institutions like Fisk University and Meharry Medical College, both based in Nashville, Tennessee, which are looking to develop housing and real estate on their campuses and in the surrounding neighborhoods. "There is a local high school [with a magnet business program] we are interested in getting into and talking about entrepreneurship," adds Jones.

You don't have to have the same clout or the big bucks professional athletes do in order to invest your dollars in ventures that will benefit the community where you live. Here are some tips to help you get started.

DECLARATION OF FINANCIAL EMPOWERMENT

From this day forward, I declare my vigilant and lifelong commitment to financial empowerment, I pledge the following:

1 To save and invest 10% to 15% of my after-tax income

2 To be a proactive and informed investor

3 To be a disciplined and knowledgeable consumer

4 To measure my personal wealth by net worth, not income

5 To engage in sound budget, credit and tax management practices

6 To teach business and financial principles to my children

7 To use a portion of my personal wealth to strengthen my community

8 To support the creation and growth of profitable, competitive black-owned enterprises

9 To maximize my earning power through a commitment to career development, technological literacy and professional excellence

10 To ensure that my wealth is passed on to future generations

THE 5-STEP SYSTEM

* Become a community advocate. Find out about community-based business initiatives in inner cities. For instance, the National Congress for Community Economic Development represents more than 3,600 organizations that seek to revitalize distressed areas. You can stay informed of projects and industry events by becoming an individual or group member. Visit www.ncced.org or call 877-446-2233.

* Patronize black enterprises. When it comes to professional services, do you use black doctors, lawyers, dentists, or accountants, for instance? Do you support black organizations such as the National Black Chamber of Commerce, National Urban League, 100 Black Men, or National Coalition of Black Women? Well, one of the ways you can contribute more dollars to your community is through the patronage of black-owned businesses and black-run organizations.

* Make financial donations to black organizations. How often do you make financial contributions to social, educational, or civil rights organizations such as the NAACP or the United Negro College Fund? Every dollar counts in furthering the cause of organizations that represent the interests and foster the education of African Americans.

* Become an entrepreneur. If you've been dreaming of owning a business, go for it. There are plenty of resources out there to help you learn the basics of running an enterprise, including the Small Business Administration (www.sba.gov) and the U.S. Department of Commerce Minority Business Development Agency (http://mbda.gov). For more information, read The Black Enterprise Guide to Starting Your Own Business by Wendy Beech (John Wiley & Soils, $19.95).

* Invest in black-owned publicly traded companies and mutual funds. A direct means of supporting black businesses is to invest in those companies that trade on the market. There are some 11 companies on the BE Black Stock Index (see "Grizzly Battle," Moneywise, May 2001) and another 14 companies on the BE Black Mutual Funds Index (see "Staying Ahead of the Pack," Moneywise, April 2001). Making investments through private placements, that is, shares sold to a small group of investors, is another route.