The Importance of Saving

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Today in the valley with Ibrahim Sagna is an African American business man whose been mentored by the likes of the late Harry Belafonte, as well as the Black Godfather, Clarence Avant. He began his career organising events bringing together black cultures from across the globe, producing shows and events with the likes of Stevie Wonder, the Fugees and Herbie Hancock. He then joined BET as the President of Event Productions, overseeing the production of multiple festivals and award shows. After the sale of BET to Viacom, he followed the path of Bob Johnson and venture in the world of sports ownsership. He is now part of the ownership groups of several sports franchises including the MLB Washington Nationals, the World Team Tennis League's Washington Kastles, National Women's Soccer League's Washington Spirits and the Cape Town Tigers of the BAL.

Disclaimer : Silverbacks Valley's host and the guests of this program may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions

.5 BIG IDEAS DISCUSSED IN THE VALLEY WITH PAXTON BAKER

1. "I really found out what stock options were"

Paxton recounts his first steps into entrepreneurship and how he first turned down a deal by Bob Johnson, founder of BET. He explains how the transaction between BET and his own business PKB Entertainment was finalised and how the acquisition of BETBy Viacom later exposed him to the value of business ownership.

1. "The core of any successful transactions is relationships"

Paxton discusses the great mentors in his life including the late Harry Belafonte, Clarence Avant and other key pillars of black entrepreneurship and entertainment. He shares some of the key lessons he has learned from them, including the role that good relationships play in the foundation of any business and transactions. To illustrate, he spells out how good relationships have been at the inception of every sports business transactions he has been a part of including the Washington Nationals, the Washington Castles, the Washington Spirits and more recently the Cape Town Tigers of the Basketball Africa League.

1. "A winning organisation is not just what's on the floor "

As he elaborates on his championship winning streak, Paxton reveals a bit more about the process of observing a sports organisation building a winning culture. He emphasises that what is on the court or on the pitch is necessarily a direct reflection of the front office and ownership group. He explains the key ingredients he looks for when deciding to buy in a team, such as the team's opportunity for growth, the team's location and the culture behind the scenes. He also draws an important parallel between sports ownership and memorabilia : it is a business of passion before anything else.

. 4. "Seeing the world has opened a lot of opportunities"

Prior to his sports ownership days, Paxton led the execution of several international music festivals and awards shows connecting the black diaspora around the world, from the Caribbean to Africa. He shares how valuable his worldly experience has been and invites the younger segment of the audience to dare to see the world and embrace the opportunities that can come along with traveling.

1. "By giving to charity, you convince yourself that you've got enough to share"

Paxton shares how important voluntarism and giving back has been in his life and for his business. He explains the mindset that comes with the idea of giving some of what one owns and how it is a powerful mindset to develop at the youngest stages of one's career.