17min chapter

#697: Rich Paul — The Power Broker and Superstar Agent Behind LeBron James, Draymond Green, and Others

The Tim Ferriss Show

notes

CHAPTER

The Importance of Building a Strong Financial Team

In this chapter, they discuss the concept of 'free' not actually being free and the importance of having checks and balances in place when building out infrastructure for a relationship or business. They emphasize the need for a proper financial team, including a CPA and investment portfolio manager. They also discuss the importance of defining one's wants and needs, and making informed decisions about things like living arrangements and private flights.

00:00

Transcript

Episode notes

Brought to you by AG1 all-in-one nutritional supplement, Helix Sleep premium mattresses, and Shopify global commerce platform, providing tools to start, grow, market, and manage a retail business.

Rich Paul (@RichPaul4) is the CEO and founder of KLUTCH Sports Group, the powerhouse agency representing some of the biggest athletes across major professional sports. Paul founded KLUTCH Sports in 2012 in his hometown of Cleveland, Ohio, where he forged a unique and personal approach to representing top NBA talent—putting athletes first and empowering them to build careers and brands on and off the court.

In 2019, KLUTCH Sports partnered with United Talent Agency (UTA). Paul serves as UTA’s Head of Sports and is an agency partner, and he was appointed to UTA’s board of directors in 2020. In 2019, Paul was named GQ’s “Power Broker of the Year” and dubbed “The King Maker” on the cover of Sports Illustrated. In 2021, TIME recognized KLUTCH Sports on its first-ever list of TIME100 Most Influential Companies, and Variety recently named Paul to their “Variety500” list of the most influential business leaders shaping the global media industry. Paul is also credited with driving the reversal of the so-called “Rich Paul Rule,” which would have banned agents without a college degree from representing NCAA student athletes.

In 2021, Paul and three former Nike executives formed a company called ADOPT, a creative agency focused on sport, wellness, nutrition, tech, and other consumer-facing products. In 2022, Paul joined the board of trustees of LACMA and the boards of directors of Funko and Designer Brands Inc. In 2023, he joined the board of directors of Live Nation. Paul is also a minority partner of the SpringHill Company.

His new book is Lucky Me: A Memoir of Changing the Odds.

Please enjoy!

This episode is brought to you by AG1! I get asked all the time, “If you could use only one supplement, what would it be?” My answer is usually AG1, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG1 further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system.

Right now, you’ll get a 1-year supply of Vitamin D free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit DrinkAG1.com/Tim to claim this special offer today and receive your 1-year supply of Vitamin D (and 5 free AG1 travel packs) with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive daily, foundational nutrition supplement that supports whole-body health.

This episode is also brought to you by Helix Sleep! Helix was selected as the best overall mattress of 2022 by GQ magazine, Wired, and Apartment Therapy. With Helix, there’s a specific mattress to meet each and every body’s unique comfort needs. Just take their quiz—only two minutes to complete—that matches your body type and sleep preferences to the perfect mattress for you. They have a 10-year warranty, and you get to try it out for a hundred nights, risk-free. They’ll even pick it up from you if you don’t love it. And now, Helix is offering 20% off all mattress orders plus two free pillows at HelixSleep.com/Tim.

This episode is also brought to you by Shopify! Shopify is one of my favorite platforms and one of my favorite companies. Shopify is designed for anyone to sell anywhere, giving entrepreneurs the resources once reserved for big business. In no time flat, you can have a great-looking online store that brings your ideas to life, and you can have the tools to manage your day-to-day and drive sales. No coding or design experience required.

Go to shopify.com/Tim to sign up for a one-dollar-per-month trial period. It’s a great deal for a great service, so I encourage you to check it out. Take your business to the next level today by visiting shopify.com/Tim.

[08:04] The store where Rich's story began.

[10:30] The cover choice for Rich's memoir, Lucky Me.

[11:43] How Rich negotiated a lucrative free agency period.

[17:16] Street gambling as a youth.

[19:35] Good advice for avoiding bad deals.

[21:26] Meeting and creating an enduring relationship with LeBron James.

[22:48] The influence of James Baldwin.

[24:53] Rich's experience with higher education and thoughts on the so-called "Rich Paul rule."

[28:01] Best investments of time, energy, or money.

[30:25] How Rich beat out bigger competition to land clients.

[33:56] Helping aspiring pros establish the infrastructure they need to succeed.

[37:52] Key ingredients for emotional support and stability.