Entry 297-5

The Business of Being a Strike King Pro with Denny Brauer

Part 5: Plan for the Future

Question: Denny, when you look at some of the Strike King pros and their success, you see that most of them have been with Strike King for many years. How do you keep a sponsor over a long period, and why do you and other Strike King pros not jump from sponsor to sponsor?

Brauer: One of the most-important attributes of being in the fishing business is having credibility. People have to believe in the products you use and believe that when you tell them a product is the best, you mean it. If you bounce from sponsor to sponsor, keeping that credibility becomes extremely difficult. Very-few relationships last forever, and occasionally, for different reasons, fishermen and sponsors part ways. I’ve been extremely fortunate to be able to maintain a working relationship with my sponsors my entire career, proving our loyalty to each other. The best business relationship in fishing is when you and your sponsor believe in each other’s abilities and effectiveness.

Question: Professional fishermen aren’t really different from any other professional athlete. They can make a lot of money in a year and not make much money in other years. But over the course of their careers, they have produced a huge amount of income. However, many pro athletes end-up not having much money left for their retirement and their future once their playing days have ended. How does a tournament fisherman take care of his money, and what’s the best way for a professional fisherman to avoid financial downfall?

Brauer: The sport of bass fishing has made me a lot of money. When I first started tournament fishing, I had serious doubts whether or not I could make a living at tournament bass fishing. Early in my career, smart people taught me how to invest my money properly. Too, my wife and I don’t live outside our means. We’re very proud of our home and the property we own. Most of my earnings are invested. Like everyone else in this economy downturn, we’ve taken major hits on our retirement plan. However, retirement investing is primarily for people who plan to retire. I don’t ever plan to retire. I love all aspects of the bass-fishing industry. I want to be able to work as much in the future as I have in the past, if not more.

Question: Denny, when did you decide to start investing your money, and how did you find someone to help you invest?

Brauer: I had a friend who prepared my taxes, and when I really started to make money in tournament fishing, my friend said, “I need to introduce you to an investor, so we can start planning for your future.” Many anglers win several tournaments and buy a bunch of new toys, so at the end of their career, they’re broke. To take charge of your money, get with the right financial advisors and realize you won’t always be the hottest bass fisherman on the circuit. In the sport of bass fishing, there are good years and bad years. Hopefully, the endorsement money you receive will stay the same. I’ve learned that saving or investing some of that endorsement money is one of the best ways for me and my family to plan for the future.

There’s a lot of money to be made in the sport of bass fishing, if you’re a great competitor. But bass fishing isn’t unlike any other business. You have to look at the sport as a business, surround yourself with good people, learn to manage your time and not take on more than you can handle and be willing to work longer and harder than the people who aren’t successful. I feel extremely fortunate to be in a profession where the people I work with are my friends, and I do the job I love every day.

Contents:

• Part 1: Balancing Fishing and Business
• Part 2: Time Management
• Part 3: Choosing Your Partners
• Part 4: Finding a Good Agent
• Part 5: Plan for the Future