How to Win in the Business of Sports with Bill Carter

Name, Image, and Likeness is a legal term that describes a person's "right of publicity." It includes their capacity to make money from everything that makes them identifiable, including the ability to accept sponsorships and endorsements from other sources. Thus, it offers opportunities for amateur athletes to engage in commercial activity, sign contracts, make financial decisions, and learn crucial lessons about the business world.

However, research has found that roughly 20% of student-athletes are currently involved in Name, Image, and Likeness (NIL). It has been determined that student-athletes are not participating because they lack support to educate them on the opportunities and fundamental components they need to succeed. Hence, we must aim to teach them their fundamental NIL rights and how to strengthen their name, image, and likeness so they can capitalize on their marketability. They need to know how to manage and enhance their brand and specific skills that would enable them to take advantage of the chances they might encounter.

Mr. Bill Carter is a university lecturer, former college coach, Name, Image, Likeness (NIL) Analyst, Consultant & Educator, and current Youth sports volunteer. Mr. Carter is not a NIL "advocate" but rather an analyst who provides facts and data that help organizations to adapt to the circumstances created by NIL legislation. Today, he is helping brands, sports organizations, universities, and high school associations to understand and adjust to the Name, Image, and Likeness era.

In this special episode with Bill Carter, we'll learn deeply about the importance of Name, Image, and Likeness in the business and student-athletes. Tune in today as we discover how to empower yourself to make correct decisions regarding protecting your Name, Image, and Likeness.

"When you're at the beginning stage in your career, there's a good chance that you haven't felt that kind of fear that can keep you from saying yes." – Bill Carter

Topics Covered:

(00:00:00) Introduction + Episode Snippet

(00:00:13) Introducing our special guest, Mr. Bill Carter

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(00:03:51) The power of partnership: The birth of Action Sports Agency

(00:06:48) Did Bill have any limiting beliefs?

(00:08:04) The fresh start: Not fearful of things not working out

(00:09:05) "We knew more than our clients knew."

(00:10:16) Instead of partnership, why not compete?

(00:11:34) The Go-giver principle: Bringing more value to people than they already have.

(00:12:07) Do not be afraid of competing.

(00:13:26) You don't have to be the first to develop a particular business

(00:14:49) How Bill transitioned from Sports marketing agency to a Name, Image, and Likeness

(00:16:05) Data-driven NIL: The survey community of student-athletes

(00:18:52) Who benefits from that data?

(00:19:47) NIL's reversed definition of an amateur athlete

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(00:22:26) Where to find and how to safely use Name, Image, and Likeness

(00:23:45) Lack of support: Why many student-athletes don't participate in NIL

(00:25:08) The detriment of the Traditional mindset

(00:28:00) Donor-led collectives: How it impacts the NIL

(00:30:02) Misconceptions about the NIL concerning student-athletes and the collectives

(00:32:26) The rich get richer

(00:34:40) The role of social media in obtaining NIL deals

(00:38:18) Final TimeOut with Bill Carter: Can universities pay athletes for playing sports? Do student-athletes get rich from the NIL? Are NIL deals used to build a brand for the athlete?

(00:41:40) Tax Ramifications: How much taxes do athletes pay on their NIL deals?

(00:43:44) Protect your Name, Image, and Likeness

(00:44:33) Connect with Bill Carter

Key Takeaways:

"You have to be open to the opportunity because opportunity knocks, but it doesn't always knock twice." – Dr. Derrick Burgess

"We didn't have much to lose, and we didn't focus on that. We were not fearful of things not working out because the risk didn't feel so overwhelming." – Bill Carter

"We were able to recognize that we might not have known everything we needed to know, but were fairly confident that we knew a lot more than our clients knew about the action sports business, event marketing, and athlete marketing." – Bill Carter

"You don't need to be the first in developing a business. If you see three or four successful businesses in that space, it's evidence of success and interest in that space." – Bill Carter

"It's not always about trying to team up and wanting to uplift your fellow man, but sometimes you have to be willing to compete and not be scared to compete." – Dr. Derrick Burgess

"The NIL has changed the definition of an amateur athlete. Now, "amateur athlete" means you're not being paid or compensated for things that you do on the field, but you can remain an amateur for things that you do off the field." – Bill Carter

"The people that are bringing the money to the table are educating themselves about how they want to do things so they can win in this situation properly." – Bill Carter

"Many colleges and universities are offering very little to no support to educate student-athletes about what the activities and opportunities are and support them in all sorts of the foundational elements they'll need to have in place to be successful." – Bill Carter

"I think intercollegiate athletics, in particular, tends to be pretty conservative and pretty traditional. And if you come from a traditional mindset, it takes some time and some nudging before you're going to get on board with the change." – Bill Carter

"A university can create an infrastructure around a student-athlete to support her or him, but they cannot be responsible for providing a NIL deal to a student." – Bill Carter

"Every time they do a deal, it's now out in the public domain, and that impacts the perception, reputation, and what people think of the student-athlete." – Bill Carter

"It's not just about getting this paycheck because your name, image, and likeness will follow you beyond college sports. It's also important to protect your name, image, and likeness, and not just to sign every deal." – Dr. Derrick Burgess

Connect with Bill Carter: 

Email: bill@studentathleteinsights.com

Website: https://studentathleteinsights.com/

Twitter: https://twitter.com/sainsights_nil

Instagram: https://www.instagram.com/studentathleteinsights/

LinkedIn: linkedin.com/in/studentathletes

Connect with Dr. Derrick Burgess:

Website: https://www.drderrickthesportsdr.com/

Instagram: https://www.instagram.com/drderrickthesportsdr/

Facebook: https://www.facebook.com/TimeOut.SportsDr

LinkedIn: https://www.linkedin.com/in/derrick-burgess-72047b246/

YouTube: https://www.youtube.com/channel/UCHGDu1zT4K_X6PnYELu8weg

Email: thesportsdoctr@gmail.com

This episode of TimeOut with the SportsDr. is produced by Podcast VAs Philippines - the team that helps podcasters effectively launch and manage their podcasts, so we don't have to. Record, share, and repeat! Podcast VAs PH gives me back my time so I can focus on the core functions of my business. Need expert help with your podcast? Go to www.podcastvasph.com.