After NBA players retire, they venture into different industries with the money they earned from being an athlete—business is among the fields they pursue. Dave Bing proves that athletes can be business leaders as well. Knowing his success in the business world, how many businesses does Dave Bing own?
After Dave Bing left his superstar status in the NBA, he established his own steel company. It then grew into a group of companies after some time. Then, he became one of America’s most successful Black business owners.
Please read the sections below to know how he became mega-successful.
Who is Dave Bing?
The NBA never runs out of legendary players, and Dave Bing is among them. Dave Bing was once monikered as the “Mr. Unsung-About,” according to the NBA Legends Profile. He discreetly rose from the lows of injury.
Not only was he an excellent guard, but he also was quietly setting up his business after 12 seasons in the NBA leagues. Hence, he became a self-made victor in the steel and industrial world.
He started his NBA stint with flying colors when the Detroit Pistons drafted him as their second overall pick during the 1966 NBA Draft. True to his majesty, he was named the Rookie of the Year in the 1967 NBA season, plus he made it to the NBA All-Rookie First Team.
During his 12 seasons in the NBA league, he averaged 20.3 points per game, 3.8 rebounds per game, and 6.0 assists per game. He made these records with only three teams behind him: Detroit Pistons from 1966 to 1975, Washington Bullets from 1975 to 1977, and the Chicago Bulls from 1977 to 1978.
If you think his NBA accolades end there, you are wrong. In addition to his seven All-Star games and the 1976 Most Value Player award, he was named a Basketball Hall of Famer and All-Time Team during the NBA 50th and 75th anniversaries.
Dave Bing’s business ventures in the steel and the industrial world started after the 12 seasons of domination. Plus, he was elected as the 74th Mayor of Detroit from May 11, 2009, to December 31, 2013.
What Kind of Business Does Dave Bing Invest In?
The companies Dave Bing owns are in line with the industrial businesses. But before his success, he worked multiple jobs in a bank as a teller, mortgage department officer, and customer relations team during the offseason. He also worked in a steel warehouse of Paragon Steel after retiring from the NBA.
At that time, Black players in the NBA were not as highly regarded as today. Hence, Bing did not receive the recognition he deserved. Nonetheless, Bing worked his way through and built a steel empire from blood, sweat, and tears.
The kind of business that Bing owned was steel and industrial materials. Similar to his experience in the NBA, he received degrading treatment and felt like he did not belong to the business world. There were times when businesses would cancel their agreement without prior notice.
Not only that, he started from the lowest of the lows. He started with only four people in his company, and his manufacturers and suppliers overcharged him. Thus, he lost a considerable sum in his first year.
Three years later, his company flourished into a profitable enterprise. The best thing is that 80% of his 1500 employees in 2011 were African American, thus providing an avenue for his fellow citizens to venture into the corporate world.
Bing’s commitment to his employees and the Black community is phenomenal. He wanted his company to be a Black legacy, which reflects his values as a person. True enough, the Bing Group of companies was hailed as the fifth biggest Black-owned company in America. Plus, it received the 1998 Black Enterprise Company of the Year.
Bing’s humble beginnings resonated with his hard work in the long run. He started as a lowkey player in the NBA despite having the most significant potential, and then he grew into a phenomenal business leader in the steel industry.
What Companies Does Dave Bing Own?
Dave Bing’s company is in line with the steel and industrial world. His companies provide services in car slitting, seat and mirror assembly for cars, and blanking and stamping for the frames of cars, among others.
If you are curious about the companies Dave Bing owns, check out the complete list below.
- The Bing Group
The Bing group is a conglomerate in the industrial world which provides services to the automobile industry. In particular, it supplies stampings for cars. Starting with the Bing Group, it’s headquarter is located in Detroit, Michigan.
- Bing Steel
The list is not complete without Dave Bing’s business ventures in steel. He started by renting a warehouse for Bing Steel, which cost him $250,000 of loan money plus $80,000 of personal money in 1980.
After losing some money with his four employees, he shifted his business model and became a middleman instead. Hence, he closed a deal with General Motors as his monumental stepping stone.
Shortly after two years, he recorded a revenue of $4.2 million. Then, he sold off his company assets in 2009.
Generally, Dave Bing focused on the industrial world as his business avenue. He sailed his way through and became a steel magnate with his impressive work ethic and hard work. He was a legend in both the NBA and the business world.
3 Interesting Facts About Dave Bing
Aside from being a businessman and a basketball player, there are some interesting facts that most people don’t know about Dave Bing. We have listed the fun facts we have gathered about Dave Bing, so check them out.
- Dave Bing is not just a business leader but also a politician
Aside from being a successful business owner, Dave Bing also had a fair share of the limelight in the political scene. He got elected in 2009. In 2008, Bing joined the Democratic party. Shortly after that, Bing announced his intention to run for a mayoral post as a nonpartisan primary to continue the remaining mayoral term of the former mayor, who left the post due to a corruption scandal.
Just a year later, he ran for a full term a year after and won again. Hence, he served as the Detroit mayor from May 11, 2009, until December 31, 2013. However, he did not file for candidacy after his term ended in 2013.
- Dave Bing worked as a labor
Dave Bing built churches and apartments with his father in Washington, D.C. His fundamental knowledge of the industrial world may have started when he helped his father in construction. His father taught him to build a strong foundation continuously. He would build a brick wall alone, and his father shoved it intentionally for quality check.
- He was committed to his social programs
Bing was a blessing to the people of Detroit. His company provided an avenue for Black people, and his employees often worked as volunteer teachers at public schools.
Also, he built the Detroit Manufacturing Training Center with Ford Motor Company in 1999. The project offered courses in the business and corporate world. The people involved in the project include ex-inmates, which proved his passion for people and society.
Wrapping Things Up: How Many Businesses Does Dave Bing Own?
Dave Bing is not just a legendary NBA player but also a politician—most of all, a business leader. Bing built his steel empire from humble beginnings and transformed it into a conglomerate. Now, how many businesses does Dave Bing own?
For the record, Dave Bing owned two significant companies: Bing Steel and Bing Group. These companies centered on the steel industries, particularly car stamping, metal slitting, and seat and mirror assembly.
Dave Bing is just one of the low-key players in the NBA who did not receive enough hype in the league but became a magnate off the court. Do not worry if your favorite NBA player lags now; they may rise bolder shortly.
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