Rich Paul, who brokered over $4 billion in contracts, reflected that he would have never learned business without his early experience in drug dealing

Rich Paul did not become one of the most powerful agents in the NBA overnight. He overcame many obstacles, especially during his teenage years after his father, Rich Sr., died in 1999. He even had to sell drugs to make ends meet, but the hustle helped him turn into the man he is today.

In an appearance on "60 Minutes" recently, Paul discussed growing up with his father, who taught him a lot about business. His mother, Minerva, was hooked on drugs, the same drugs he had to sell when his father had passed away. He's not proud of what he did and only did so because he had no other choice.

"The absence of my dad allowed me to—to take that step, because I woulda never done that had he been around," Paul said. "I had too much respect for him. And it's not somethin' that I would sit here and– and glorify." [H/T CBS News]

Rich Paul turned his back on selling banned substances and went into the business of throwback jerseys. It was one of the best things that happened for Paul, who met a teenage LeBron James in 2001, at the Akron-Canton Airport by chance.

James was fascinated by Paul's throwback jerseys, which included a Warren Moon Houston Oilers jersey, a Magic Johnson LA Lakers jersey and a Joe Namath New York Jets jersey. Fast forward to a couple of years, and Paul became part of James' inner circle with Drake Maverick.

Paul got his start as a sports agent under Leon Rose and Creative Artists Agency. They represented "The King" until 2012 when Paul and James formed Klutch Sports Group. The agency now represents many NBA and NFL players, with Paul negotiating more than $4 billion in contracts.

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Rich Paul reached new heights with signature shoe deal with New Balance

Rich Paul's signature shoe with New Balance (Photo: Hypebeast)

Rich Paul is not only making history with the contracts he negotiated but also with his recent partnership with New Balance. Paul and the Boston-based shoe company announced their partnership earlier this year, which includes his own signature shoe and clothing line called "Klutch Athletics."

It's an unprecedented deal for a sports agent and a first of its kind. His first shoe and hoodie were released in April.

"There's a gap right now that we can fill," Paul said in a press release. "We've seen other brands moving away from youth sports and training, so we're focused on bringing the new look of training for the next generation."

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