Lanny McDonald always knew a good opportunity when he saw one.

This time, it wasn't leading the Calgary Flames to Stanley Cup victory like he did in 1989. In fact, he was miles away from the nearest hockey arena.

McDonald was standing on undeveloped land overlooking Flathead Lake in rural Montana. "The scenery was just breathtaking," he says in an interview. "There seemed to be so much potential if someone were to develop it properly with respect for the land."

McDonald went back to his nearby family cottage and explained to his wife Ardell and four children that he wanted to take them "someplace amazing."

Photo courtesy of MacBear Limited Partnership
Bear Mountain Montana offers a scenic view of Flathead Lake and the mountains from one of the development's Lanny McDonald-inspired lots.

That night, the family watched the sunset and stayed up late talking about getting into the real estate development business.

The MacBear Limited Partnership was formed with Michael Kroeger of rock group Nickelback, and John Dielwart, president and CEO of Alberta-based Arc Resources. Plans were almost immediately drawn up for Bear Mountain Montana.

"At first, my wife thought I was crazy," McDonald says. "Nah, just kidding. She loved the area and thought it was a great idea. This is something we both wanted to share with all of our friends."

Today, the 160-acre real estate development has 26 lots that are selling quickly while McDonald's daughter and son-in-law co-own the nearby Tamarack Alehouse and Grill, a brew pub that serves hand-crafted microbrews and comfort food.

"We have the best golfing, boating ... practically everything down here. It's very relaxing," McDonald says.

He says they could have built more homes on the site, but he wanted to make sure each property owner had their privacy.

"You go out your front door and all you see is trees and wilderness; you're not right on top of your next-door neighbour. We wanted people to enjoy this as much as possible," he says.

McDonald's daughter Andra Townley says: "Bear Mountain is the largest land development deal Dad has been a part of, but he has been running our family businesses for the better part of 30 years."

McDonald joined a growing list of professional athletes, both active and retired, who were getting into the business world. But juggling those two roles can sometimes be tricky, says Bob Stellick, president of Toronto-based Stellick Marketing and Communications.

"The biggest challenge for athletes currently playing is spending the time brand-building," Stellick says. "Networking and making the right business connections is good, but they should also concentrate on their playing career. You don't want to lose sight of the main objective.

Photo courtesy of MacBear Limited Partnership
Former Flame Lanny McDonald has branched into real estate.

"You also want to make sure in endorsements that it's something the athlete would actually use in their day-to-day life. I was surprised to see Tiger Woods endorsing Buick. I can't picture him driving around in something like a Buick. It's just not a good fit."

Hockey player Sidney Crosby signing a deal with Gatorade, however, is a more logical choice, he adds.

Stellick says most athletes need to limit themselves to three or even four endorsement deals at the most, otherwise they risk losing trust and credibility with the public.

The rare exception is athletes who have achieved "iconic" status throughout their careers, like Wayne Gretzky.

The Great One has developed a multimillion-dollar business empire since retiring from playing in 1999, with endorsement deals including cologne, sportswear, wallpaper, lunch boxes, life insurance and a video game.

Two of his most visible investments are in Ontario. Wayne Gretzky's restaurant and sports bar opened in Toronto's entertainment district in August 1993 and still draws regular weekend crowds. The door handles on the main entrance of the building are fashioned like ice skates.

Gretzky also has a winery in Ontario's Niagara wine region, a short drive from another winery owned by pro golfer Mike Weir.

Gretzky and Weir appeared in a PGA Tour commercial earlier this year where Gretzky advised the golfer to grow a beard for the playoffs "sometime.”

In late August, Weir showed up for The Barclays tournament in New Jersey with prominent facial hair.

Gretzky rarely talks about his business affairs, however. During a speech to the Economic Club of Toronto (ECOT) last month, dozens of business people paid up to $150 a ticket to listen to his 16-minute luncheon speech, with a brief question-and-answer period afterward. The talk was a mixture of laid-back stories about his playing career and advice on life. But despite talking to a business audience, he said little about his own dealings.

Photo by Alessandro Garafolo, ECOT
Wayne Gretzky has built a multi-million-dollar business empire.

Meanwhile, experts have noted Canadian athletes will have plenty of opportunities for more endorsement deals in the months leading up to the 2010 Vancouver Olympics.

"There has never been a better time to be an amateur athlete here in Canada," says Stellick. "The Beijing Olympics saw an unprecedented level of athlete support and I think you're going to see it get even higher for Vancouver."

Late last month, former Olympians Jarome Iginla and Hayley Wickenheiser were at the Calgary Saddledome to announce Samsung Electronics' new "Get Together for the Game" campaign, which the company calls a "grassroots program to connect fans and communities across the country."

A Samsung news release said the partnership with Iginla and Wickenheiser would coincide with the company's role as an official partner of both Hockey Canada and sponsor of the Vancouver Olympic Games.

The news release did not give details on what the program would include or specifics on what Iginla's and Wickenheiser's role was, other than "ambassadors."

The athletes had a contract with the manufacturer setting out a specific number of public appearances but details were still being worked out, according to Samsung spokesman Scott MacFadyen.

(David Hatton can be reached at hatton@businessedge.ca)