EXCLUSIVE: Yankees Owner, Talent Manager Barry Klarberg Shares Business Advice — 'If You're Trustworthy, You Get The Job Done' (UPDATED)

Editor’s note: This story has been updated with video.

Representing over 100 athletes and celebrities, Barry Klarberg knows a thing or two about what football prospects should be thinking as they get taken in the NFL Draft.

Klarberg shared his advice for people in business and sports at the Benzinga Sports Business Titans event in Detroit on April 25.

What Happened: Klarberg, a part owner of the New York Yankees who has worked with celebrities such as Nicki Minaj, Charlie Sheen, and Justin Timberlake, offers valuable advice to his clients.

Being honest with clients is a key piece of advice that Klarberg emphasized during his fireside chat with Benzinga President Luke Jacobi.

"The omission of the truth is a lie," Klarberg told the audience.

This mantra is something Klarberg, who is the President of MAI Capital, abides by and said is important in his relationships with his clients. Klarberg said he's going to tell you what's going on and why he thinks things should be different.

Klarberg said he has to be proficient in what he does. "You're providing guidance for these people."

He said the people he works with want the truth. "If you're trustworthy, you get the job done." It's more important to be trustworthy than proficient, Klarberg added.

Klarberg also credited having a good staff and building confidence in other people.

"You're only as good as the people around you."

Related Link: Discover Sports-Business Synergy With Barry Klarberg At Benzinga’s Draft Event

Lessons For College Students: Klarberg is a professor at the University of Michigan, where he teaches sports management.

During his fireside chat, Klarberg highlighted the growth of name, image and likeness, or NIL deals, that have impacted sports.

Klarberg said the model isn't working and should be a revenue share. Schools like the University of Michigan are making millions on NIL deals as their logo has to be licensed out as part of the deals.

Klarberg said he likes to give back to his students and that teaching at the University of Michigan is one of his favorite things.

"It keeps me young," he noted.

When asked to give advice to college students, Klarberg said it's important to understand your trade and what you have to do.

"Don't make decisions based on money."

The Yankees co-owner also said it's important to know that one person doesn't have all the solutions and sometimes you have to go to others.

Klarberg said he's constantly educating himself and also realizes he doesn't know everything and has to ask others for advice.

Read Next: Benzinga Sports Business Titans: Hear From Athletes, Industry Leaders At The Crossroads Of Sports & Entrepreneurship

Photo by Dustin Blitchok.