After retiring from basketball, Bing founded his own steel company called Bing Steel. He lost 100% of his $80,000 investment within the first six months before eventually turning a profit and earning $4 million in revenues two years later. By 1985, the company had grown to over 60 employees and had annual revenues estimated at $40 million. Bing was elected Mayor of Detroit in 2009 and was eventually re-elected to a second term.