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This episode profiles Magic Johnson not as a basketball legend, but as a disciplined, long-term business builder who has an enviable track record of wealth creation post his stellar basketball career. From an early age his parents only allowed him to play basketball if he passed all his classes at school, hence the drive to think about the ‘off the court’ side of life was formed at an early age.
The conversation in this live podcast centres on how Magic methodically repositioned himself from athlete to entrepreneur, even whilst still playing when he became the first franchisee of Starbucks, something he negotiated with Starbucks founder Howard Schultz whilst visiting Seattle when playing against the Seattle Supersonics.
Rather than chasing flashy endorsements, he focused on owning businesses that generated steady, recurring cash flows in areas he knew and understood. His north star was bringing opportunity to the underserved communities, something he did with great success. A useful part of the episode is how it breaks down Magic’s approach into repeatable principles: knowing his advantage (trust and affinity with specific communities), partnering with strong operators and leading by example (waking up at 4am every day and still the first into work).
Fast forward to today and he’s been living with HIV for over 30 years and is a part owner of both the NFL team Washington Commanders and the current baseball world series holders, the LA Dodgers, both franchises he has been instrumental in turning around since his involvement. His only regret? Signing a shoe deal with Converse instead of with Nike, way back when there was a substantial equity component on offer from Nike.
There is no doubt Magic Johnson is a high achiever who has deservedly earned a great deal of success but as you hear time and again from such people – a strong, disciplined work ethic and empowering others is a core pillar of what makes them great. Worth a listen.
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