Magic Johnson recently shared his business wisdom with anyone and everyone who would listen. During his latest appearance at the Aspire event on 23rd March, the 64-year-old shared several valuable lessons while using his own journey as reference. In the process, he delved into why business partnerships were good while highlighting their importance in growth.
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The five-time champion initially admitted that he could not over-emphasize the necessity of networking in business. Following this, he talked about its impact on building partnership projects while outlining the upsides of this business type. Hence, the 3x MVP shared a valuable lesson with the Los Angeles crowd in an attempt to specifically educate the young entrepreneurs.
“For all the minorities in here, I gotta tell you a secret. Partnerships are good…We think we gotta own a hundred percent of everything. No, you don’t have to…50% of $100 million is pretty good…So, understand partnerships are good. Why? You bring something to the table, they bring something to the table and quit worrying about who is gonna lead the deal,” Johnson stated.
Despite the simplicity behind it, the statement certainly carried immense volume. After all, using this method, Johnson has tied up with the Fox Network, TNT, ESPN, and several other entities over the years. Magic Johnson Enterprises continues to closely work on various projects through numerous collaborations. This majorly contributed to his net worth of $800 million in 2024 as per Celebrity Net Worth, justifying his stance on the matter.
A closer glimpse into the business career of Magic Johnson
Alongside building partnerships, Johnson put into focus the importance of exit timing while running a business. Early into the speech, he reflected on his successful exits across various fields to elaborate his viewpoint. The 3x Finals MVP mentioned how it aided in him penetrating different markets while booking the profits nearly every time.
“I sold two theaters to AMC. Starbucks back to Starbucks and you just keep going and after that I got into owning the [Los Angeles] Lakers…[when] the market value of Lakers this high, guess what I did? Sold it…Whoever thought that this basketball player would be a baseball owner? The [Los Angeles] Dodgers came up for sale,” he mentioned.
This further showcased his business-savvy mindset as Johnson spent years studying how to build a successful organization. His early setbacks in the field certainly provided him with valuable lessons while a positive cash flow helped him experiment over time.
