Magic Johnson goes down as one of the greatest NBA players of all time, and the former legend has made sure to stay rich by pursuing various business ventures.
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The Lakers point guard is widely regarded as the best point guard to have ever played the game. He’s won five NBA championships, been Finals MVP three times, and has a whole list of other accolades including being a three time MVP, a 12 time All Star, and a nine time All NBA First Team member.
Magic was also part of the storied ‘Dream Team’ in 1992 that won gold for the US in dominating fashion. The stories around Magic are also incredible.
Right from his rookie year, you knew he was going to be great. He showed that much when he filled in at center for Kareem Abdul-Jabbar in game six of the 1980 Finals against the 76ers. Magic posted a statline 42 points, 15 rebounds, and seven assists to guide the Lakers to a series clinching win.
Magic Johnson made millions off a decision to help Howard Schultz expand Starbucks
Back in 1998, Johnson made perhaps one of the biggest and best deals of his post-NBA career. Johnson currently has a company called Magic Johnson Enterprises which specializes in investments, and the Lakers legend made a huge profit off a venture into the coffee company.
Johnson was trying to convince Starbucks owner Howard Schultz to expand his franchise to the inner city because he felt there was a great opportunity to get business booming there.
However, Schultz wasn’t budging after Johnson made a typical boardroom pitch. That’s when the former basketball star knew he had to switch things up.
He invited Schultz to a movie theater he owned and treated Schultz to the most unique experience of his life.
“Our biggest screen had 500 women inside. All of a sudden every woman thought she knew Whitney Houston personally and started talking to the screen. So Howard grabs me about 20 minutes in and says, ‘Earvin, I never had a movie-going experience quite like this.’ Guess what happened? That got me the deal.”
It’s a crazy story, but it was completely line with the kind of person Johnson was. Starbucks opened up 125 stores across the U.S. and had massive success. In 2010, the Magic Johnson Enterprises sold their stock in Starbucks and that gave Magic Johnson personally $100 million out of the deal. It’s a massive profit, and it’s one you can find more detail about in this video starting from the 6:23 mark.
