How Magic Johnson Went From NBA Legend to Billionaire

Partnerships & Mentorship - Valuing partnerships and demanding excellence are key principles [2] - Mentorship plays a crucial role in business success, exemplified by the relationship between Magic Johnson and Alex Rodriguez [7][8][9] - Choosing partners who can expand one's knowledge and provide mentorship is essential [25] Deal Making & Investment Strategies - Movement to ownership is a significant aspect of Magic Johnson's deal-making [10] - The Starbucks deal was seminal, providing a stamp of approval and track record for future ventures [15][20][21] - Securing institutional capital, such as $50 million from CalPERS, is vital for sustainability and growth, requiring demonstration of over-delivery and profitability [21][22] - Focusing on urban America can be a profitable business strategy [18][20] - Larger deals are more efficient in terms of time investment, as advised by Ron Burkle [45] - Gut feeling is important in deal-making, alongside data analysis [43] Sports Ownership & Team Management - The Washington Commanders deal is considered the greatest deal, highlighting the importance of local ownership and a winning environment [11][13][33] - Having a 3-5 year plan, strong player relationships, and accountability are crucial for franchise success [30][31][32] - Changing the environment and addressing player concerns are important steps in improving a team [34] - Athlete-turned-owners can connect with players on a different level due to shared experiences and respect [39][41] Personal Growth & Impact - Giving back and making an impact are as important as making money [53]