Magic Johnson and Inspiration
Earvin “Magic” Johnson, retired a basketball legend with five championship titles with the Lakers, 12 All-Star Games, an Olympic Gold Medal and the NBA’s all-time leader in average assists per game, at 11.2. He is also one of the most successful real estate businessmen, philanthropist, and entrepreneur in America.
In 1987, he founded his company, the “Magic Johnson Enterprise” initially operating 24-Hour Fitness Centers and more than 100 Starbucks in L.A. and around the country. His company promotes health, education and social needs for inner-city youth (such as organizing high-quality movie theaters).
His business endeavors started with a dream, as a way to clean up neighborhoods he saw disenfranchised when traveling around with the Lakers.
That business grew to include owning huge properties like Detroit’s State Fairgrounds, the Houston Pavilion, Everett and Federal Way malls, and developed a brand operating in 85 cities and 21 states.
In addition to becoming a very wealthy businessman, he also became a role model, fighting to support the underprivileged community and the outskirts of town. His Canyon-Johnson Fund aims at redeveloping urban areas and providing business opportunities for the local community.
“The viability of inner city neighborhoods and their surrounding metropolitan areas is a critical issue to building a strong America,” notes Earvin “Magic” Johnson.
He’s also became part-owner of the L.A. Dodgers in 2012 and L.A. Sparks in 2014, both moves making his post-retirement one of the most lucrative and successful in any sport.
“‘He is an extraordinary businessman who has done a great job of executing his strategies,’ said Ken Lombard, the former president of the Johnson Development Corp. and a key mentor to Johnson in his transition from basketball to business.”
In June of 2015, Magic Johnson Enterprise acquired the 14.5 billion dollar life insurance company EquiTrust Life Insurance.
“MJE acquired a roughly 60% in EquiTrust from Guggenheim Partners, the New York-based financial giant that bought EquiTrust in 2011. Financial terms weren’t disclosed, but Guggenheim no longer owns a stake in the insurance company, said Paul Miller, COO at EquiTrust.”
At this point, Magic Johnson has amassed a small empire continuing to grow with every year and every acquisition. Johnson proves if you start small and have enough name recognition and use good business tactics, empires can be built.
Roman Temkin is a real estate developer from New York City.