← Earn Your Leisure
Earn Your Leisure
Magic Johnson On Becoming A Billionaire, Jordan vs LeBron, & Owning The Dodgers & Commanders
01:06:00
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A
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B
Yeah. Yeah. Yeah. Yeah. Yeah, yeah. Oh yeah. Yeah. Oh yeah.
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C
Yeah.
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B
Oh yeah.
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C
Very, very, very monumental.
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A
Oh yeah.
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B
Oh yeah. Make some noise.
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A
Wow. The time has arrived.
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C
We did it again.
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A
That's a fact.
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C
We did it again, man.
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B
More importantly, we did it again. We all of us, man.
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A
This is amazing. Hold on, let me just take two seconds just to really look right out here, right now. Y' all look absolutely incredible. Round applause for yourselves for being here this weekend. I told you we had history to make. Y' all heard the message. Y' all came through in droves.
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B
We made history.
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A
This is the biggest invest fest of all time, y'.
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B
All. Clap it up.
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C
Did we over deliver?
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B
We not even done yet.
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C
It's not done yet, man. So we're not gonna take too much of your time. We got one of the greatest inspirations, one of the greatest entrepreneurs, one of the greatest athletes, one of the greatest businessmen, one of the greatest. The word greatest just keeps flowing. But first, but first, before we bring out the great Irvin Magic Johnson, we got to make a motion picture out of this. Of course, you know, we have an intro, but we got to really state the state. We got to set the stage. So let's. Let's do it. Let's do it, please. AV team. Let's. Let's get it going.
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B
Has a smile that lights up a television screen from here to Bangor. Man ON My Irving, Magic Johnson. Back then I was dreaming that I would play in the NBA. Magic Johnson. And that I would be a businessman. So we gotta reach back and give back to those who are less fortunate. Can we do that?
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A
My Irving, Magic Johnson.
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B
I'm in the prize and I keep it ghetto like the hood before they gentrified. So, man, I changed out. Five seconds left, 90 down the middle. Just what I thought. A hook shot at 12. Good. When I first started, nobody thought about urban America. Didn't think they. They can make money, but now they know they do. Minorities were the number one group of people going to the movies at that time, but we didn't have no theaters. We built six of those across the country. Top 10 highest grossing theaters in the nation. In 1998, Magic Johnson became the first person to reach a franchise agreement with the coffee giant. It went from Building 3 to Building 125. The multiple was already negotiated. Paid a record price for The Dodgers, over $2 billion. Our TV deal just came out at 8 billion. They said, oh, they're the smartest guys. We want to bring that Dodger pride back to our f, to our players, to the Los Angeles community. I ain't got time for myself. I want to win. You're a billionaire. He a billionaire. I'm going with him. I have over delivered to my customer base for 30 years. Let's go, let's go, let's go. We got the magic. When I was at this level, yeah, I could deal with you, but I'm not at that level no more. See, I. I went here, then I went here, now I'm here. So the deal's got to be, yeah, buddy, get on your feet. Make some noise. Yeah. Isaac Johnson, let's go.
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C
Oh, how does this feel? You played in front of 20,000 people. How does this feel to see this.
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B
For financial literacy, to hear you speak, this is amazing. What both of you brothers have built. Because we need education and we need to learn how to work with each other. Because once we get the financial literacy, the education of money. We already got to work ethic. We already got the knowledge. And everybody out here is hungry. But you two are the key here. Let's give it up for both of them, because we wouldn't be here without that. And let me just say, God is so good and all the time. All right, let's go then.
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A
He nailed it.
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B
He didn't. He.
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C
That wasn't planned, yo.
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B
That was not. We didn't plan that.
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C
Look, I promise you, that wasn't playing.
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A
No disrespect, but he been to a few cookouts.
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C
All right, everybody, take your seats. Take your seats. Please, please, please.
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B
Oh, man.
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A
They said call for the ISO.
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B
This ain't nothing but God, brother. It's nothing but God. It's incredible.
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A
It's incredible.
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B
Yes.
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C
Yes.
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B
Wow. And it can only happen in Atlanta, too. You got to do it in atl. It only happened in Atlanta.
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C
Only in Atlanta.
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B
Only in Atlanta. All right.
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C
All right, ladies and gentlemen. So, yeah, let's try to clear the aisles if we can. So, Magic, I want to start right off. You're one of the most successful entrepreneurs our culture, one of the most successful entrepreneurs in the world. But everybody has mistakes and failures, right? So my first question is, what's one financial mistake you made in business that you learned from or might have been painful?
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B
Well, along my journey and along all of our journeys, we all going to make a mistake, and we might make two mistakes, right? But my first mistake was when I was actually 19 years old. I had just won the national championship, and I beat that dude named Bird. I don't know. And so all the shoe companies came to recruit me to sign with them. And this is why this conference is so important, because Converse offered me the most money. And so when you black and you broke, you take the most money, right? And so I decided to go with Converse. But Phil Knight came in and he said, I can't offer you the same amount of money as Converse, but. But I can give you something called stock. And I passed on the stock, not knowing anything about stock at 19 years old. You know how much money 46 years later that stock would be worth today? A billion five. So I wish I was this Herman back when I was 19 years old. But let me just say to all of us, make sure we educate ourselves about equity, about stock, you know, we want to own. And so I didn't know anything about it, but God put me in a position to make up for it, Right? I'm doing okay.
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C
Let me just follow up on that because that story is a crazy story. When did you realize, oh man, I might have messed up a little bit. Like, did somebody educate you like, yo, this, this is equity, this is stocks. Like, at what point in your journey.
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B
Did you realize, okay, I realized I messed up when Michael Jordan came out with Air Jordan. That's when I knew I messed up. I could have owned some of that, right? So I messed up big time. And, but, but you know that that's what happens. You're not educated. And so now I educate myself about everything. And that was a huge mistake on my part. But also my family didn't know money. See, a lot of times you're going to be the first generation of wealth and knowing money in your family. And so it's important that you're successful so that your siblings or people in your family or friends can follow your lead. And that happened to me. Now that I'm successful, others in my family are successful as well.
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A
Hey, trailblaze. Everybody knows like we grew up in the 80s, obviously watched your hall of Fame career and everybody just knew that magic smile. He's the nicest guy in the world. And then you hear people who've played with you and they said, he's the most competitive person I've ever met in life. So I wonder how did you transition or did you have to transition when going into the business field? Were you just as competitive if not even more?
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B
Oh, I'm competitive right now. I don't want to lose at anything. And you take that same competitive drive that you had on the basketball court and you put it in business. Listen, I go to bed at 8 o', clock, I'm up at 4 o', clock, I work out for two hours and then I'm in the office all day. I'm driven. I'm driven and I'm driven. I don't need nobody to pat me on the back or anything. I'm self motivated. So that plays in my favor, right? And so everything that I learned as a basketball player I've taken into business. I'm a disciplined man, right. I do all the research because I had to research my opponents back in the day. Now research companies and businesses. And so I'm also, when you think about, I'm a perfectionist. I like to do everything the right way. And that's the key for all of us out here. The way you're going to grow your brand and keep your brand. You got to be particular about what you let come in, right? And what you put out there on social Media and all that, because that goes to your brand. So I'm very, very particular about the companies I get involved in as well as what I send out on social media because I don't want nothing to hurt my brand or dilute my brand.
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A
It's interesting if I just ask a follow up. When you were playing, it was obvious the competition was, there was this guy in Chicago and it was this guy in Boston. In business, how do you look at it? Are you looking at companies? Are you looking at other entrepreneurs or maybe some of your contemporaries who used to play sports as not competitors? But hey, they send a benchmark, we gotta go higher.
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B
Yeah. Now, I think when we get to this level, you cheer for Michael Jordan and his business. You cheer for Robert Smith, you cheer for any brother who or sister who is doing very, very well. See, I'm not no hater. I cheer for them. And then I also try to learn from them. If they got something that'll help me be successful, I'm gonna steal it, take it and grab it, right? And put it into my business. So what we need to do is really, I saw Bob Johnson change the landscape, right? And so when I saw Bob do bet, that really inspired me to really say, I want to be like Bob Johnson. But at the same time I said it, I also want to go past Bob Johnson, right? In my own mind, I was saying that, right? And so I always look at success of black people and say, wow, that's wonderful. And also, how did they get there? What road did they take? And if I can learn from them, whether that from their success or their mistakes, I'm going to get up under them and try to do just that.
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C
Wrap it up for that for sure.
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A
Ain't no haters.
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C
So, I mean, you've told the story about Starbucks, but my whole thing is how do you go from opening one business to having several hundred different type of businesses scaling without losing quality?
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B
Well, the hardest thing to do is to scale a business, right? Because you may have enough money to start that, that first business, right? And. But the hardest thing is now am I in a financial situation where I can build the second one? So what I did with Starbucks, I let the first one build the second one. I didn't take any money from the profits we made. Then I let the second one build the third one and fourth one, and on and on and on. I didn't take no money out until we built 50 stores. And so it. Why is that important? Because it was important to scale the business, but also put myself In a position where I could sell those stores back to Starbucks and Howard Schultz. We built 125 Starbucks, and now I was able to sell all of them back. That was my exit strategy. And make sure you always have an extra strategy. You might not decide to sell, but at least you got the strategy in place. So if you do decide to sell, you're ready to do just that.
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A
That's important, right?
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B
It.
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A
To me, it speaks about being mentally prepared. Right. So I know, as you're pointing, before.
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You go into that next one, let me give them this.
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I go for it.
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B
And then also too, don't sell too early. I'm gonna say that one more time. Don't sell too early. Because a lot of time they gonna come with this check and know you might be in a position and they know you won't take. You're gonna take that check, and then they turn around, say you sell it for 5 or 10 million, but then three or four years later, that guy sells it for 200 million. So make sure you understand that sometimes you can still hold on to the business and help it grow so that you can sell it for the 200 million instead of somebody else. So make sure you understand that timing is everything. Okay? So I had to stand up and tell them that because so many of our brothers and sisters sold their business too early.
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C
Absolutely.
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B
And I'm gonna give you an example of that. I know Ryan is here. Young brother. Stand on up. Ryan. Yeah. So this young brother we had, he was in Stanford MBA program, but we recruited him to join our company. But he negotiated the WNBA Sparks deal that we had. And thank you for that, too, that we entrusted this deal in this young brother's hand. Now, we've owned this, the Sparks, for a few years. We haven't made a dime. Right. It's been a tough going for the wnba. Except now, hold on. There was a time when we said, should we sell this? And we kept saying, no, let's hold on to it. Now, a group out of Boston just bought the Connecticut sun for 325 million. Oh, thank God we didn't sell too early. Right, right, right. Because now we only paid $10 million for the franchise. So when you think about that return we're going to have, it's amazing. So don't sell too early. Okay. I just wanted to point that out. Troy. Can I just.
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C
Can I just follow up real quick because it's right on path. I'll just follow real quick because my next question is right on path of what you said My next question was going to be, why did you liquidate? So you. You just explained that you. That you liquidated your Starbucks. Can you walk us through why you liquidated the deal of liquidation and what you did with the money after you liquidated?
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B
That's a great question. Should I.
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Should I stand? Should we. I'm gonna just.
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B
Let's see here.
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A
I'm gonna, I'm just do it like this.
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B
I'm never gonna change. So listen, so when we built that hundred, we had a deal to build 125 Starbucks. And we did that in five, six years. We were making so much money that Howard came in and said, well, first of all, let me take you back. They said it could never happen. Starbucks wouldn't last in the black community. We proved them wrong. Right. Proved them wrong. We had to make some changes to make sure that Starbucks was successful in our community. So we don't eat scones. So we had to take the scones out of my Starbucks. Sweet potato pie. Peace Cob. Lasaka to me. Cake. So when you walked into my Starbucks, the feel was different, the desserts were different, and definitely the music was different. So I customized it. Ho, ho, ho. This is important. Now get with me right here. I customize it to my customer. Oh, very, very important. I never made it about me. Where black folks fail is you make it sometimes about you and your likes. Uh, oh, not about what the customer like. So remember, always make your business about the customer, and then you will get the returns that you're looking for. So I knew it was time. Howard Schultz came to me and said, listen, we don't have to wait these next four years. We're making a lot of money. The multiple is already in the contract. So I start timing times that revenue. Oh, shoot. Good. Vicki. That's my financial person, Vicki. I go to Vicki for finance. I said, oh, I'm good. So I said, yeah, it's time for me to sell. And sure enough, I sold Starbucks. And who would ever thought that the Dodgers would be for sale? So I used the money that came back to me from the Starbucks sale and put it into the Dodger deal. No, stop, stop, stop, stop, stop. Why did I do that? First of all, there was no people of color being owner in Major League Baseball. That's one reason. Second reason is I'm buying the Dodgers. The Dodgers got the biggest brand. It's in baseball. Them and the Yankees. Those are the two biggest brands. So I knew it was going to be a home run. And now I'm going to give you the numbers when we bought it. 2.2 billion, 12 years ago. The highest anybody had ever paid for North North America. Sports Team Forbes just came out with the list. We're valued at 7.5 billion. So, again, understand what you're buying when you buy something, right? That brand is so important. I knew we would hit a home run, and sure enough, we were able to do that. I'm not sure. Should we? I know, I know.
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A
Going back. All right, I'm gonna go back. I'm go back.
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B
I just can't sit down when I'm trying to hold my people.
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C
I thought you was gonna do it behind the backpack.
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B
Yeah, yeah, I was ready.
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C
I'm in pocket.
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I was waiting. I had my hands ready for the pass.
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Sis, man, ain't nothing.
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I know, I know, I know.
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B
So, I mean, I'm just a little slower now at 66.
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A
We sold a jump shot, too, on the yacht. We'll get to that. You talked about a lot there, but one of the things that was missed and gets remiss, and we kind of talked about it backstage is, yes, ownership is important from a financial side, but also from a representation side. Talk about the importance of that, because in order to see something right, in order to be something, we have to see it first. So talk about the representation. Because there was a generation where we watched it. We don't know how they did it. You're doing it a lot different. We've watched you play. We've watched you make these business moves. We've watched you put stores in locations that people wouldn't. We've watched you become successful. You've left clues for us. Talk about the representation part.
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B
Well, I'm messing up with you. Well, we got to remember something. It's not just about the money. It's about having a seat at the table. Oh, wait a minute. I didn't hear nobody. What. What. What is our biggest challenge is that we don't have a seat at the table. So when you become successful, you're able to now have a seat at that table, and then you can help the city change. They include you on decisions that happen in the city or in different areas of the city that you live in. So it's like the power. And so that's what it's all about. Yes, it's. A lot of people can make money, but we need to be represented. That's what you two brothers are doing right now, giving all of us a chance. You're representing the culture of these young people. They see you and they See what you built. This is amazing. And this is just what we needed. Right? And so now, hold on one second. You driving 20,000 people. The mayor got to come see you. What? Wait a minute. Two Black men driving 20,000 here in the city. Oh, I got to have a meeting with them, too. And then it just continues on. So, yes, we want to be successful, but also we want to have a seat at the table to be able to hopefully be change agents on what's happening in our community, but also what's happening in the city, too, as well. So that's. That's what it's all about.
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C
So you've invested in everything from movie theaters, Starbucks, the Dodgers. What is your four? Obviously, you have a great vision. What is your foresight to know something is going to be profitable 10 years, 20 years, a good investment to put your money in.
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B
Well, I think, first of all, I was.
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A
I was ready that song.
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B
First of all, you got to research the industry or the sector. So when you research the sector or the industry that you're investing in, you can see if it's been growing, right? So we'll go back probably five or 10 years to see if that sector that I going to invest in has been growing. If I see growth, then I said, okay, look like it's going to be a good investment for me. But then we have an investment team of people try to break down the investment, making sure it is the right move for us to make both financially and align it with our brand. Right. Because anything that you bring in, you got to align it with your brand. So it's very important. So right now we have contracts. Sodexo Magic. Charles Johnson is doing a wonderful job. Charles, where are you? Yes. Yeah, Charles, brother Robbie is with him. Donna's here. Yep. So when we think about, we have Morehouse contract, Federal Reserve, we have contracts at the airport. We do Delta, their headquarters, on and on and on. We knew that industry was going to grow because people got to eat, right? And so we understand that. And it has been growing. We're over a billion dollars in revenue now with this small company that's just shot. Hold on.
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A
You said a billion dollars of revenue and two people clap. Can we clap it up? That's not an everyday thing.
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B
No. Well, the reason it's important is that we started from the ground on up. And so we want the same thing to happen for all of you, right? Take. Take your ideal, your strategy, start your company and build it, right? And so. And scale it. And we were talking about how to scale but scaling is so hard because you gotta have the financial resources and then you gotta have the right team in place if anything. I can tell you this is so important, it's going to hurt a lot of feelings in this, in this audience. Please do not hire your family. Oh, oh. Unless they have the expertise. Whoa, whoa, whoa, whoa. Unless they have the expertise. What has made more black businesses fail? America. Uh oh, because you hired your family member and they didn't have the expertise or they thought they could show up, instead of 9 o', clock, they showed up at 12 o'. Clock. I paid mine to stay away. Here you go. The check will be on the way. No, I'm just kidding, I'm just kidding. I'm just kidding. I'm just kidding. Make sure though, if you're going to be in a family business, make sure you spell out roles and once everybody know their role, make sure that they over deliver in that role. So, so important.
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A
We going back?
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B
No, I'm gonna stay right here.
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C
I learned my lesson.
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A
You wasn't gonna get me again. I was waiting. But you brought up a billion dollars in revenue and so that that word stuck in my head. We have a common theme here at Invest Fest. Every year we've been able to bring a billionaire to the stage.
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B
I love that thing. I love that thing. I love that thing.
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A
Now the billionaires that we brought look like us.
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B
There you go, There you go.
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A
2025 list comes out. Irvin Magic Johnson, a billionaire.
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B
Well yeah. Stanley of fif, right? I wonder.
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A
The kid that's walking on the campus in East Lansing, Michigan.
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B
Yo, White.
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A
To the man who's standing here today. Was that on the vision board? And what was that moment like when it, I mean for us, in our minds we already thought you were there. But now that it's been reported, what was this moment like for you?
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B
Well, when I first started, no, it wasn't on the vision board. It was just being successful. See, my whole business thesis was to be successful for other people of color. Could come behind me. Okay, now remember this? See when I went to 10, nine, 10 banks, they all turned me down. They wanted the picture, they wanted the autograph, but they didn't want to loan me the money. Then I went up to CalPERS, this pension fund to get money because I was going to start my real estate fund and they turned me down. Three straight years, same thing. See this hasn't been easy. A lot of you think that, oh, he Magic Johnson. So it was easy. No, that actually worked against me. But I love the Challenge. See, I'm not gonna run away. I knew my business thesis was strong. I knew my people, I knew what they wanted and what they like. So all I had to do was deliver it and then over deliver to them once I started my business. And so as I became successful, first the Starbucks, the theaters, Magic Johnson theaters. And then I said, hey, I gotta really get into bigger business. So I needed somebody else's money to do that, to grow and have sustainability. So once the finally the bank said yes, I took that hundred million dollars and turned it into what it is today. But stop, stop, stop, stop, stop. Anything that I've done is not just for me, is so that you can come behind me. Because now they say, oh, that black man was successful, we'll take a chance on another one. Because if I fail, then they're not gonna take a chance on another one. So that's what it's about. So when you build your business, you don't even understand. It's not just about you, you giving another young person, young lady, young man, a chance and the opportunity to say, wow, if she made it or if he made it, I think I got a chance too. So what I always have, my theme is I turned the impossible into possible. That's what it's all about, right? That's what it's all about. So I'm still on the basketball court. I just don't have the little hot pants on no more. I'm wearing suits. But I just want to win and be successful, man. And nobody's gonna outwork me. Nobody. I'm a smart guy because I'm smart. Because I put smart people around me and then I pay them to do their job. That part. Always remember that. Hire smart people, pay them to do their job and they'll help you become successful.
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C
Clap it up for that. So some other deals that people may not know you were involved in that didn't necessarily go your way, but great learning experiences, I'm sure. 24 Hour Fitness, is it plant? No. 24 Hour Fitness.
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B
TGI Friday, TGI Friday.
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C
Can you tell them about that experience?
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B
Yeah, because some has failed, right? Every, every business is not going to be successful. We had the number one TGI Fridays in the west in Los Angeles. And we were able to really do a fantastic job of over delivering to the community. Then I built a second one here in Atlanta and Atlanta supported me like crazy. But we were not ready for the volume of customers that came through our door. And we made a lot of mistakes and we had to close that Friday because it was on us, not on the people of Atlanta. And I learned a valuable lesson that we got to make sure we hire the best and talented people, and they can drive unbelievable customer service. And we did not deliver that to the people of Atlanta. But the next businesses, you learn from that one, and make sure the next business is that you do a better job. And we've been better because of those mistakes we made back then. So every business has not hit the home run. And then also, too, a lot of businesses I own hit singles and doubles. And that's okay. If you get enough singles and doubles, you're going to make a lot of money anyway. So I think for me, it's learn from your lessons. Learn lessons from your failure. Excuse me. And then make sure that it doesn't happen again.
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A
Amen. Amen. I'm just making sure. I'm just making sure.
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B
Just making sure. Well, you thought it was coming. Yeah, yeah, yeah, yeah, yeah.
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A
I'm just making sure. So I. I want to talk about legacy a little bit, because backstage, I showed you some of my emails.
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B
That's right. Yeah.
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A
It's a true story. I got this email, and it said, alicia Johnson. And I said, who's that? I never ordered from there. And my wife said, don't worry about that. And then the next week, it said, alicia Johnson again. And I said, what is that? She said, oh, these. Just these sunglasses I got.
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B
Don't worry about that.
- [36:37]
A
And then for the next six months, every three days, I get another email from Alicia Johnson. I said, I gotta figure this out. Who's this Alicia Johnson? Come to find out? There's a close attachment to you. It's your daughter. So I want to talk about legacy and watching your kids walking their journeys of entrepreneurship. Obviously, Dre and EJ doing their things in their respective industries. What's that like, watching your kids carve their own path and creating? Because I didn't know it was your daughter. It was the product that sold. What's that like for you?
- [37:10]
B
Well, it's a great moment. We all want our kids to be more successful than ourselves, you know? And so for me to be able to watch my kids be happy, first of all, and also to look at their dad or their mom and say, hey, I want to be like them, right? So my daughter, she went to fit, and she. She loved sunglasses. She loved the dress. So she said to me one day after she graduated, said, dad, I want to start my eyewear line, and I want you to give me the seed money. Smart. And I said, okay. Where's the business plan? She said, what? I'm your daughter. I said, you gotta have a business plan. So she went crying to Cookie, dad, don't love me. You know? And so Cookie said, is that what he said? She said, no. Well, what did he say? He said, I have to have a business plan, so, well, go write one. So she came back two days later with a half good business plan. And I said, no. She stormed out the room again. And I said, you need two things, you know, the P and Ls. Where's the money section, the real business? And so she finally put that in. And I said, okay. So she's been very successful selling them online. She built a great business for herself. I mean, I'm. You know, I cry every time I think about it, because again, she took my trade on working hard. Nobody's going to outwork her. And then this is what really touched me. About a year ago, we're riding and she says to me, dad, thank you for taking me through getting a business plan. Six of my girlfriends started their companies at the same time I started mine, and they all failed. And I said, that's my job as your father. You hate it that I took you through that exercise, but it has helped you in the long run. So make sure that you have a solid business plan, everybody. That's so important, and then adhere to that, right? You can always make adjustments, but adhere to your business plan. And then my son, ej, I love him. He's fabulous. You know, ej gonna be ej, and he's in entertainment, doing a wonderful job. And then my son Andre, works for me now. It's kind of cool to go in the office and see my son side by side, doing his thing with me. And so it's been. It's been a joy to watch our three kids, and now we have two grandchildren. So it's a blessing, man. A real blessing. Real blessing.
- [40:25]
C
So I gotta talk about mentorship. You were a rookie, the Lakers, sensational player. And I believe you kind of isolated. It was a level of isolation in the locker room because you made friends with the owner of the team, Dr. Jerry Buss.
- [40:44]
B
So you would have to bring this up. Go ahead.
- [40:48]
C
So, yeah, walk us through not only that relationship, what he taught you and what made you, at that young age, have the foresight to go against the peer pressure of the older veterans and put yourself in that position.
- [41:03]
B
That's a great question. Look, I was curious, man. I knew I wanted to be a businessman, but I had to get up under somebody who was already doing it, and so he could give me knowledge. So it happened to be the owner of the Lakers, Dr. Jerry Buss. And I told him my dream after I was done winning championships with him. I wanted to own businesses. And now you. You heard what I said first, right? You didn't miss what I said first, right? After I'm done winning what? Okay. After I'm done doing what? See, I had to be serious with that basketball first. And once I did what I was able to do on that court in the summertime, I would then go and spend a lot of time with him for he can teach me. But I knew that it wouldn't have worked out if I wasn't successful on the basketball court. So I handled that. Business got up under him. So three years in, next thing I know, I'm coming into the locker room and the guy said, irvin, we gotta talk to you. I said, okay, what's going on? I thought we were gonna talk about Larry Bird and the Celtics or something. How we gonna defend them or something. They said, no, you can't be hanging around the owner no more. Owner. It's an unwritten rule that players can't hang out with the owner. So all the guys nodding their head like, yeah. So I took my time because I never gonna react. First I said, what can I say? I said, okay, you guys are millionaires. He a billionaire. I'm hanging out with the billionaire because, oh, stop, stop, stop. Because he's the only guy that can help me go where I want to go. You see, See, sometime we forget about that. And then don't let your friend see. Don't let them say, you can't go. See. A lot of time, our friends, just because they want to stay where they are, they want us to stay there too. If I would have listened to them, I wouldn't be on this stage today. See? So I stayed with that man. He taught me so much, and that's why I'm successful. What did I do? I took the knowledge that he gave me and brought it to the black community, right? And started building my business. So gain knowledge, as much knowledge as you can, be as smart as you can, study as much as you can, and always whether it's on your phone. I know a lot of times we don't read the newspaper. I grew up in the newspaper era, so I. I still read the newspaper. You guys get everything on your phone. Make sure you just keep up with what's going on, the trends, what's happening, Whether it's that with AI. Now, black folks, we gotta study. AI. So we have to do that. Right? So just keep up on what's going on out here is very important. So, again, no, I wasn't gonna let them all. They should be concerned about when I come down shaking and baking and I throw that. No, look, they better be worrying about delivering that basket. That's it. What I do on that court, that's their concern. What I do off that court. Wasn't they concerned? Okay, I'm gonna handle my business on that court.
- [45:06]
A
You handle your business in the boardroom as well. And selfishly, I talked to you backstage about it. One of the things I'm most proud of is that you're now owner of the Washington Commanders.
- [45:20]
B
Yes, sir.
- [45:20]
A
Childhood team of mine. But having black ownership in the NFL is probably one of the hardest things to do.
- [45:27]
B
Yeah.
- [45:28]
A
Talk about that moment and partnering with Joe Harris and what was that like being a part of our ownership group pitching to the NFL to say we need to change this franchise? And I feel like you've done a great job thus far.
- [45:39]
B
I appreciate that, man. Well, first of all, you know, I got every team almost in terms of. In every sport, I got a team almost. Right. And so the NFL was the last one. And I never thought it's going to happen because I didn't see us. We see ourselves on the field, and we take care of our business as players on that football field. We also, we seen it in the coaching ranks and now sometime even in the executive roles, but we hadn't seen it in the ownership role. And so once that happened for me, I was so blessed. Not just for me, but now what they've done in Atlanta, and we should clap for that because you got black ownership here with the Falcons, you know, now Denver black ownership. So now we're starting to see us be in those roles as owners. Why that's important not only for myself, also for the players. Right. They feel better about it as well. So it's been great for Cookie and I to be involved with the Commanders. And two in two years, we've turned it around. We're heading in a positive direction. The fans are back and always about that quarterback boy. We got a brother that can. Yeah, he's a bad boy. And Jay Daniels, and so we're excited about him. And. And to do it in dc, Man. Chocolate City, the dmv, brother, man, it's. It's a beautiful thing. So, again, I can't stop working, though. Let me tell you guys something. See, when you get there, it's hard to get there, but it's even harder to stay there. Mmm. So when you get there, you just starting. I know they waiting on me to make a mistake. I already know that. So that's why I'm so careful about what I do, what I put out there on social media, how I am as a husband, a father, now a grandfather. So it's so important, because your business, that success can go just like that just as fast as you got it. It can go just that fast. So make sure that you making all the right decisions and the right moves, which is very important. And so I always think back when we got the commanders, man, and Cookie and I, we were on the plane, I said, baby, I remember when we had the peanut butter but no jelly. I remember when we had the Kool Aid, but no, no sugar. See, I went back to how I grew up, and. And I just sat there on the plane thanking God for putting me in this position. But stop, stop, stop. But also, I know what to do with it. Uh oh, uh, oh. See, you got to know what to do with it when you get blessed and make sure you bless others. That's why I've been blessed, because I blessed others, and that's what's important. So, yeah, I'm feeling good. And it's a great thing to be in the NFL. We gotta keep. Hopefully more minorities will keep being in the ownership role. And I think what you're doing here today, there's some future owners. You're gonna have a lot of billionaires out here, because that's what it's all about. Multi, multi millionaires. Now, put yourself there. Every time I did something, I put myself there, and then I went after it. All right, write this in your phone right quick. See long now, the days of five, ten years, that's over with now. Everything you should go after should be three years. Okay, in terms of, hey, I want to start that business, or I want to accomplish this. Give yourself three years. I want you to then go home, talk to your partner, wife, husband, whoever, and say, honey, give me three years. I went to Cookie and said, I need three years to be on the road. I gotta build my business. But it's our business. Can you handle the kids for three years without me being there a lot? She said, honey, go do your thing. And look what happened. You see, because if you get longer than three years, that means you. You haven't put 150% into building this business. But you got to have sign off with your partner, because they have to understand that hey, date night. What it used to be might not be there. So when she or he buys into that now, you good. So that's very, very important. 3. I do everything in three years. I told my wife I'm gonna have a plane in three years. Let me do all. Save up the money. Let me understand the plane industry. What happened three years? I got the plane. Boom. You know, you just keep going. So all the things I want to do. Three years. I can't wait to see what happens to this in three years. I can't hear you. Come on, now. They already billionaires. You know why? Because they blessing you with knowledge. See, God gonna bless them, both of them. Oh, they. They. They on their way because they blessing you with so much knowledge, so much access. What do black people need access? Man, don't. I can't, man. I gotta come back. You don't even have to pay me when I come back next time. You don't even have to pay me. I'm coming back. Oh, stop. Stay up. Stop, stop. Stay up. Now you. Oh, thank. Thank you. Love you back, too. Love you back for real. I want you to know something and hear this. We were both taught, all three of us was talking about this. The last generation, couple generations back, all those successful black men and women took the knowledge to the grave with them. That hurt our community. See, I'm standing here in front of you because I want you to be successful. And always remember, it's enough room for everybody. We. We forget that. We forget that. Look what happened. Let me. Now, now, sit down. Look what happened. Now, I got to give you this look. Junior Bridgman, before he passed away, basketball player, billionaire, LeBron, Michael Jordan. You see, it just keeps going. It's enough room for everybody. And when Michael and I see each other, we pat each other on the back. Man, can you believe it? Can I beat him? Nah, he got that one on one thing. See, I'm always gonna be honest with myself. Only thing I beat Michael in is them. No, look, passes in leadership. Oh, oh, talk about it. It ain't no question. Just like it ain't no question what he gonna do to me dunks and all that. But, you know, that's what make him a bad boy and the best that's ever done it. Don't. Don't get it twisted. I. I love LeBron, but no, no, no, no, no, no.
- [55:26]
A
Yeah, yeah, we got that. Documented.
- [55:28]
B
That's documented. Okay. Shot.
- [55:31]
A
You heard that?
- [55:32]
C
Hold up. You know, LeBron is not a dude.
- [55:33]
B
I love my boy. I love him. But when Michael Jordan took off with that tongue out. Hold up, hold up, hold up. Listen. Because a lot of you wasn't born then. 1991 against my Lakers. Right hand. We thought we had him. He looked. As we went down, he switched it to the left hand, tongue went left, spun it against the glass, and good. There's nobody alive that's been able to do just that. That boy is too bad, I'm telling you right now. But LeBron is a bad boy, too. He's a bad boy, but he's not Michael.
- [56:23]
A
Appreciate that magic.
- [56:31]
B
Look at that face right there. Oh, my God.
- [56:35]
C
Staying on that, I always. I always wanted to ask you this question as a basketball fan. That Barcelona experience. I mean, we watch documentaries and all that. What was it like being with the greatest players of all time, greatest team of all time? What's the story that maybe nobody knows? Like, what's. What's a great memory from you on that dream team?
- [56:55]
B
Okay, well, let me first put it in perspective first. See, I learned. I'm a visual learner, and also I learned what I read and so on and on. So we go to Spain. I'm jumping ahead, and there's a reason for that. So we go to Spain, and they're having this big reception. We on this yacht. The air condition go out in the yacht. So they had us all go off the yacht and go back on the bus. Another yacht pulls up. So we all get on the second yacht. So we're talking to the guy, and I'm talking to the guy. Excuse me. And I said, man, that's crazy. A second yacht came up. Well, whose yacht? That broke down? He said, the guy said, it's my yacht. I said, well, who yacht is this one? He said, this one is mine, too. That let me know. Wealth, wealthy, rich is a whole different thing. And I said, wow, I want to be like him. I tell him this story. Mickey Arson, the owner of the Miami Heat, he changed my life because that let me know that I had a long way to go. And I thank him for talking to me that whole time. So we're in Monaco, and Prince Rainier hosted us in the. In the big castle. And we're up there. So we're in Tuxas. All the guys were over here talking. Prince Rainier and Commissioner Stern was over there. So I get up and I go over. I got to meet this dude who run all of Monaco. See, that's who I am. Hey, bro, y' all cool. But this dude here. So I go over, introduce myself. He said, oh, Magic, I know who you are. I said, how do you run all of this? You know, drop some knowledge on me, man. I stood over there for about 30 minutes talking to him about Monico and on and on and on. You know what he did? He called his son and daughter over, introduced me to them, said, as long as Magic is here, you hang out with Magic. So they took me to the nightclubs and on and on and on. But guess what? Now his son, the same one I was hanging out with, is the Prince of Monaco now, right? I said, see, that's why I'm glad I ran over there and met the man. But why. Why am I saying this? Sometimes you gotta step out. That group that you in. Uh oh, uh oh, uh oh. You keep hanging around the same people, you only gonna get the same results. Uh oh. Get out of your comfort zone. When you go to that function and there's somebody over there. Go on over there. Hey, I'm so and so. Just want to say I admire you or how did you get to where you are? It takes two or three minutes, but sometimes we. Oh, no, I don't want to bother them or I'm not like that. I'm gonna go over there and get me that knowledge that I'm looking for. And it has paid off for me. So you. That elevator speech is real. So when you got those three minutes riding up that elevator, take advantage of that. So the Dream Team was the greatest basketball I've ever been involved in. And to be the point guard on that team and represent the NBA and our country, but just to be able to hang out with Michael and play with them, finally, Larry Bird and Charles Barkley. The slimmer one. The slimmer is Charles Barkley, Patrick Ewing, David Robinson, Scotty Pippen, Chris Mullen, Clyde Drexler. And I mean, it was just amazing. We just. John, you know, we just. It's the greatest team ever assembled. And so we're. I'm excited to say I was on that team. Yep.
- [61:42]
A
Before we go, you talked about the yachts, you talked about your image on social media. We saw you on the treadmill. I mean, we saw you on the treadmill. We saw you with the basketball court on the yacht. It talks about earning your leisure, which is obviously our name and our brand, but being able to vacation and find balance and find peace with your family. Talk about the importance of that in all this, man. Cause it's chaos, but you find time.
- [62:13]
B
Well, I can't do this without that. You know, I. I love dating my wife. So when I go on those six weeks, we're able to date.
- [62:22]
A
And, oh, there's like, two married people here. They club like that section right there.
- [62:28]
B
Yeah, yeah, yeah, yeah, yeah, yeah. And. And so it's a lot of fun. And. Because, you know, when I'm grinding, I'm grinding. So I'm. I'm. I'm working. So this gives me a chance to be with my family. And then last but not least, when I was traveling, it's important, right? So you can see the world. And I love traveling, Cookie, and I just love it. And so I remember when Denzel, See, Denzel, introduced yachting to me, and I seen that I was able to open it up for a lot of other blacks to now go. And Cookie and I have been yachting now for 32 years. So it's a blessing to do it. But at the same time, this is what I want you to take from that. When I was in Monaco in 1992, we just talked about this. I saw the yachts down there, and I told myself, one day I'm gonna be on one of them. See, it didn't happen right away because I didn't have enough money. But what did I do in three years? I said, I'm gonna be on that yacht. And what happened in three years? I was on that yacht. See? What'd you say? You've been yachting for three years or you will be yachting three, four, or three years. See, that's. That's. That's it. We just listen. We want to open it up for our people to know that traveling is wonderful. It's not about the yacht. Whatever you can do. I just saw Ludacris and Kevin Hart out there. That's great. Let's keep doing it. But the main thing is understand that you can do it one day if that's what you want to do. Now, everybody stand up. No phone in your hand. I don't want nothing in your hand. First of all, let's give God some glory because we're here, right? I can't hear you. Come on, now. Now, I've given you some nuggets. These two gentlemen for the last three days, but also for the last years, have been giving you unbelievable nuggets on your business, how to take yourself to the next level. I can't hear you. Come on. God has placed two vessels in your life right here, two kings. And you know what? It hasn't been about them. It's been about you. And. All right, so let's start off with the. If somebody Gonna be a millionaire in the next three years, clap two times. All right, stop. If you're gonna be a multi millionaire in the next three years, clap. Okay, okay. I'm about to draw this one. I'm about to draw this one. I'm about to draw this one. Billionaires. Let me hear. All right, now just do me a favor. I don't care who next to you because it's going to take a village to do this. I want grab people hand right quick. Let's go. Right next to you. Bow your heads because God gonna put that flight that favor on you and it's gonna happen. Oh, Heavenly father, we say thank you. Thank you and thank you. Why are we saying thank you? Because you woke us up this morning. Thank you for these two incredible men who have decided to bless not only themselves and their own families, but all of us in this auditorium. You are using them so that they can bless others and they can be successful right along with all of these incredible people. Now I know that you have the power and the tools to make everybody in this room successful. And if they follow you and keep you on their hearts, they will definitely be successful. So touch everybody, bless everybody as they leave this incredible auditorium and this incredible convention that they can be multi millionaires. Millionaires and billionaires. In Jesus name we pray. Amen. God bless you.
- [67:50]
C
Thank you.
- [67:52]
D
For a limited time, earn up to 200,000 bonus points with the IHD One Rewards Premier Business Card. Visit ihd.com businesscard cards issued by JPMorgan Chase bank and a member FDIC offers subject to change terms apply. Meet Olivia.
- [68:07]
B
Hey, what's up?
- [68:08]
D
Olivia dreams big.
- [68:09]
B
I want to go back to school and get a pet and buy a house and save for retirement and travel the world.
- [68:15]
D
That's quite the list.
- [68:16]
B
Thank you.
- [68:17]
D
Numerica Credit Union is the perfect partner to help turn Olivia's dreams into reality.
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B
Really? Yep.
- [68:22]
D
We're all about helping our members create a life that that feels like theirs. And we have the tools, expertise and guidance to make it happen.
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B
I'm in. Let's get started.
- [68:33]
D
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