June 19th 2025.
Since retiring from the NBA, Magic Johnson has amassed a fortune of billions of dollars. However, it was a particular deal with Starbucks that truly transformed him into a business visionary. In a recent interview with Bloomberg's The Deal, Johnson sat down with Alex Rodriguez and Jason Kelly to discuss his journey to the top of the business world.
Johnson proudly shared that his movie theaters were thriving in the inner cities, proving that success could be found in these underserved communities. He wanted to show people that business could thrive in these areas of America, and he was determined to make it happen. However, he faced a daunting challenge in convincing then-Starbucks CEO Howard Schultz to invest in his idea of expanding the coffee chain into these communities.
In the interview, Johnson admitted that he thought his toughest task in life would be playing against basketball legends like Larry Bird and Michael Jordan. But it turned out that convincing the Starbucks board and shareholders to take a chance on his vision was an even greater challenge. Yet, with his unwavering determination and eloquent persuasion skills, Johnson managed to secure a deal to own a stake in 125 Starbucks locations. This not only increased his net worth but also proved the viability of investing in urban areas.
Reflecting on the impact of this deal, Johnson shared that it changed everything for him. In 2018, he told CNBC that they had successfully built 125 stores and showed that he could drive ROI in urban America. He also highlighted the positive impact on the community, stating that his company provided jobs and brought in retailers who previously had no presence in these areas, resulting in a win-win situation for all involved.
Despite eventually selling his stake in Starbucks and his movie theaters, the success of this deal cemented Johnson's position as a powerhouse in the business world. It also inspired other companies to consider diverse and underrepresented areas for potential growth opportunities. As Johnson proudly stated, he became the first person outside of the company to own a Starbucks franchise, which quickly flourished in 40 different markets across America.
Looking back on his journey, Johnson recognizes the significance of this deal in his career. It not only gave him the stamp of approval and the track record of success he needed to move on to other ventures, but it also opened doors for him to make a difference in the world. As a testament to his commitment to giving back, Johnson has made significant donations, including gifting $500,000 to Xavier University at their Centennial Gala. Thanks to his determination and vision, Johnson has truly proven that anything is possible, even in the most unlikely of places.
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