Tuesday, December 23, 2008
Magic Johnson "From B-Ball To Business"
Johnson, 49, isn't your typical buttoned-up executive. He sits comfortably reclined in his chair, speaks casually, and freely flashes his trademark smile. Retired from basketball following his shocking 1991 announcement that he had contracted HIV, Johnson has focused on succeeding in a business world where many former athletes have failed and never improved.
But Johnson says he had a dream and a life long plan. While traversing the urban hearts of cities in team buses to basketball games, he saw boarded-up businesses and a lack of retail outlets. He told himself he'd help revive(Bring back to life) some of those neighborhoods when he could, he says.
And that's the magic of Magic. While other executives steered clear of urban areas, Johnson saw opportunity and hope. His business plan, his overtime performance after basketball, was to bring established retail brands to the inner cities by tailoring them to the residents.
From experience comes business
It's that niche that has morphed Magic Johnson from a name on the back of a basketball jersey into a brand in its own right. Magic Johnson Enterprises is a private company that owns or helps operate companies ranging from more than a dozen 24 Hour Fitness centers, more than 100 Starbucks locations, food service companies, a T.G.I. Friday's in Los Angeles and other businesses across the country. The company also has a private investment arm, with $1 billion in cash, which Johnson says will help the company expand, especially now that real estate can be bought at low prices.
It's just as Johnson saw it. The inner-city market was a big opportunity for someone with the knowledge to go after it, he says. "I knew that because I lived it. I just turned it into a business and made tons of money."
It's hard to summarize the swath of Johnson's businesses, as they range from food service to job placement and coffee. But the common theme of most is the marriage of his name alongside another well-known brand. Together, Johnson and another company enter urban markets that some have long avoided.
The Magic touch is taking chains with a familiar formula that plays well in the suburbs and top dog areas, and tailoring them so they fit the customers and tastes of the inner city flava. Rather than having to drive to the suburbs or the hills, residents can stay put and frequent Johnson's local twist on a national chain. Completing the circle, Magic Johnson Foundation, Johnson's philanthropic arm, invests in the community by building computer centers and other social services for the inner-city, helping to build goodwill and peace with the residents.
Johnson is scarce on the details on precisely what the things are that he does to make his version of chains different that those in the suburbs. But he uses an example to describe how the first Starbucks he opened in Los Angeles is different than others in the sprawling chain. Johnson noticed many regular customers at the Starbucks gathered to play chess. It was a scene reminiscent of the casual chess tournaments that take place in inner-city parks.
So Johnson bent the corporate rules to make the chess players more welcome. After getting approval from Starbucks, he installed several picnic tables outside that not only captured the vibe of the chess tournaments but also let the local residents know they were welcome. Now, the Starbucks draws a loyal following of chess players, who lure friends and other chess players, he says.
Burger King restaurants that Johnson owns are also a little different. Customers hear Magic Johnson's voice on the loudspeaker in the drive-through, instead of a canned anonymous voice.
More....
Almost nobody would question Earvin Johnson's skill on the basketball court. But in his second career as an entrepreneur, there were doubters from the start.
Sunday, December 21, 2008
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