aren ’ t talking , and Larry ’ s mom says , ‘ Did you tell him yet ?’ to which Larry says , ‘ No , you tell him , Mom .’ And Larry Bird ’ s mom says , ‘ Magic , you are my favorite basketball player .’ That broke the ice , and we found out we had so much in common .”
10 .
Elevate Your Game .
“ It takes the same amount of time to do a million-dollar deal as a billion-dollar deal ,” Magic said .
His point is that you must have guidelines on what deal fits within your brand , within your system , and within your company . “ I ' ve given everybody the guidelines on what I ' m looking for in a deal , Magic said . “ And if you can check only five of the 10 boxes , then we shouldn ' t be doing a deal .”
For Magic , when the brands are aligned , the core values are aligned , and the revenue that they both want is aligned , along with a component to give back , that is an indication that a deal will work out .
11 .
Don ’ t Let Good Enough Be Enough .
Whenever he starts a business or buys one , he does a SWOT analysis right away . ( A SWOT Analysis is a framework for identifying your Strengths , Weaknesses , Opportunities , and Threats .) This helps him improve and grow . When he bought a health care business in Florida , he did a SWOT and discovered it had growth potential , but the management team was weak . From this , he knew he needed to move in a new management team to grow the business . He bought the company with 17,000 members for $ 20 million , grew it to 300,000 members , and sold for $ 900 million two years later .
Not only does he do a SWOT on his executive team to see if his companies are headed in the right direction , but he also does a SWOT on himself . “ I run a personal SWOT on myself because I want to be a better man , a better husband , a better father , a better grandfather , and a better CEO ,” Magic said .
As he looks to the post-pandemic future , he says the question he is asking is , “ Can this team take me where I want to go tomorrow ?” “ I ’ m asking myself that because I want to make sure when we get back to normal , I can get where I want to go ,” Magic said .
12 .
Have An Exit Plan In Mind When You Start .
No matter the business , Magic always builds in an exit strategy from the beginning . “ You don ’ t have to use it ,” Magic said . “ But it puts you in the position to sell it if you ever want to .”
He reevaluates the business to see if he likes the business well enough to keep it or why he is going to keep it . For example , he has businesses he is keeping for his kids because they are interested in them .
It doesn ’ t take athletic ability or name recognition to hustle . Using these strategies , you can follow in Earvin “ Magic ” Johnson ’ s entrepreneurial footsteps and be a true champion in your industry . Remember , don ’ t do things halfway . Keep your head up , have a positive attitude , and always strive to do better , and you ’ ll come out ahead . n
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20 | MSPSuccessMagazine . com • VOLUME 2 ISSUE 4
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