WEBVTT - Magic Johnson On Becoming A Billionaire, Jordan vs LeBron, & Owning The Dodgers & Commanders 0:00:01.280 --> 0:00:03.520 This episode is brought to you by P and C Bank. 0:00:03.920 --> 0:00:06.680 A lot of people think podcasts about work are boring, 0:00:06.880 --> 0:00:10.719 and sure they definitely can be, but understanding of professionals 0:00:10.800 --> 0:00:14.080 routine shows us how they achieve their success, little by little, 0:00:14.440 --> 0:00:18.079 day after day. It's like banking with P and C Bank. 0:00:18.560 --> 0:00:21.360 It might seem boring to save, plan and make calculated 0:00:21.400 --> 0:00:24.479 decisions with your bank, but keeping your money boring is 0:00:24.520 --> 0:00:27.840 what helps you live a more happily fulfilled life. P 0:00:27.960 --> 0:00:32.800 and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 0:00:32.840 --> 0:00:35.479 Boring since eighteen sixty five is a service mark of 0:00:35.520 --> 0:00:38.760 the PNC Financial Service Group, Inc. P and C Bank 0:00:39.159 --> 0:00:45.720 National Association Member FDIC. This episode is brought to you 0:00:45.760 --> 0:00:48.040 by P and C Bank. A lot of people think 0:00:48.080 --> 0:00:51.960 podcasts about work are boring, and sure they definitely can be, 0:00:52.479 --> 0:00:55.720 but understanding of professionals routine shows us how they achieve 0:00:55.760 --> 0:01:00.360 their success, little by little, day after day. Like banking 0:01:00.440 --> 0:01:03.200 with P and C Bank, it might seem boring to save, 0:01:03.360 --> 0:01:06.720 plan and make calculated decisions with your bank, but keeping 0:01:06.720 --> 0:01:09.160 your money boring is what helps you live or more 0:01:09.240 --> 0:01:13.520 happily fulfilled life. P and C Bank Brilliantly Boring since 0:01:13.560 --> 0:01:17.840 eighteen sixty five. Brilliantly Boring since eighteen sixty five is 0:01:17.880 --> 0:01:20.720 a service mark of the PNC Financial Service Group, Inc. 0:01:21.160 --> 0:01:25.120 P and C Bank National Association member FDIC. 0:01:27.680 --> 0:01:28.360 Erners. What's up? 0:01:28.440 --> 0:01:30.920 You ever walk into a small business and everything just 0:01:31.080 --> 0:01:34.240 works like the checkout is fast, their seats are digital, 0:01:34.760 --> 0:01:37.760 tipping is a breeze, and you're out the door before 0:01:37.760 --> 0:01:41.920 the line even builds. Odds are they're using Square. We 0:01:42.080 --> 0:01:44.640 love supporting businesses that run on Square because it just 0:01:44.640 --> 0:01:47.880 feels seamless. Whether it's a local coffee shop, a vendor 0:01:47.920 --> 0:01:50.200 at a pop up market, or even one of our 0:01:50.240 --> 0:01:53.920 merch partners. 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Let's square handle 0:02:29.880 --> 0:02:32.480 the back end so you can keep pushing your vision forward. 0:02:44.400 --> 0:02:54.000 Yeah yeah, yeah, yeah, yeah yeah, oh yeah yeah. 0:02:53.680 --> 0:02:58.399 Oh yeah yeah oh yeah, very very very well. Yeah 0:02:58.680 --> 0:03:06.200 oh yeah, ah. 0:03:04.240 --> 0:03:07.840 The time has arived. We did it again. That's a fact. 0:03:07.960 --> 0:03:08.840 We did it again. 0:03:08.960 --> 0:03:09.200 Man. 0:03:09.720 --> 0:03:15.840 More importantly, we did it again. We all of us. Man, 0:03:15.880 --> 0:03:16.600 this is amazing. 0:03:16.639 --> 0:03:18.639 Hold on, let me just take two seconds just to 0:03:18.720 --> 0:03:19.400 really look. 0:03:19.280 --> 0:03:20.280 Right out here right now. 0:03:20.600 --> 0:03:24.040 Y'all look absolutely incredible and bronoplults for yourselves. So being 0:03:24.040 --> 0:03:30.000 here this weekend, I told you we had history to make. 0:03:30.880 --> 0:03:33.760 Y'all heard the messages. Y'all came through in droves. We 0:03:33.840 --> 0:03:36.800 made history. This is the biggest investments of all time. 0:03:36.920 --> 0:03:47.840 Y'all. Clap it up. Did we over deliver? We not 0:03:47.960 --> 0:03:48.760 even done yet. 0:03:49.640 --> 0:03:51.600 It's not done yet, man, So we're not gonna take 0:03:51.600 --> 0:03:52.960 too much of your time. We got one of the 0:03:53.000 --> 0:03:55.560 greatest inspirations, one of the greatest entrepreneurs, one of the 0:03:55.560 --> 0:03:57.720 greatest athletes, one of the greatest businessmen, one of the 0:03:58.160 --> 0:03:58.840 world greatest. 0:03:58.920 --> 0:03:59.640 Just keeps flowing. 0:04:00.600 --> 0:04:03.680 But first, be first, before we bring out the great 0:04:03.720 --> 0:04:06.280 Irvin Magic Johnson. We gotta make a motion picture out 0:04:06.280 --> 0:04:08.680 of this. Of course, you know we have an intro, 0:04:08.800 --> 0:04:10.920 but we gotta really state to state. We gotta set 0:04:10.960 --> 0:04:13.800 the stage. So let's let's do it. Let's do it, 0:04:13.840 --> 0:04:16.440 please av team. Let's let's get it going. 0:04:17.240 --> 0:04:21.200 Man has a smile that lights up a television screen 0:04:21.560 --> 0:04:22.080 from here. 0:04:22.240 --> 0:04:25.240 The bangor made on my Irvin Magic Johnson. 0:04:25.400 --> 0:04:27.680 Back then, I was dreaming that I was playing the 0:04:27.760 --> 0:04:36.880 NBA and that that would be a businessman. 0:04:37.080 --> 0:04:40.520 So we got a reach back and give back. So 0:04:40.640 --> 0:04:44.880 those are less fortunate. Can we do that, my Irvin 0:04:45.000 --> 0:04:47.120 Magic Johnson. I'm in the prizing. 0:04:47.240 --> 0:04:49.320 I keep the ghetto like the hood before an a 0:04:49.400 --> 0:04:50.159 gentry five. 0:04:50.680 --> 0:04:55.279 So when I can't die, Nat gottamental just what I thought. 0:04:55.400 --> 0:04:59.760 I've got a twelve guys. When I first started, nobody 0:04:59.760 --> 0:05:02.359 thought about urban America. Didn't think they could make money, 0:05:02.400 --> 0:05:03.400 but now they know they do. 0:05:03.600 --> 0:05:05.320 I know there worth the number one group of people 0:05:05.320 --> 0:05:07.080 going to the movies at that time, but we didn't 0:05:07.080 --> 0:05:07.600 have no theater. 0:05:07.839 --> 0:05:10.440 We built six and zeros across the country's top ten 0:05:10.520 --> 0:05:12.160 highest grossal theaters of the nation. 0:05:12.360 --> 0:05:14.919 In nineteen nine, game Mate Johnson became the first person 0:05:14.920 --> 0:05:17.479 to reach a franchise agreement with the Clock each ot and. 0:05:17.480 --> 0:05:19.880 Went from building three to a building one hundred and 0:05:19.960 --> 0:05:20.480 twenty five. 0:05:20.600 --> 0:05:23.880 The Multi Bowl was already negotiated, aid a record price 0:05:23.960 --> 0:05:26.000 for the Dodge over two billion dollars. 0:05:26.200 --> 0:05:28.920 Our TV deal just came out at eight hild and 0:05:28.960 --> 0:05:30.520 they say, oh, they're the smartest guys. 0:05:30.600 --> 0:05:33.480 We want to bring that doctor pride back to our fans, 0:05:33.520 --> 0:05:36.279 to our players, to the Los Angeles to me. 0:05:36.800 --> 0:05:38.080 I've got time to myself. 0:05:38.400 --> 0:05:42.080 I want to You're a billionaire here building there. I'm 0:05:42.080 --> 0:05:42.800 going with him. 0:05:43.200 --> 0:05:49.600 I have over delivered to my customer base for thirty years. 0:05:49.960 --> 0:05:52.960 He got the magic. And when I was at this 0:05:53.120 --> 0:05:56.279 level and I could deal with you. But I'm not 0:05:56.400 --> 0:05:57.280 at that level no more. 0:05:57.360 --> 0:06:00.520 See I went here, then I went here, Now I'm here, 0:06:00.839 --> 0:06:02.960 So the deals got to be here. 0:06:06.080 --> 0:06:09.520 Yeah, buddy, get on your feet. 0:06:09.360 --> 0:06:10.200 Make some noise. 0:06:10.839 --> 0:06:12.520 That was Isaac Johnson. 0:06:12.640 --> 0:06:29.240 Let's go time. 0:06:29.560 --> 0:06:45.719 Oh how does this feel? You played in front of 0:06:46.160 --> 0:06:49.280 twenty thousand people? How does this feel to see this 0:06:49.400 --> 0:06:50.480 for financial literacy? 0:06:50.480 --> 0:06:51.279 The hell you speak? 0:06:51.839 --> 0:06:54.800 This is amazing what both of you brothers have built. 0:06:55.720 --> 0:06:59.560 Because we need education and we need to learn how 0:06:59.600 --> 0:07:02.960 to work with each other because once we get the 0:07:02.960 --> 0:07:04.160 financial literacy, the. 0:07:04.320 --> 0:07:05.480 Education of money. 0:07:06.400 --> 0:07:09.680 We already got the work ethic, we already got the knowledge. 0:07:10.080 --> 0:07:12.520 And everybody out here is hungry. But you too are 0:07:12.560 --> 0:07:13.160 the key here. 0:07:13.280 --> 0:07:15.760 Let's give it up for both of them, because we 0:07:15.800 --> 0:07:21.440 wouldn't be here without that. And let me just say, 0:07:21.520 --> 0:07:25.239 God is so good and all the time. 0:07:26.800 --> 0:07:30.920 All right, let's go. Then emailed it. He didn't. That 0:07:31.120 --> 0:07:34.280 wasn't plan. You know, that was not we didn't prob that. Look, 0:07:34.800 --> 0:07:40.360 I promise you that wasn't no disrespect. But he'd been 0:07:40.400 --> 0:07:41.520 to a few cookouts. 0:07:42.040 --> 0:07:44.520 All right, everybody, take your seats. Take your seats, please, 0:07:44.600 --> 0:07:47.640 please please, Oh man, they said, call for the ice off. 0:07:50.680 --> 0:07:53.920 This ain't nothing but God, brother, it's nothing but indible. 0:07:53.960 --> 0:07:56.160 It's incredible. Yes, yes, wow. 0:07:57.440 --> 0:07:59.960 And it can only happen in Atlanta too. You gotta 0:08:00.120 --> 0:08:02.920 do it in tl It only happened in atl. 0:08:03.600 --> 0:08:06.840 Only in Atlanta, only in Atlanta. All right, all right, 0:08:07.000 --> 0:08:08.880 ladies and gentlemen. So yeah, let's try to clear the 0:08:08.920 --> 0:08:09.840 ours if we can. 0:08:10.920 --> 0:08:12.960 So magic. I want to start right off. 0:08:13.640 --> 0:08:16.520 You're one of the most successful entrepreneurs, our coach, are 0:08:16.520 --> 0:08:18.360 one of the most successful entrepreneurs in the world. But 0:08:18.440 --> 0:08:22.000 everybody has mistakes and failures, right, So my first question is, 0:08:22.640 --> 0:08:27.760 what's one financial mistake you made in business that you 0:08:27.880 --> 0:08:29.640 learned from or might have been painful. 0:08:30.080 --> 0:08:34.280 Well, along my journey and along all of our journeys, 0:08:34.280 --> 0:08:37.120 we're all going to make a mistake, and we might 0:08:37.200 --> 0:08:41.200 make two mistakes, right. But my first mistake was when 0:08:41.240 --> 0:08:44.199 I was actually nineteen years old. 0:08:45.360 --> 0:08:47.080 I had just won the. 0:08:46.760 --> 0:08:50.560 National championship and I beat that dude named Bird. 0:08:50.640 --> 0:08:52.600 I don't know, I heard of them, And. 0:08:53.960 --> 0:08:57.920 So all the shoe companies came to recruit me to 0:08:57.960 --> 0:09:02.120 sign with them. And this is why this conference is 0:09:02.160 --> 0:09:06.880 so important, because conference offered me the most money. 0:09:06.920 --> 0:09:09.480 And so when you black and you broke, you take. 0:09:09.320 --> 0:09:13.560 The most money, right, And so I decided to go 0:09:13.600 --> 0:09:14.280 at Converse. 0:09:14.440 --> 0:09:16.360 But Phil Knight came in. 0:09:17.840 --> 0:09:20.760 And he said, I can't offer you the same amount 0:09:20.960 --> 0:09:24.560 of money as Converse, but I can give you something 0:09:24.600 --> 0:09:33.080 called stock. And I passed on the stock, not knowing 0:09:33.120 --> 0:09:37.280 anything about stock at nineteen years old. You know how 0:09:37.320 --> 0:09:42.960 much money forty six years later that stock would be 0:09:43.000 --> 0:09:49.440 worth today? A billion five ooh, So I wish I 0:09:49.480 --> 0:09:53.600 was this herban fact when I was nineteen years old. 0:09:54.200 --> 0:09:56.959 But let me just say to all of us, make 0:09:57.000 --> 0:09:57.400 sure we. 0:09:57.520 --> 0:10:01.200 Educate ourselves about with you about stock. 0:10:01.600 --> 0:10:05.640 You know, we want to own and so I. 0:10:05.559 --> 0:10:08.719 Didn't know anything about it, but God put me in 0:10:08.760 --> 0:10:12.400 a position to make up for it, right I'm doing Okay? 0:10:12.880 --> 0:10:14.200 Well, I mean, let me just follow up all that, 0:10:15.200 --> 0:10:18.680 because that story is a crazy story. When did you realize, 0:10:19.240 --> 0:10:21.640 oh man, I might have messed up a little bit? Like, 0:10:21.640 --> 0:10:24.240 did somebody educate you, like, yo, this this is equity, 0:10:24.280 --> 0:10:26.160 this is stocks, Like, at what point in your journey 0:10:26.160 --> 0:10:27.160 did you realize? 0:10:27.400 --> 0:10:30.880 Okay, I realized I messed up when Michael Jordans came 0:10:30.880 --> 0:10:31.720 out with Air Jordan. 0:10:31.800 --> 0:10:33.200 That's when I knows. 0:10:37.120 --> 0:10:40.560 I could have owned some of that, right, So I 0:10:40.720 --> 0:10:46.200 messed up big time. And but you know that that's 0:10:46.240 --> 0:10:51.120 what happens you're not educated, and so now I educate 0:10:51.200 --> 0:10:55.080 myself about everything. And that was a huge mistake on 0:10:55.240 --> 0:10:59.200 my part. But also my family didn't know money. See 0:10:59.240 --> 0:11:01.760 a lot of times you're going to be the first 0:11:02.240 --> 0:11:06.400 generation of wealth and knowing money in your family, and 0:11:06.480 --> 0:11:12.559 so it's important that you're successful so that your siblings 0:11:12.679 --> 0:11:16.240 or people in your family or friends can follow your lead. 0:11:16.640 --> 0:11:20.240 And that happened to me now that I'm successful, others 0:11:20.240 --> 0:11:22.080 in my family are successful as well. 0:11:22.480 --> 0:11:24.880 He trail blaze. 0:11:24.960 --> 0:11:27.560 Everybody knows, like we grew up in the eighties, obviously 0:11:27.640 --> 0:11:30.560 watched your Hall of Fame career, and everybody just knew 0:11:30.960 --> 0:11:32.160 that magic smile. 0:11:32.240 --> 0:11:34.120 He's the nicest guy in the world. 0:11:34.400 --> 0:11:37.600 And then you hear people who've played with you and 0:11:37.640 --> 0:11:40.240 they said, he's the most competitive person I've ever met 0:11:40.240 --> 0:11:44.400 in life. So I wonder, how did you transition or 0:11:44.440 --> 0:11:47.280 did you have to transition when going into the business field. 0:11:47.520 --> 0:11:50.160 Were you just as competitive it's not even more? 0:11:50.640 --> 0:11:53.320 Oh, I'm competitive right now. I don't want to lose 0:11:53.320 --> 0:11:58.760 at anything. And you take that same competitive drive that 0:11:58.800 --> 0:12:01.160 you had on the basketball court and you put it 0:12:01.200 --> 0:12:03.959 in business. Listen, I go to bed at eight o'clock, 0:12:04.200 --> 0:12:07.199 I'm up at four o'clock. I work out for two hours, 0:12:07.240 --> 0:12:10.840 and then I'm in the office all day. I'm driven. 0:12:11.200 --> 0:12:13.920 I'm driven, and I'm driven. I don't need nobody to 0:12:14.480 --> 0:12:18.400 pat me on the back or anything. I'm self motivated. 0:12:18.840 --> 0:12:24.560 So that plays in my favor. Right, and so everything 0:12:24.600 --> 0:12:28.520 that I learned as a basketball player I've taken into business. 0:12:28.840 --> 0:12:32.559 I'm a disciplined man, right, I do all the. 0:12:32.559 --> 0:12:36.080 Research because I had to research my opponents back in 0:12:36.120 --> 0:12:36.480 the day. 0:12:36.760 --> 0:12:38.520 Now I research. 0:12:38.240 --> 0:12:43.720 Companies and businesses, and so I'm also when you think 0:12:43.760 --> 0:12:47.600 about I'm a perfectionist. I like to do everything the 0:12:47.720 --> 0:12:50.679 right way. And that's the key for all of us 0:12:50.679 --> 0:12:53.560 out here. The way you're gonna grow your brand and 0:12:53.640 --> 0:12:57.960 keep your brand. You gotta be particular about what you 0:12:58.080 --> 0:13:02.040 let come in right and what you put out there 0:13:02.040 --> 0:13:04.960 on social media and all that because that goes. 0:13:04.679 --> 0:13:07.080 To your brand earners. What's up? 0:13:07.120 --> 0:13:09.880 Look, this episode is brought to you by Square Banking. 0:13:10.320 --> 0:13:13.040 One of the things we love most is seeing neighborhood 0:13:13.080 --> 0:13:16.400 businesses level up. This iss West Indian spired writing our 0:13:16.440 --> 0:13:19.640 community that started with a small takeout counter. Now with 0:13:19.800 --> 0:13:22.600 Square they've been able to expand into a full sit 0:13:22.640 --> 0:13:26.320 down restaurant and even started catering events across the city. 0:13:26.840 --> 0:13:29.400 That's the kind of growth that inspires us, and it's 0:13:29.520 --> 0:13:33.240 powered by Square. Square is built for all types of businesses, 0:13:33.440 --> 0:13:36.400 from the corner bagel shop that turned into a local chain, 0:13:36.760 --> 0:13:39.960 to the specialty market with thousands of unique items, to 0:13:40.040 --> 0:13:43.079 the stylists who's been holding you down for years. With 0:13:43.240 --> 0:13:47.400 Square Banking, growth gets easier you've got more control over 0:13:47.440 --> 0:13:50.560 your cash flow, access to capital right in the same 0:13:50.640 --> 0:13:53.400 system you're already using to run your business. And with 0:13:53.559 --> 0:13:57.160 a free Square Savings account, you can automatically set aside 0:13:57.160 --> 0:14:00.440 a portion of your sales for upgrades, taxes, and those 0:14:00.480 --> 0:14:04.480 slow seasons, setting yourself up for long term success and 0:14:04.520 --> 0:14:07.280 when it's time for the next big move. Square makes 0:14:07.280 --> 0:14:10.600 it simple to get approved with a Square loan based 0:14:10.640 --> 0:14:14.480 on your actual business performance. No long ways, just quick 0:14:14.679 --> 0:14:18.000 access to capital. In fact, eighty eight percent of businesses 0:14:18.000 --> 0:14:22.200 with Square loans report growth. So go to Square dot com, 0:14:22.400 --> 0:14:25.560 slash go, slash ey l to learn more about how 0:14:25.600 --> 0:14:29.440 your business can grow with Square. That's s q U 0:14:29.720 --> 0:14:34.240 a r e dot com, slash g O, slash e 0:14:34.480 --> 0:14:34.840 y L. 0:14:35.080 --> 0:14:36.520 Block Inc. Is not a bank. 0:14:36.640 --> 0:14:39.920 Banking services provided by Square Financial Services Inc. And Cutting 0:14:40.000 --> 0:14:46.240 Bank members. FDIC loans are subject to credit approval. So 0:14:46.320 --> 0:14:49.000 I'm very very particular about. 0:14:49.360 --> 0:14:52.200 The companies I get involved in as well as what 0:14:52.320 --> 0:14:55.160 I send out on social media, because I don't want 0:14:55.200 --> 0:14:58.040 nothing to hurt my brand or dilute my brand. 0:14:58.880 --> 0:15:01.200 It's interesting if I just asked follow up when you 0:15:01.240 --> 0:15:03.920 were playing, it was obvious the competition was there. Was 0:15:03.960 --> 0:15:06.920 this guy in Chicago, and there was this guy in Boston. 0:15:07.560 --> 0:15:09.440 In business, how do you look at it? Are you 0:15:09.520 --> 0:15:12.480 looking at companies, are you looking at other entrepreneurs or 0:15:12.520 --> 0:15:14.960 maybe some of your contemporaries who used to play sports 0:15:15.160 --> 0:15:19.800 as not competitors, but hey, they sent a benchmark we 0:15:19.840 --> 0:15:20.480 got to go hire. 0:15:20.720 --> 0:15:20.920 Yeah. 0:15:21.000 --> 0:15:23.320 Now, I think when we get to this level, you 0:15:23.480 --> 0:15:27.200 cheer for Michael Jordan and his business. You cheer for 0:15:27.360 --> 0:15:30.840 Robert Smith, you cheer for any brother who or sister 0:15:30.880 --> 0:15:33.400 who is doing very very well. See, I'm not no hater. 0:15:34.120 --> 0:15:36.840 I cheer for them, and then I also try to 0:15:36.920 --> 0:15:39.240 learn from them. If they got something that will helped 0:15:39.320 --> 0:15:42.080 me be successful, I'm gonna steal it, take it and 0:15:42.120 --> 0:15:46.080 grab it right and put it into my business. So 0:15:46.200 --> 0:15:49.720 what we need to do is, really, I saw Bob 0:15:49.840 --> 0:15:53.520 Johnson change the landscape, right, and so when I saw 0:15:53.600 --> 0:15:58.520 Bob do bet, that really inspired me to really say, 0:15:58.640 --> 0:16:01.160 I want to be like Bob Johns. But at the 0:16:01.160 --> 0:16:03.480 same time I said it, I also want to go 0:16:03.600 --> 0:16:04.840 past Bob Johnson. 0:16:05.360 --> 0:16:08.520 Right in my own mind, I was saying that, right, And. 0:16:08.520 --> 0:16:14.120 So I always look at success of black people and say, wow, 0:16:14.680 --> 0:16:19.000 that's wonderful and also how did they get there? 0:16:19.640 --> 0:16:20.920 What road did they take? 0:16:21.760 --> 0:16:25.280 And if I can learn from them, whether that from 0:16:25.320 --> 0:16:28.640 their success or their mistakes, I'm going to get up 0:16:28.680 --> 0:16:30.360 under them to try to do just that. 0:16:32.280 --> 0:16:34.720 Crap it up for that for sure. Ain't no hater. 0:16:37.880 --> 0:16:41.000 So I mean, you've told the story about Starbucks. But 0:16:41.120 --> 0:16:43.480 my whole thing is how do you go from opening 0:16:43.600 --> 0:16:47.360 one business to having several hundred different type of businesses 0:16:48.000 --> 0:16:50.840 scaling without losing quality. 0:16:51.360 --> 0:16:54.120 What the hardest thing to do is a scale of business, right, 0:16:54.680 --> 0:17:00.320 because you may have enough money to start that first business, right, 0:17:01.720 --> 0:17:04.600 But the hardest thing is, now am I in a 0:17:04.640 --> 0:17:08.320 financial situation where I can build the second one? So 0:17:08.440 --> 0:17:11.480 what I did was Starbucks. I let the first one 0:17:11.520 --> 0:17:14.000 build the second one. I didn't take any money from 0:17:14.000 --> 0:17:16.760 the profits we made. Then I let the second one 0:17:16.760 --> 0:17:19.560 build the third one, and fourth one, and on and 0:17:19.560 --> 0:17:21.400 on and on. I didn't take no money out until 0:17:21.440 --> 0:17:22.680 we build fifty stores. 0:17:23.480 --> 0:17:27.520 And so why is that important? 0:17:27.560 --> 0:17:32.120 Because it was important to scale the business. 0:17:31.880 --> 0:17:35.080 But also put myself in a position where I could. 0:17:35.080 --> 0:17:40.439 Sell those stores back to Starbucks and Howard Schultz. We 0:17:40.520 --> 0:17:43.440 built one hundred and twenty five Starbucks, and now I 0:17:43.480 --> 0:17:45.560 was able to sell all of them back. That was 0:17:45.600 --> 0:17:48.719 my excess strategy. And make sure you always have an 0:17:48.760 --> 0:17:53.320 extra strategy. You might not decide to sell, but at 0:17:53.359 --> 0:17:56.840 least you got the strategy in place, so if you 0:17:56.880 --> 0:17:59.200 do decide to sell. 0:17:58.920 --> 0:18:02.639 You're ready to do just that. That's important right to me. 0:18:02.760 --> 0:18:05.639 It speaks about being mentally prepared. Right, so I know, 0:18:05.720 --> 0:18:06.960 as your before you. 0:18:06.840 --> 0:18:09.680 Go into that next one, let be given this, I 0:18:09.800 --> 0:18:13.960 go for it. And then also two, don't sell too early. 0:18:16.880 --> 0:18:20.320 I'm gonna say that one more time. Don't sell too 0:18:20.359 --> 0:18:24.959 early because a lot of time they gonna come with 0:18:25.000 --> 0:18:28.000 this check and know you might be in a position 0:18:29.680 --> 0:18:32.480 and they know you won't take You're gonna take that check, 0:18:33.440 --> 0:18:35.520 and then they turn around say you sell it for 0:18:35.640 --> 0:18:38.440 five or ten million, But then three or four years 0:18:38.520 --> 0:18:42.479 later that guy sells it for two hundred million. So 0:18:42.560 --> 0:18:46.920 make sure you understand that sometimes you can still hold 0:18:46.960 --> 0:18:51.560 on to the business and help it grow so that 0:18:51.680 --> 0:18:54.119 you can sell it for the two hundred million instead 0:18:54.160 --> 0:18:58.400 of somebody else. So make sure you understand that timing 0:18:58.520 --> 0:18:59.200 is everything. 0:18:59.240 --> 0:18:59.560 Okay. 0:18:59.640 --> 0:19:01.240 So I had to stand up and tell him that 0:19:01.359 --> 0:19:04.560 because so many of our brothers and sisters sold their 0:19:04.600 --> 0:19:08.440 business too early. Absolutely, And I'm gonna give you an 0:19:08.440 --> 0:19:12.800 example of that. I know Ryan is here, young brother 0:19:14.400 --> 0:19:15.280 stand on a Ryan. 0:19:15.480 --> 0:19:16.520 Yeah. 0:19:16.600 --> 0:19:21.399 So this young brother we had, he was in Stanford 0:19:22.359 --> 0:19:26.600 NBA program, but we recruited him to join our company. 0:19:27.280 --> 0:19:32.320 But he negotiated the w NBA Sparks deal that we 0:19:32.480 --> 0:19:36.920 had and thank you for that too, that we entrusted 0:19:37.520 --> 0:19:42.760 this deal in this young brother's hand. Now we've owned 0:19:42.760 --> 0:19:47.600 this the Sparks for a few years. We haven't made 0:19:47.640 --> 0:19:52.080 a dime, right, It's been a tough going for the 0:19:52.160 --> 0:19:59.119 w NBA. Except now, hold on. There was a time 0:19:59.200 --> 0:20:03.320 when we said, shall we sell this? And we kept 0:20:03.359 --> 0:20:07.920 saying no, let's hold on to it. Now a group 0:20:07.960 --> 0:20:12.240 out of Boston just bought the Connecticut Sun for three 0:20:12.359 --> 0:20:14.120 hundred and twenty five million. 0:20:15.240 --> 0:20:17.640 Oh thank god. We didn't sell too. 0:20:17.480 --> 0:20:25.400 Early, right, right, right, because now we only paid ten 0:20:25.440 --> 0:20:28.840 million dollars for the franchise. So when you think about 0:20:29.480 --> 0:20:31.800 that return we're gonna have, it's amazing. 0:20:31.840 --> 0:20:34.080 So don't sell too early. Okay, I just wanted to 0:20:34.080 --> 0:20:38.199 point that out, Troy. I can just follow up real 0:20:38.280 --> 0:20:40.359 quick because it's right on path. I'll just follow up 0:20:40.359 --> 0:20:42.320 real quick because my next question is right on the 0:20:42.400 --> 0:20:45.160 path of what you said. My next question was going 0:20:45.240 --> 0:20:47.520 to be why did you liquidate? So you you just 0:20:47.760 --> 0:20:51.480 explained that that you that you liquidated just Starbucks. 0:20:51.920 --> 0:20:52.960 Can you walk us. 0:20:52.840 --> 0:20:58.159 Through why you liquidated, the deal of liquidation, and what 0:20:58.240 --> 0:20:59.960 you did with the money after you liquidated. 0:21:00.000 --> 0:21:05.840 That's a great question. Should should I? Should I stay? 0:21:05.880 --> 0:21:14.400 Should we stay? I'm gonna just let's sit here. I'm 0:21:14.400 --> 0:21:19.040 gonna I'm gonna just do it like this. I'm never 0:21:19.080 --> 0:21:21.719 gonna change. So listen. 0:21:23.280 --> 0:21:25.760 So when we built that hundred, we had a deal 0:21:25.800 --> 0:21:29.000 to build one hundred and twenty five Starbucks, and we 0:21:29.040 --> 0:21:34.560 did that in five six years. We were making so 0:21:34.720 --> 0:21:38.000 much money that Howard came in and said, well, first 0:21:38.000 --> 0:21:41.320 of all, let me take you back. They said it 0:21:41.359 --> 0:21:46.000 could never happen. Starbucks wouldn't last in the black community. 0:21:46.800 --> 0:21:56.320 H We proved them wrong, right, proved them wrong. We 0:21:56.400 --> 0:21:59.920 had to make some changes to make sure that Starbucks 0:22:00.119 --> 0:22:03.000 was successful in our community. 0:22:03.680 --> 0:22:06.400 So we don't eat scone, So we. 0:22:06.400 --> 0:22:16.440 Had to take the scones out of my Starbucks. Sweet 0:22:16.480 --> 0:22:19.040 potato pie peace Cobb Loska. 0:22:18.640 --> 0:22:19.200 To me, kay. 0:22:21.040 --> 0:22:25.240 So when you walked into my Starbucks, the field was different. 0:22:25.680 --> 0:22:29.159 The desserts were different, and definitely the music was different. 0:22:31.440 --> 0:22:33.320 So I customized it. 0:22:33.760 --> 0:22:39.640 Oh this is important. Now get with me right here. 0:22:40.119 --> 0:22:43.080 I customize it to my customer. 0:22:44.640 --> 0:22:49.080 Oh, very very important. 0:22:49.920 --> 0:22:55.359 I never made it about me where black folks fell is. 0:22:55.440 --> 0:23:01.560 You make it sometimes about you and your likes, Oh, 0:23:02.000 --> 0:23:07.440 not about what the customer like. So remember, always make 0:23:07.520 --> 0:23:13.280 your business about the customer, and then you will get 0:23:13.320 --> 0:23:15.480 the returns that you're looking for. 0:23:16.200 --> 0:23:19.600 So I knew it was time. Howard Shows came to me. 0:23:19.560 --> 0:23:23.440 And said, listen, we don't have to wait these next 0:23:23.440 --> 0:23:27.200 four years. We're making a lot of money. The multi 0:23:27.240 --> 0:23:32.920 balls already in the contract. So I start timing times 0:23:33.000 --> 0:23:41.160 that revenue. Who shoot, I'm good, VICKI. That's my financial person, VICKI. 0:23:41.280 --> 0:23:44.639 I go to Vicky for finance. I said, oh, I'm good. 0:23:45.160 --> 0:23:47.280 So I said, yeah, it's time for me to sell. 0:23:48.760 --> 0:23:52.920