More Hoop Dreams: Earvin Magic Johnson Talks Business
Another critical factor that contributes to this veteran’s success is linked to the people Magic holds court with.
“I hire people that are smarter than me, and then I let them do their job,” he advises. “I have incredible, smart people who believe in the brand, Urban America and my strategy. They also believe in growing the bottom line.”
Although making the right connections when hiring employees is key, Magic also relies on the insight of various other professionals to help him vet upcoming deals and make other important moves. Those strategic partnerships keep Magic and his crew on top.
Deal or No Deal
No matter how alluring, every business prospect is vetted by Magic, along with a team of industry pros. They try to ensure the deal will, of course, yield a healthy net profit. But they consider other factors, too. For instance, any business venture under consideration must be a good fit for Magic’s brand. In addition, the deal must have synergy and represent the values of MJE. Beyond that, there must be a socially responsible component that specifically provides for giving back to the urban community in some way.
Take the MJE deal with Simply Healthcare Plans (SHP). In April 2012, MJE bought a minority stake in the Miami-based managed care organization. SHP is committed to offering healthcare plans to the underserved in urban communities, and now MJE can help with this effort on a national level. In addition, MJE will also be involved in SHP’s widespread expansion of Clear Alliance, a comprehensive specialty medical plan for people living with HIV and AIDS.