Wednesday, July 2, 2014

Billionaire Lessons from Michael Jordan

It is quite a feat for an athlete, more than 10 years retired now, to keep his brand alive to the tune of millions of dollars and to crack the surface, according to Forbes estimations, of $1 billion in net worth.  Michael Jordan's Hornets played better this past season, but they were bottom dwellers for a few years.  Despite that, the team is worth $600 - $675 million, and Jordan has inched his ownership stake up to nearly 90% at this point.  

As a point of reference, the Clippers were perennial losers for years and years, but their value was estimated to be close to $1 billion.  This increase apparently came at the heels of the Sterling ownership, which didn't invest much into carving out a winning ball club, until relatively recently.  The Cowboys, playing mostly at a mediocre level, are the most valuable franchise in the NFL.  So, evidently, the relationship between sports performance and business performance isn't so simple or linear.  I want to research this.  

Estatua a Michael Jordan frente al United Center
4 Lessons From Michael Jordan On How To Become A Billionaire

In any event, Forbes staffer Mike Ozanian parcels out the secret sauce to Jordan's billionaire climb, in an article I reference in the above caption:
  1. Get a percentage
  2. Buy distressed businesses in great industries (rf. Warren Buffet)
  3. Use your brand as leverage to strike a favorable deal
  4. Use social media to keep your brand relevant (rf. LeBron James)

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