The man who enthralled high-paying, high-profile Lakers audiences for years was lured -- and burned -- by the bright lights of Hollywood. The "Magic Hour" late-night talk show lasted only two months in 1998. A film production company, a talent management firm and a record label were also short-lived.
A few underperforming Starbucks stores were closed, along with two of the original six AMC Magic Johnson Theatres. But Johnson still warms to the challenge when the odds seemingly are against him, as they were with the original movie complex.
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Looking ahead
Today, Johnson concedes that the roiled credit markets are forcing Canyon-Johnson to alter its investment strategy. Johnson plans to focus on somewhat smaller markets where development costs are lower than in major cities.
"The Carolinas are going to be the place where people are moving now," he said. "No. 1, you get more for your money. It's affordable. We saw where the trend is going, so that's where we're going to go."
The Lansing native attended Michigan State University but credited his business schooling to avid Laker fans such as John Argue (a local lawyer who spearheaded L.A.'s drive to host the 1984 Olympics), Creative Artists Agency co-founder Michael Ovitz and longtime music industry executive Joe Smith.
Johnson's hands-on management style was evident when, as a Laker, he bought into a Washington, D.C.-area Pepsi-Cola distributor. During the off-season, he occasionally rose at 4 a.m. to accompany soft-drink truck drivers on their routes so he could chat up store managers about better product placement.
It was a foundation for his present-day business acumen.
"The reason my brand is trusted and followed is because I'm personally involved," Johnson said. "People from the outside don't know that I'm in here every day. I get my hands dirty every day. I don't send any of my people. I go myself. My name is on that door."
Johnson gradually has been turning over decision-making power to his son, Andre, whose first job in the family business was movie usher. Andre, 27, works directly with Turner at Canyon-Johnson Urban Funds and manages business development for Magic Johnson Enterprises.
For now, the business remains firmly in Johnson's grip. "What I'm trying to do [is] leave a legacy for . . . minority people," Johnson said. "I've always considered myself more than just a basketball player."
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mike.bresnahan@latimes.com
greg.johnson@latimes.com
