Last October, I interviewed Shaquille O’Neal as a part of my Power Players series. But I didn’t ask him to join me to talk about basketball. I wanted to get to know Shaq the business and marketing genius — and, I got that and more…
Before we got into his sports career or multiple profitable ventures, Shaq and I talked about his early influences.
O’Neal’s father was a drill sergeant, and he says his father taught him several key attributes:
- Pay attention
- Learn from example
With these disciplines, Shaq was able to excel as an athlete, but in business, there was a massive learning curve…
The NBA Player Spent $1 Million in a DAY!
At only 20 years old, Shaquille O’Neal was the first draft pick for the Orlando Magic basketball team. His agent informed him that the player would receive a $1 million signing bonus for this.
SHAQ HAD NOT GROWN UP RICH, SO HE STARTED SPENDING THINKING HE HAD PLENTY OF CASH.
So, the ball player bought himself the Mercedes-Benz he had always wanted at $150K…
And, another two — one for his mom and one for his dad…
Then, he had to pay an entire year’s rent for a luxury condo…
THIS WAS ALL THE SAME DAY THE MONEY HIT HIS BANK ACCOUNT, BY THE WAY.
All of O’Neal’s spending alerted the bank and the branch manager called the young athlete down to his office.
The manager showed him his statement, and Shaq saw that he would be broke soon! You see, he had not taken taxes into account…
From then on, Shaq promised to learn all he could about business, so he wouldn’t make the same mistake again.
How Shaq Taught Himself Business and Investing
To help him, the banker gave Shaq a book about running a business.
The sports star didn’t fully understand the book at first, but he was determined to learn.
“WHEN YOU DON’T KNOW SOMETHING, YOU HAVE TO LEARN… AND I ASKED QUESTIONS.” — SHAQUILLE O’NEAL ON TEACHING HIMSELF ABOUT MONEY.
However, there were a couple of chapters in the book that interested O’Neal above all — the ones on sub-chapter S corporations and partnerships.
Using these strategies and hiring the right financial advisors, Shaq has done what most professional athletes fail to do. He made it in business after his career.
“I WAS IN FEAR [DURING HIS CAREER], BUT I WAS GOING TO TAKE ADVANTAGE OF ALL OPPORTUNITIES… PEOPLE NEED ME.”
After such a powerful statement, I only had one more question for the basketball giant…
What Does 10X Mean to a Basketball Icon?
Of course, Shaq’s answer concerned buying and selling a business…
“What 10X means to me is you and me go in on a business. Then, some big guy like Elon Musk comes along and likes what we’re doing… And he offers us 10X what it’s valued for it… We counter-offer for fifteen times, and we get twelve….They know how much it’s worth. But if you want to buy, you’re going to have to give me 10X.”
All in all, an amazing interview with Shaq, a great businessman.
Be Great in Everything You Do,
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