George Foreman - A lesson in humility and business

Inspiring story of George Foreman

1974: George Foreman is the undefeated champion: 40 wins, 37 of them by knockouts. But that same year Muhammad Ali defeats him in one of the most legendary fights in boxing.

Defeated, Foreman announces his retirement. He announces that he has a fortune of $5 million. Enough to retire and live peacefully. But quickly bad decisions, uncontrolled spending and a lack of planning take the toll on him: by 1987 Foreman was financially broke. No money and no work.

So that same year, at 38 years old, he announces his return to the ring.

Everyone mocked him.

"He's already too old"

"He's already a grandfather"

But Foreman didn't listen.

Instead of showing off as the badass boxer of the past, Foreman showed himself cheerful. He was joking with everyone and let himself be seen eating cheeseburgers.

The audience quickly connected with their friendliness and charisma.

For 1994 again, without money, he had no choice but to return to the ring: at 45 years old, he knocked out the then world heavyweight champion Michael Moorer. Moorer, 19 years younger, dominated much of the fight. However, in the tenth round, Foreman connected a powerful right-hand that knocked Moorer out, becoming the oldest world heavyweight champion in history.

The commentators were joking: we have to wait for Foreman to run out of cash and we'll see him in the ring again.

But Foreman's money wasn't in the ring, but in showing himself as he is: Foreman became a preacher, became the loving father of twelve children and always brought the whole family together for burgers. he wasn't acting, he showed himself as he was. And in that authenticity would be the big business:

It turns out that an home appliances company was struggling: Their "grill" wasn't selling.

Desperate, they sent a present to Foreman, who already had a reputation for making his cheeseburgers.

But Foreman got the gift and didn't use it. At the insistence of his wife, one day he decided to try the blessed grill and loved it. The grill was different: Its design allowed grease to drain down one side.

The company offered Foreman an advertising contract for $500,000..

Foreman didn't take it. Instead he made a bold move: he asked that the grill be sold like the George Foreman Grill and be given 40% of the profits.

As playing, Foreman recorded himself preparing burgers surrounded by his children, and soon the George Foreman Grill skyrocketed in sales.

Foreman knew something: Fame fades, but property endures. The big money is not in the fame, but in using the fame to do business.

Unintentionally, Foreman sold the grill without selling the grill. Because it wasn't about the device, it was about bringing the family together like he did.

The results speak for themselves:

Millions of grills were sold annually. Monthly Foreman received more than 7 million in royalties.

In 1999, Foreman made another move: he sold the name rights for $137.5 million.

But the question is: why did he sell the rights if it was supposedly a good business?

Foreman understood something: Just as it is important to know how to get in, it is important to learn how to get out. Lots of competition already popping up. The market was saturating. It was time to get out.

Lessons for you:

- One: The company that designed the grill looked for Foreman because Foreman enjoyed the sympathy of the public. The audience wanted Foreman because he was authentic. He showed himself as he is. George Foreman didn't build his brand with over-the-top marketing, he just showed himself as he was: he ate burgers, he was religious, he played with his kids, he was a joker. Understand this: The best marketing is not lying. Just be yourself.

- Two: You can be famous and poor, or famous and rich. Just understand that money is not in the fame, but in the business, you can do with the fame.

Source: World of Millionaires