If Magic Johnson looks back on building his $1.2 billion business empire, he’d credit two hometown heroes: Gregory Eaton and Joel Ferguson. Eaton ran janitorial services at Michigan State University and hired Johnson for a little over a dollar an hour. Eaton gave Johnson cleaning jobs at one of Ferguson’s buildings. Back then, Johnson was just a middle schooler, and Ferguson was already a developer and civil rights advocate. The first thought that crossed young Magic’s mind was:
“I didn’t know minorities could own businesses.”
All three men—Magic Johnson, Gregory Eaton, and Joel Ferguson—came from Lansing, Michigan. Johnson worked hard from a young age. At just 10, he started a lawn-mowing business with his own mower, and by 15, he was stocking shelves at Quality Dairy. In junior high, while cleaning hallways and bathrooms, he’d daydream about being a CEO. Looking back, Johnson said, “[They are] two men I looked up to, who showed this little Black boy from Lansing, Michigan, that he could dream bigger than just making it to the NBA.”
Today, Johnson is part owner of the NFL’s Washington Commanders, the WNBA’s Los Angeles Sparks, MLS’s Los Angeles Football Club, and the esports team Team Liquid. Remembering the past, Johnson shared a heartfelt message after Ferguson passed away at 85.
“I’m heartbroken to hear about the passing of my mentor, Lansing businessman, and the incredible Joel Ferguson,” Johnson wrote on Instagram. “Many kids have heroes they never get to meet, but I was lucky to have two: my dad at home and Joel, right in my community.”
Johnson went on to say how much Joel, a well-known Democrat, influenced his life. “I’m forever grateful for the time he shared with me—he opened up my world beyond Lansing and truly changed my life.” The five-time NBA champ also mentioned how, even with Joel’s busy schedule, he always made time for his community and for Magic, whether it was cheering at his state championships or taking him to see his favorite boxer, Muhammad Ali.
“Without Joel’s guidance, I wouldn’t be the businessman, entrepreneur, or owner of multiple sports teams I am today,” Johnson added. “Cookie and I are praying for his wife, Anna, and his five children.”
Magic Johnson also shared in his post that Ferguson inspired his love for business along with his basketball dreams. This passion, with the right investments, helped Johnson build his $1.2 billion net worth. “Joel showed me through his work that a Black man could own and succeed in business,” Johnson wrote. And yes, Ferguson was more successful in many areas than you might expect.
What makes Joel Ferguson an inspiration for Magic Johnson?
Ferguson’s life was one of hard work and perseverance, dedicated to improving Lansing, Michigan, where he was born and raised. A proud Marine Corps veteran, Joel graduated from Michigan State University in 1965 with a degree in elementary education. By 1967, he made history as the first Black person elected to the Lansing City Council, serving three terms and working toward positive change.
But Ferguson’s influence went beyond Lansing—he was active in national politics, supporting the campaigns of Robert F. Kennedy, George McGovern, and Jesse Jackson. From 2001 to 2003, he was even vice chair of the National Democratic Committee’s Black Caucus and later supported Kamala Harris on her path to becoming vice president.
Ferguson’s commitment to helping his community inspired him to co-found Capitol National Bank in 1983, bringing local banking services to Lansing. In 1995, President Bill Clinton appointed him to the board of the Federal Home Loan Mortgage Corporation (Freddie Mac), where he served until 2001.
