Watch: Shaquille O'Neal explains "joint venture-ship" in the most Shaq way possible and why he chose it for his shoe company
Shaquille O'Neal has developed a reputation as a rather successful entrepreneur. While he hasn't divulged all his secrets about the same, Shaq did explain why a "joint venture-ship" is his choice of approach towards business.
While discussing his decision of a joint venture for his shoe company on Shaq Fu Radio, Shaquille O'Neal said:
"I'm reading this book and I don't understand anything. But I understood joint ventureship. It is a partnership. I want to start a sneaker company. I'm not going to China. I'm not setting up no factory. I can't pay a hundred people in China who I can't see. That's where the joint venture come in."
O'Neal then gave the example of him ringing up a "gentleman" by the name of Steve Jackson, who was making shoes. Jackson already had the infrastructure for the shoes set up. By virtue of this, Shaq found that it made sense to pursue a joint venture with the company. He then added:
"Of course, he gets his piece, I get my piece. I have my own shoe company, but I don't really have my own show company where I own 100% solely by myself. So I had to do a joint venture. So most of my deals are joint venture."
Shaq further detailed his plans for the future and explained why joint ventures suit him best. He said:
"I want to do a water company. I don't want to buy no factory. I don't want to have to deal with the FDA. They already got it."
While being very aware of his own limitations as an individual with limited resources, O'Neal makes significant attempts to maximize his own profits.
Shaquille O'Neal's portfolio
NBA legend Shaquille O'Neal amassed a handsome sum of money over the course of his playing career. Although he was equally adept at spending his contract earnings, O'Neal has managed to make his fortune after his retirement as well.
His business ventures have been tremendously successful. With investments in several different verticals, Shaq has built up a rather impressive portfolio for himself.
Some of his most noteworthy investments include his ownership of franchises. With brands such as 24 Hour Fitness, Papa John's, Five Guys and Krispy Kreme among many others, O'Neal has a number of franchise outlets with each brand.
Additionally, Shaq also invested in Google and was an early investor in Lyft. With other investments such as Ring, which was bought out by Amazon for $1 billion, Shaq walked away with a great return on investment.