Business

How George Foreman built a massive $300M business empire after retiring from boxing

BY Kweku Sampson October 23, 2024 8:46 PM EDT
George Foreman, boxer turned entrepreneur [Photo Credit: ringside24.com]

Born on January 10, 1949, in Marshall, Texas, George Foreman first made headlines as a dominant force in the world of boxing before venturing into the world of business. His rise to fame began with an Olympic gold medal in 1968, solidifying his status as one of the sport’s brightest prospects. Just a few years later, he became the heavyweight champion of the world, known for his powerful punches and relentless fighting style.

Foreman’s boxing career was marked by unforgettable moments. His 1973 victory against Joe Frazier, where he knocked Frazier down six times in two rounds, remains one of the most memorable matches in heavyweight history. But despite his early successes, Foreman’s career took a turn after a shocking defeat by Muhammad Ali in 1974’s “Rumble in the Jungle,” which saw him lose his heavyweight title. Disillusioned, Foreman retired from boxing in 1977 and shifted his focus to religion, becoming an ordained minister.

While many athletes struggle to find their footing after leaving sports, Foreman’s story was far from over. In a dramatic and unprecedented move, he made a comeback to boxing in the 1980s. At age 45, Foreman did the unthinkable—he reclaimed the heavyweight title in 1994 after defeating Michael Moorer. His return, after more than a decade away from the sport, made him the oldest heavyweight champion in history, a feat that solidified his place as a boxing legend.

But Foreman’s greatest legacy may not be his success in the ring—it’s what he achieved as a businessman. After retiring from boxing for the second time, Foreman capitalized on his fame and embarked on an entrepreneurial journey that would prove as lucrative as his athletic career. In 1994, he partnered with Salton, Inc. to endorse what would become the George Foreman Grill. Promoted as a device for healthy, fat-reduced cooking, the grill quickly became a household name.

The George Foreman Grill was an instant success, selling over 100 million units worldwide. Foreman’s affable personality and trustworthiness as a spokesman helped propel the product to new heights. His business savvy earned him more than $200 million, far surpassing his earnings from boxing. In a world where many athletes struggle to transition to life after sports, Foreman’s ability to reinvent himself was nothing short of extraordinary.

Foreman’s entrepreneurial ventures didn’t stop with the grill. He delved into real estate, endorsements, and authored several books, including autobiographies and motivational titles. His business acumen proved that success doesn’t have to end when one chapter closes—it can flourish in new arenas with the right mindset and opportunities.

Today, George Foreman stands as an example of what can be achieved through resilience, adaptability, and determination. From Olympic gold to heavyweight champion, from ordained minister to multimillion-dollar businessman, Foreman’s journey is an inspiration to athletes and entrepreneurs alike. His story illustrates that true greatness isn’t just about winning titles or accolades—it’s about continuously striving for new challenges and embracing reinvention at every stage of life.

With a career that spans more than five decades, Foreman has become an enduring figure, proving that it’s never too late to write a new chapter. His legacy transcends boxing, leaving an indelible mark on both sports and business, and offering a blueprint for those seeking to turn their passion into lifelong success.

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