Billionaire basketball legend Earvin “Magic” Johnson has dedicated decades to building and owning physical stores. During this week’s National Retail Federation convention at Manhattan’s Javits Center, he shared with attendees how he applied his vast experience to assess a business proposal from his daughter, who had just graduated—despite her initial lack of gratitude.

Initially, the businessman collaborated with Sony Pictures to build Magic Johnson Theatres. Later on, he reportedly became a franchisee for Starbucks before eventually selling the company. Upon graduating from the Fashion Institute of Technology, his daughter, who is in her twenties, approached him and asked for financial support to launch an online eyewear company. He claimed to have listened attentively to her proposal.

Then I asked, ‘Where is the business plan?’ … I declined. Until you present a business strategy, I will not do it,” Johnson told NRF conference attendees. “She started crying and ran to my wife.

In the end, his daughter complied with his request and came up with a business plan, but it “didn’t have the numbers,” so Johnson had her start over. According to Johnson, the updated plan “hit it out of the park,” and he even provided her with the money to start her firm. “She’s doing pretty good, making some money,” he informed the assembled retail business members, speaking about her online designer eyeglasses sales.

Magic Johnson Enterprises, an investment conglomerate that includes 24-Hour Fitness facilities, several dozen Burger Kings, movie theaters, malls, and a Los Angeles outlet in the TGI Friday’s chain, is where the professional basketball Hall of Famer now serves as chairman and chief executive officer. The company is based in Los Angeles.