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Gloves to Grills
How George Foreman Went From the Brink of Homelessness to the Most Successful Product Endorser of All Time
Ryan Cox
July 27, 2024
Three out of every four professional athletes go broke within three years of retirement.
George Foreman fell victim to that statistic. He reached the brink of homelessness, forcing him to come out of retirement.
But his comeback story became more than just a return to the ring.
Table of Contents
Who is George Foreman?
George Foreman, nicknamed "Big George," was born in 1949 in Marshall, Texas.
Raised by his mother and stepfather, Foreman grew up in a poor household and had a troubled childhood. He dropped out of school at 15 and, by his own admission, was a “street thug".
After a year on the streets, his mother enrolled him in a carpentry and bricklaying program, hoping to change his path.
But Foreman found solace in boxing.
In 1965, he moved to Pleasanton, California, where he began training seriously.
Foreman's life changed dramatically at the 1968 Mexico City Olympic Games, where he defeated Jonas Cepulis of the Soviet Union to win the gold medal.
He went on to have a remarkable professional boxing career, achieving a 94% win rate with 76 wins (68 by knockout) and 5 losses.
His 35 year career was highlighted by many big moments, the first being in 1973 when Foreman became the heavyweight champion of the world by defeating Joe Frazier.
The following year, he fought Muhammad Ali in the biggest fight of his career.
The famous "Rumble in the Jungle" took place in Zaire (now the Democratic Republic of Congo). Ali used his rope-a-dope strategy to tire Foreman out and handed him the first loss of his career.
Foreman retired from boxing in 1977, after a near-death experience from heat stroke and exhaustion.
During his retirement, he became a born-again Christian, focusing on family and faith, and served as a preacher at his local church. He also ran a youth community center for nearly a decade.
In an interview with Forbes in 2019, Foreman revealed that it was during this time he realized his talent for sales.
“I had overalls on. I had cut off my afro, and my mustache was gone. People passed me by and didn’t give me a blink. They didn’t know who I was, and they didn’t care. So I started selling myself, telling people I was part of the ‘rope a dope’ and that I had fought Joe Frazier. People would stop for two minutes to listen to me preach. Then they would stop for five minutes. Then they would stop for 15 minutes, and that’s when I knew I could sell.”
However, in the early 1980s he had a series of bad investments, and by 1987 was on the verge of homelessness.
Foreman decided to return to boxing at the age of 38 to fund his youth center and provide for his family, now in his 5th marriage to now-wife Mary Joan.
“I lost all my money, and when you lose your money, you think you’re done. I was only fractions, fractions away from being homeless.”
He announced his comeback and defeated Steve Zouski in four rounds. After several more fights, he convinced HBO to approve a match against heavyweight champion Michael Moorer in 1994.
At 45 years old, Foreman knocked out Moorer in the 10th round, becoming the oldest heavyweight champion in history.
This victory brought Foreman a flood of opportunities from advertising agencies and brands, marking a turning point in his life and career.
“They’re calling me day and night. I was selling myself so successfully that they said, ‘Let him sell our stuff.’”
What is George Foreman’s Net Worth?
George Foreman’s $300 million net worth makes him the second wealthiest boxer of all time, behind Floyd "Money" Mayweather.
Foreman first became a millionaire at just 24 years old and earned around $60 million in total during his boxing career.
Additionally, he served as a spokesperson for brands like Nike, Doritos, KFC, McDonald's, and Meineke, although the specifics of these contracts are not publicly available.
Foreman also invested in real estate, owning a ranch in his birthplace of Marshall, Texas, as well as a home and commercial shopping center in Houston, Texas.
However, the majority of Foreman’s net worth can be attributed to the product that became synonymous with him: the George Foreman Grill.
Over 100 million units have been sold to date, making it the main contributor to his financial success.
George Foreman’s Business Ventures
The George Foreman Grill
When Foreman defeated Michael Moorer in 1994 to become boxing’s oldest heavyweight champion, the world was stunned.
A 45-year-old had just taken down a 26-year-old champion.
Foreman attributed his success to healthy eating, a message that resonated with Salton, Inc., who were searching for a spokesperson for their fat-reducing grill.
The Name Sells Itself
George accepted the deal as the spokesperson for Salton.
Together, they marketed the grill as a healthier alternative to traditional cooking methods, leveraging Foreman's name and image.
In return, Foreman would receive 40% of every grill sold.
The partnership exceeded everyone's expectations. Initially, Foreman thought it would be a great way to get free grills for his homes and family.
However, in 1997, he secured the largest earnings of his life by selling the rights to use his name to Salton for $138 million.
By 2009, Foreman had transformed the George Foreman Lean Mean Grilling Machine from a small business into an empire.
Fifteen years after the grill’s launch, it’s reported that he had earned $100 million from sales.
Just two years after that, in 2011, his earnings reportedly reached $200 million from the deal.
In a 2014 text interview with AARP, when asked if he had made in excess of $200 million from the grill, Foreman responded, “Much more. There were months I was being paid $8 million per month.”
“If you learn to sell, you will never starve.”
With this success, Foreman realized he had a knack for selling and an epiphany struck him: why keep endorsing other products when he could launch his own?
Personally Branded Products
George Foreman believed he had discovered the key to growing his products: market items with his own name.
His next venture into personally branded items was the George Foreman Signature Collection, a clothing line launched in 2004 in collaboration with Casual Male which had just achieved $320 million in annual sales at the time.
Casual Male was so enthusiastic about partnering with George that they put him on their board of directors.
“'We had known that George shopped at our stores and his wife shopped for the other five Georges (his sons) -- so it was natural to talk to him. When we pitched him, we said we wouldn't just put his name on clothes -- everybody does that. But we told him about George Foreman Comfort Zone, and he came to believe in the technology.”
Foreman struck a royalty deal with the company, with Casual Male reporting the royalty was essentially built into the product. For example, if a pair of pants would normally be listed at $42, they’d be priced at $45 as part of the George Foreman Signature Collection.
During the 2004 launch, Casual Male Retail Group reported a $5.1 million loss in Q1, doubling their Q1 2003 losses.
This was partly due to the additional $3.4 million spent on marketing the new clothing line, even though sales were up $10 million quarter over quarter.
Despite initial reports of good sales, the collection faded from public discussion by 2005. As of 2024, the line is no longer sold by Casual Male, now called Destination XL Group.
Take it on the Chin and Fight Back
Despite the mixed success of his clothing line, George didn't give up on personally branded products.
In 2005, he launched George Foreman’s Knock-Out Cleaning Products.
He taught the whole world how to cook, now it was time to show the world how to clean up after themself.
“Put your name on something, it better be the best.”
But Knock-Out Cleaning Products didn't fare well.
The brand, under George Foreman Enterprises, became eligible for public trading in 2005. Unfortunately, the products were primarily sold in brick-and-mortar stores, missing out on online sales opportunities.
Taking a look at the website in 2024, it looks dated–almost like it hasn’t been updated in two decades!
The last quarterly report for George Foreman Enterprises was filed on November 14, 2011, before the company was suspended from trading by the SEC in 2013.
While George Foreman proved he could sell with the Foreman Grill, this success didn't necessarily transfer to his other ventures.
Media
Foreman made his big-screen debut during the peak of his fighting career with a cameo appearance on “The Six Million Dollar Man” in 1975, giving him his first taste of Hollywood.
But during his first retirement, he stepped away from the media completely before making several appearances in documentaries covering the famous Rumble in the Jungle with Muhammad Ali.
His documentary appearances began with "Champions Forever" in 1989, which covered some of Muhammad Ali's greatest moments.
He also appeared in four other Ali documentaries: "Facing Ali" (2009), "I am Ali" (2014), "What’s My Name" (2019), and the most famous, "When We Were Kings" (1996). The latter took 22 years to edit and finance, and featured behind-the-scenes footage on the Rumble in the Jungle–taking home an Oscar.
After achieving significant business success, Hollywood opportunities began to open up for Foreman.
His first reality show, "Family Foreman," aired in 2008, showcasing his life as a father, monk, and entrepreneur. However, it only lasted one season due to poor ratings.
Over the next decade and a half, Foreman made cameos in movies such as "Night at the Museum," and starred in a reality TV series called “Better Late Than Never.”
Eventually, he became the producer of a film based on his life: "Big George Foreman." Released in 2023, this biographical sports drama starred Khris Davis as Foreman and detailed his journey from boxer to preacher to world champion, receiving decent reviews.
Active Author
Off the big screen, George has kept busy over the years as an active author, releasing over 15 books that complement his public ventures. His books span three categories: Cooking, Biographies, and Self-Help.
Cooking:
George Foreman’s Indoor Grilling Made Easy
George Foreman’s Lean Mean Fat Reducing Grilling Machine Cookbook
George Foreman’s Knock-Out-the-Fat Barbecue and Grilling Cookbook
The Next Grilleration: Great Grilling Recipes
George Foreman’s Big Book of Grilling, Barbecue, and Rotisserie
50 Great George Foreman Recipes
George Foreman’s Big George Rotisserie Cookbook
The George Foreman Next Grilleration G5 Cookbook
George Foreman Grilling Playbook
George Foreman: The Next Grilleration
Biography:
By George: The Autobiography of George Foreman
God in My Corner: A Spiritual Memoir
Let George Do It!
And the Fans Roared
Fighting Words: The Greatest Muhammad Ali Stories Ever Told
Self-Help:
George Foreman’s Guide to Life: How to Get Up Off the Canvas When Life Knocks You Down
Going the Extra Smile
Fatherhood by George: Hard-Won Advice on Being a Dad
Knockout Entrepreneur
Given his experiences, these categories align well with his personal branding and have undoubtedly sold numerous copies over the years.
The Success Strategies of George Foreman
Learn to Sell: Foreman understands that the world revolves around sales, whether it’s selling products or selling yourself.
Be a Sponge: When he entered the business world, Foreman recognized the importance of humbling himself, learning continuously, and adapting to new environments.
Put up a Fight: Business is a contact sport, and Foreman brings the same tenacity and resilience from the boxing ring to his business ventures.
Take it on the Chin and Keep Trying: George embraces every opportunity, understanding that each one provides valuable lessons, whether it ends in success or failure.
The Bottom Line
George Foreman is an expert marketer. Whether you choose to accept it or deny it, the cultural impact of the George Foreman Grill is undeniable.
He’s a fighter and a builder, constantly seeking ways to innovate and expand his brand.
The key takeaway from George Foreman is that learning to market and close sales is essential for success in any business.
You can have the greatest product in the world, but if you don’t get it in front of the right eyes and solve their problem, you’ll never make it in business.
“The world is full of people who want to play it safe, people who have tremendous potential but never use it. Somewhere deep inside them, they know that they could do more in life, be more, and have more — if only they were willing to take a few risks.”
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