ENTREPRENEUR: Jim Tselikis & Sabin Lomac
PITCH: Cousins Maine Lobster
ASKING FOR: $55k for a 5% stake
These two cousins are bringing Maine lobsters to Southern California via their amazing Lobster Shack on wheels. They want another truck or two to help them keep up with demand. The cousins serve up some tasty lobster rolls to some hungry sharks. They have $150,000 in sales and have only been open for two months. The cousins say they are locked in with their suppliers as far as pricing, so prices won’t go up offseason.
DO THE SHARKS BITE? Mark wants to know what the economics of the truck are, but goes out when he feels the guys are dealing with nonsense from the other sharks. Kevin wonders why these guys are estimating the value of their company at over $1 million. The evaluation is too high for him. He’s out. Daymond also thinks the evaluation is too high and wants the guys to make him a better offer. When they offer 7 or 8 percent, he goes out. Robert offers them $55k, but he wants 25%. Barbara makes the same money offer for 17% equity. This inspires Robert to offer $100k for 25%.
THE RESULT The cousins want to know about strategies. Barbara has some great marketing ideas. The fact that Robert feels these guys want him to prove himself to them has him pulling his offer. He’s out. The guys counter with 12%. Barbara knocks her equity request down to 15%. This has the cousins welcoming Barbara into the family.
WANT TO KNOW MORE: Visit http://www.cousinsmainelobster.com/
Dallas Robinson and Mike Buonomo invented the only mix-and-match lip balm kissing product – each balm has a complimentary flavor that interacts with your loved one’s. They made a deal with Mark which led them to selling over a million dollars in Kissstix products. They are in over a thousand retailers and are getting even more chains involved.
ENTREPRENEUR: Zach Crain
PITCH: Freaker USA
ASKING FOR: $200k for a 10% stake
Zach has created a stretchable product called the Freaker that can fit every beverage in the world. He has dozens of designs. He shows the sharks a video that details how he created a product that will put an end to moist handshakes around the world. Zach has been in business for 13 months and has about $320,000 in sales in about 200 stores. He has a patent on his product.
DO THE SHARKS BITE? Kevin thinks Zach’s company is worth at most $400k, so he’d want at least 50% for the $200k. Zach can’t go for that, so Kevin is out. Barbara loves Zach, but she can’t buy into the value of the company. She’s out. Robert also likes Zach, but he’s out, too. Daymond doesn’t feel passionate about the product, so he’s out. Mark feels there are some unique opportunities here, but he couldn’t deal with all the playful “beeping” Zach seems to do all the time. He’s out. This leaves Zach beeping/backing out of the tank without a deal
WANT TO KNOW MORE: Visit http://www.freakerusa.com
ENTREPRENEUR: Tania Patruno & Brandon Jacobs
ASKING FOR: $250k for a 15% stake
BEST PART OF THE PITCH: Tania and two-time Super Bowl champ Brandon Jacobs pitch their unique, protein-infused flavored water. It’s all-natural and great-tasting. Tania has already got the drink into over 3,000 stores in the New York area. She needs an investment to fulfill her purchase orders and propel the product into the national market. Brandon isn’t an investor, but he says his teammates loved the drink during their Super Bowl run. Tania has done $126,000 in sales in three months.
DO THE SHARKS BITE? Robert thinks the drink tastes bad, but that’s because he usually doesn’t take protein drinks. Kevin says Tania’s distributors are taking in more money than she is. She’s not worth the evaluation of the company, so he’s out. Mark believes that everyone will be trying to knock her off, so he’s out. Barbara thinks Tania should utilize Brandon more. The confusion of her message has her bailing on a deal. Robert doesn’t understand the space the product is in. He’s out. That leaves Daymond, who offers $250k for a 30% stake contingent on a deal with a supplement company called Bad Ass.
THE RESULT Even though Tania knows that Daymond has cut the value of her company in half, she also knows he can navigate through important meetings to get the best deal. She accepts his offer. Perhaps they’ll work out the details over protein drinks.
WANT TO KNOW MORE: Visit http://www.pro-nrg.com
ENTREPRENEUR: Mona Weiss & Scott Shields
PITCH: Eco Nuts
ASKING FOR: $175k for a 15% stake
Mona and Scott have created a line of eco-friendly cleaning products packaged with little to no plastic. They use an organic berry found in the Himalayas for use in laundry to release a natural soap. You can reuse the berry up to 10 times. They’ve captured 90% of the soap berry market in less than three years. They did about $100k in sales last year and are on track to for $250k for the current year. They have a proprietary sterilization process. They’ve doubled and tripled their business every year and have secured many fans via social media.
DO THE SHARKS BITE? Kevin doesn’t feel their company is worth what they are saying today, so he’s out. Daymond doesn’t like that Scott said this was a million dollar market when it isn’t. He’s out. Robert agrees that he should have known the numbers before stepping into the tank, but would like to get into the business because he thinks it can grow. He wants 50% of the company. Mona then says that he’d better be working 16 hours a day in their company like they do for money like that. This attitude doesn’t sit well with Robert, so he’s out. Mark doesn’t like their marketing at all. He’s out. Barbara thinks the best part of their pitch was them as a couple. She’s out. Kevin still doesn’t want to give them any money, but he does offer to marry them right there in the tank. That offer is rejected as well.
WANT TO KNOW MORE: Visit http://EcoNutsSoap.com
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