- A woman demonstrates her hair products by cutting her own hair; a baker with a healthy frosting creation; a sister and brother duo pitch their jewelry business.
- Sharks attending are Mark, Barbara, Kevin, Lori and Robert
In the Shark Tank episode, several entrepreneurs presented their businesses to the Sharks. Here's a summary of the deals made:
"Dollop Gourmet" - Heather Saffer pitched her non-GMO, vegan, and gluten-free frosting business. She requested $75,000 for a 20% stake in her company. The frosting had a one-year shelf life and was sold in 85 Wagner's locations, 215 Myer's stores, and 2 Whole Foods regions. Heather had previously experienced a loss of $20,000 in a bakery venture with the wrong partner. Her sales for the year reached $210,000 with 40% profit margins. The cost per unit was $2.3, and it retailed for $7, while the competition sold similar products for $1.5. Robert opted out due to his dislike for frosting. Kevin saw potential synergy with his Wicked Cupcakes business and offered $75,000 for a 33.3% stake. Barbara offered the same amount for a 30% stake. Lori didn't see it as a QVC product and opted out. Mark also passed on the opportunity. Heather negotiated with Barbara, and they ultimately agreed on a deal for $75,000 in exchange for a 25% stake in Dollop Gourmet.
"CreaProducts" - Mai Lieu pitched her hair cutting guide and associated beauty products. She sought a $200,000 investment for a 10% stake in her company. The products were designed to enable even hair cutting at home. In the previous year, Mai's sales reached $550,000. She had instructional videos on YouTube with 20 million views and 30,000 followers. The product retailed for $30, with profit margins of 66%. Mai generated profits of $155,000 in the previous year. Robert is out as its not a fit for him. Mark is out similarly, so is Kevin. Barbara is out as she doesn't like the product. Lori offered $200,000 for a 25% stake but wanted to re-engineer the product. After some negotiation, they settled on a deal for $200,000 in exchange for a 22.5% stake in CreaProducts.
"Yourself Expression" - Shelby (15 years old) and Gordy Gogulski (10 years old) presented their interchangeable accessories company. They requested $50,000 for a 20% stake in their business. Each jewelry piece came with a snap base, and the poppers were sold separately. The company generated sales of $365,000 that year, with products available in 90 retail stores. The cost of each popper ranged from 30 cents to 100 cents, while the jewelry itself cost between $1 and $4 and retailed for $10 to $14. The company reported profits of $80,000. Shelby and Gordy wanted a Shark's assistance to enter theme parks, cruise lines, souvenir shops, and explore sports and character licensing. Barbara felt there were too many SKUs and passed. Kevin believed it would be a nightmare to manage inventory and also opted out. Robert didn't see it as his fit, and Shelby became emotional, requiring Robert's consolation. Mark didn't consider it their best product and believed the business couldn't support an investor. Lori, not wanting to hinder their success, decided to pass as well.
"The Spooner" - Randy Putland, Reuben Guymer, and Bernie Miller pitched their training device that simulated surfing, skateboarding, and snowboarding. They sought a $400,000 investment for a 16% stake in their business. During the Christmas season, they sold $52,000 worth of products in just six weeks. The device cost $12 to produce and retailed for $45. Their sales that year reached $1.8 million, with 65% of their sales in retail specialty stores. Each founder received a $60,000 salary, and the company generated $400,000 in profits that year. Robert questioned whether the founders wanted the discipline that an investor could bring. Barbara offered $200,000 for an 8% stake. Kevin proposed a deal involving a $2/unit royalty until $800,000 was paid, with 3% equity. Mark and Barbara jointly offered $400,000 for a 16% stake, which the founders accepted.
In an update on a previous episode (Episode 616) about "PhoneSoap," Dan Barnes and Wesley LaPorte closed a deal with Lori for their phone sanitizing device. Their sales increased from $537,000 before appearing on Shark Tank to $4.9 million within a year. They expanded their team to 12 employees and acquired new warehouse space. They also developed a new product designed for bigger phones and tablets.
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