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For many of you who use Shark Tank for its educational value, the most recent episode was certainly not short on entrepreneurial lessons. Contestants on this episode (and viewers at home) learned valuable lessons about the importance of business acumen and being able to answer money-related questions on the spot. Did you miss the most recent episode? Here’s a recap of what happened:
The Ave customized clothing shop seeks $125,000 for 15% of business
First into the tank was Nick Romero, owner of The Ave, a completely customizable clothing shop located in Venice Beach, California. Romero asked the Sharks for a $125,000 investment, in exchange for 15% of his business. Romero shared with the Sharks some pretty impressive statistics. In the year since The Ave has been open, Romero has generated $570,000 in revenue, equating to $150,000 in profit, all from a 450-square foot storefront. While the Sharks seemed interested in the business idea, they seemed less interested in having Romero for a business partner. Mark Cuban started slinging some questions. While Cuban could tell Romero was a smart businessman, he was concerned about Romero’s ability to smartly spend a $125,000 investment. He asked Romero what kind of paycut he would take for himself, and Romero responded that he could “live with six figures.” That was the nail in the coffin for Cuban, who wanted Romero to show that he was hungry and would fight for his business, even if it meant living on macaroni and cheese. Once Romero gave the Sharks a reason to doubt his work ethic, they were out.
Shark Tank Success Story: Ride On Carry On
This episode treated viewers to a small update from Ride On Carry On, a company that manufactures a system to equip suitcases with small folding chairs to easily tote toddlers when traveling. Ride On Carry On made a deal with Barbara Corcoran, and has since seen great results. The company has gone from $40,000 in sales before Shark Tank, to now over $500,000. Congrats!
Barkems traveling dog meals requests a $100,000 investment
Next into the Shark Tank was Blake St. Clair, representing his on-the-go dog food, Barkems. St. Clair was seeking $100,000 for 51% of the company. Barkems is an all-inclusive prepackaged meal for dog owners to pack when they’re traveling. Rather than having to tote dog food, water, dishes, and treats, Barkems contains all of those in one simple package. As usual, the Sharks wanted to get to the bottom line, so they asked St. Clair about his costs. The Barkems packaging costs $0.64 to manufacture, and St. Clair said he aims to sell each unit for $2.50-$3.00. Unfortunately, as much as they loved St. Clair’s dog, Rummy, the Sharks just didn’t see the value in Barkems, so they all bowed out.
Brewer’s Cow Ice Cream lobbys for a $125,000 scoop
If you’ve ever thought of combining your love of beer and ice cream into one product, this next segment will appeal to you. The Shark Tank hosted Brewer’s Cow Ice Cream, who sought $125,000 for 15% of the company. Because “the proof is in the pudding”, each judge received a sample of the ice cream to try, and even self-proclaimed beer aficionado Cuban gave Brewer’s his seal of approval. However, the Shark Tank segment soon soured when the Sharks asked the Brewer’s crew for information about their current sales. While Brewer’s currently has $50,000 in sales, they were unable to provide the Sharks with the value of their new deal with Whole Foods, or the amount of revenue they would need to be profitable. All of the Sharks were out, but not before Kevin contributed his $0.02: “I’m out because you guys are ice cream bozos!”
Go Go Gear looks to land $300,000 deal for 15% of company
Last into the tank was Go Go Gear, seeking $300,000 for 15% of the company. Amatuer designers and co-founders Arlene Battishill and Desiree Estrada came up for the concept of Go Go Gear after they found a distinct lack of fashionable gear available on the market for motorcycle and scooter-riders. What they came up with was sleek, modern, and tailored motorcycle and scooter gear for men and women. Go Go Gear boasts $172,000 in sales in the last year, and products are currently being sold in 25 stores. While initially the Sharks seemed interested in the company, the more the women talked, the less interested they became. Battishill and Estrada admitted making many major business mistakes with their money, but remained confident that they had “learned a lesson” (though they repeatedly mentioned taking their business to Europe after being discouraged by the Sharks). After hearing this, all the investors in the Shark Tank were out… except Daymond John. Daymond showed interest, however he was not on board with the company’s $2 million valuation. The women stepped out of the room for a moment, and when they returned, they increased investor equity from 15% to 38%… and then to 50%…. and then to 55%…. and finally to 65%. When he heard the valuation he was looking for, Daymond made a deal with Go Go Gear.
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