- All five sharks consider business propositions.
- In this episode of Shark Tank, several entrepreneurs presented their business ideas seeking investments from the sharks (Mark, Daymond, Kevin, Barbara and Robert).
First up was Derek Pacqué with "CoatChex," a ticket-less coat checking system. Derek, a 23-year-old recent college graduate, was seeking $200,000 for a 10% stake in his business, which was a franchise for the technology. However, he hadn't made any sales yet, and this bothered Mark Cuban, who felt Derek should have sold some franchises already. Daymond John was also displeased with Derek's valuation of the business at $2 million. Derek claimed to have a patent that could be applied to other Bailment situations, and each unit sold for $1,500, with franchises receiving 15% of the revenue. Despite Derek's effort, Daymond deemed the product non-unique and opted out, while Kevin O'Leary passed as the business was seasonal. Barbara Corcoran didn't believe there was a problem that needed solving and also declined to invest. Robert Herjavec asked Derek for another offer, to which he offered $200,000 for 15%. However, Robert wasn't interested, and Mark came forward with an offer of $200,000 for 33%. This caused Daymond to be upset, and ultimately, Derek rejected Mark's offer.
Next, Jay Kriner pitched "Bev Buckle," a belt buckle that doubled as a beverage holder. Jay sought $50,000 for 10% equity, and he had sold 4,000 units over four years, generating $340,000 in sales. The product was patented and cost $10 to produce, retailing for $35 to $110. He had interest from retailers and sports venues, but he faced issues with a manufacturer delivering products with a high defect rate. Jay also lacked sufficient working capital for purchase orders and needed a regular job to cover his expenses. Daymond passed on the deal, questioning the value of the lists without purchase orders. Mark also declined due to the business's persisting issues. Robert offered $50,000 for 75%, while Kevin offered $50,000 for no equity but a 12% royalty. Barbara proposed $50,000 for 51%, and Jay ultimately decided to accept Barbara's offer.
Then, Tod Miller presented "Body Walking," a massage service where the masseuse stood on the client. Tod sought $100,000 for 10% equity and had certified 30 body walkers in seven years. Tod is a Tri-athlete and trains for 9 months for event for each race. While he was passionate about his business, Mark Cuban was concerned that Tod's efforts might not align with his passion. Consequently, Mark opted out. Barbara didn't find the concept unique and also passed. Kevin, Daymond, and Robert also decided not to invest, leaving Tod without a deal.
Lastly, Maria Curcio and Veronica Perlongo pitched "Buggy Beds," a bed bug glue trap business. They sought $125,000 for a 7% stake and needed help with big-box distribution. Their product was designed as an early detection system, patented in 34 countries, and had a trademarked name. They manufactured the product in-house, with a cost of $1.35 and a retail price of $7 to $9. Buggy Beds had generated $150,000 in sales and secured deals with Home Depot and BCF stores. Profits of $100,000. They even turned down a $5 million offer for their trademark and patents. Kevin and Daymond offered $250,000 for 25%, while Barbara proposed $150,000 for 15%. Mark, Barbara, and Robert joined Kevin's deal, leading to a combined offer of $250,000 for 25%, which Maria and Veronica accepted.
An update was also provided on "Readerest" from a previous episode. Rick Hopper partnered with Lori Greiner for magnetic holders for glasses. The business had its manufacturing facility and produced 14,000 units per day. Sales soared from $65,000 to $3 million in just ten months, with deals secured with Walmart and Walgreens. The company projected even more significant growth in the coming years, with estimates ranging from $30 to $50 million in sales.
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