There are several companies vying for investment funds from the “Shark Tank” millionaires but who walks away with cash and who simply walks away tonight? The “Shark Tank” tonight starts out with Erika Welsh and Keeley Tillotson and their product called Wild Squirrel Nut Butter which is a gourmet peanut butter they created in their college dorm apartment using a food processor. They are seeking $50K for a 10% share of the company which almost all of the sharks think is nutty except for Barbara Corcoran. Even though the product is heralded as great with four wonderful flavors, it does not appear these two college students understand the concept of hard work, time dedication, and sacrifice needed to survive in the business world. In addition to the fact the overhead does not allow much profit margin, they are probably right, but after all of the other sharks drop out, Barbara offers them the $50K for a 40% share of the company which they counter wanting to give up only 35% until the panel announces they are about to kick a gift horse in the mouth at which time they jump on the offer by Barbara before she can rescind it. She now is part owner in a peanut butter company; let’s hope she can make it profitable like she did with Daisy Cakes!
The company update this week is for Mark Cuban’s investment earlier this season in the cat drawing comic and business called I Want to Draw You a Cat which according to the owner has grown more than 3000% allowing him to diversify into another concept called I Want to Write You a Song for $99. Hmm…sounds interesting!
The next pitch in the shark tank tonight has to be a first…a band! Cab 20 is pitched by Tom Callahan who thinks he is the next music mogul and this is the next Matchbox 20. They are seeking $200K for a 20% share of the band but it is not a 360 offer and will not include any proceeds related to publishing which sets some of the sharks running at the get go. They play for the tank and although they sound a little but like Stray Cats, they are no where near as wonderful as Callahan wants everyone to believe. Kevin O’Leary is interested and makes an offer of $200K for a 50% ownership and wants it a 360 deal when a counter is stated fro $300K and 40% ownership. Robert Herjavec wants in and decides to partner with Kevin but they want to stay at $200K for 50% and the band needs to think about it and goes in the hall to discuss. They return with another counter of $250K for 50% which the two sharks promptly turn down stating the offer is $200K for 50% which Tom Callahan turns down stating he knows what they are worth which is basically squat so they leave the tank empty handed and probably the best for both near investment sharks! They could have fallen into the money pit as Daymond John states he had in the past! Perhaps they would have better luck auditioning for “America’s Got Talent!”
The next product in the tank this evening is Mix Bikini from Frank Scozzafava and Adam DiSilvetro who are looking for $50K for a 5% share of company…correction – make that 10%! Do these guys communicate or is this run by Frank? Anyway, the product is interchangeable parts to a bikini top in two designs and bikini bottoms in two designs which can be created from four individuals parts when ordered in addition to strings and rings. You create various looks by switching out the parts after purchasing new pieces at $9.99 each. It looks like an interesting idea, but as Barbara Corcoran states it does not look like a retail business. After Frank argues (loudly) with the panel, Barbara makes an offer of $50K for 25% which is taken. Let’s hope it a go on the Internet!
The final presentation comes from Billy Blanks, Jr whose father is the famed Billy Blanks of the Tae Bo fitness program. His product being pitched this evening is Dance With Me which is a different fitness program similar to Zumba but combines various forms of dance instead of just Latin. He and his wife, Sharon, are seeking a $100K investment for a 20% share of the company. The demonstration is great and after the hard luck story of how they were homeless and his father, Billy Blanks, is a cheapskate and never “spread the wealth” a note was touched with each panel member. Although everyone but Mark and Daymond drops out, it is clear they are moved just not knowing how they can make the business profit for them. Daymond offers $100K for a 50% share of the company or co-ownership and wants to use the distribution avenue he has established with Zumba to get the product line out in a hurry.
Blanks does not understand and thinks his brand and product will fall under the Zumba catalog and does not want that as he wants to make a name for himself using himself as his brand probably to show his father he is as good and achieved this without his help. It is kind of confusing and he turns it down even when Mark Cuban states he is onboard with Daymond. Daymond is so upset over the confusion and obvious misunderstanding, he chases Blanks out of the shark tank and sits him down to explain Blanks will keep his own brand and it is no different than using Walmart as a distributor which is the capacity Zumba will serve. After Blanks understands this, he becomes overly emotional in accepting the offer since it is exactly what he wanted. Whew! Thank the heavens that is settled and another great investment is rendered!
Image courtesy of “Shark Tank”