Shark Tank is a show that I have loved from the very first
episode of the first season. The thing
that I love so much about this show, besides all the numbers and neat ideas, is
the fact that this show can make such a huge difference for the companies and
products that appear on it. Products
doing under $100,000 in sales a year can skyrocket to over $1 million after
being on Shark Tank, whether or not they get a deal. Granted that these are the products that have
a lot of work and dedication being put into them, but my point stands. I love this show!
Tonight’s sharks are Mark, Daymond, Kevin, Barbara, and
Robert. (The Usual Five, but I always
enjoy it more when Barbara is not there and Lori is there instead.)
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| The Green Garmento bag has many different uses! |
First up is a company called Green Garmento. They are asking $300k for 20% of their
company. What is Green Garmento? It is a reusable bag to put laundry in for
dry cleaning. At the dry cleaner, they
will use the bag to put your dry-cleaned clothes in and hanger hooks can pop
through the top of the bag. The business
is making between $200-400k a year. It has
made almost a million dollars total in sales.
The bags can be customized and cost less than $2 to make. Plastic bags cost 5-15 cents per bag and aren’t
reusable. Green Garmento has a negative
side though. It isn’t making money and
is actually losing money. The company is
in debt to non-equity partners. No
offers were made. Another downfall for
the woman who owned Green Garmento was that she just didn’t know the numbers
for her company and that is one of the major rules of the Shark Tank.
You can buy the Green Garmento bag, as shown on Shark Tank, for $12.99 on the website @ thegreengarmento.com!
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| Ava the Elephant, a product that makes giving children medicine much easier. |
Next is the weekly update.
This week we’re being updated on Ava the Elephant. What is really neat about this company was
that it was given a deal, by Barbara, on the pilot episode of the show. The company is making around $1 million in
sales yearly. Now, the company is releasing
a new product: thermometer stickers, these are predicted to make $1 million in
sales on their own. All in all, the
small company has been very successful and has made a huge, positive impact on
the woman who owns the business and her family’s lives.
You can buy Ava the Elephant ($9.99) and pre-order the thermometer stickers on the website @ avatheelephant.com!
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| Grinds Coffee Pouches |
The second company of the night is Grinds, and it is run by
two baseball playing guys, one who even is signed with the Chicago Cubs. This is a chewable coffee product that is a
healthy alternative to chewing tobacco.
It is somewhat hard to describe the product, but each throw away pouch
contains the energy and amounts of a quarter cup of coffee. Grinds is seeking $75k for 10% of their
company. Barbara looks disturbed by this
product! LOL! They have $300k in sales
this year. They retail for $3.99 a can
and are $1.24 to make, but aiming for
lower production costs. Barbara is out quick. Kevin offers $100k for royalties, but no
equity. Robert and Daymond offer $75k
for 15%. Mark doesn’t want to make a
deal and goes out. Robert and Daymond are
counter-offered $100k for 15%, but turn it down, choosing to stay at $75k. The guys end up taking the deal with Robert
and Daymond.
You can buy Grinds coffee pouches for $11.99 per 3-pack on the website @ getgrinds.com!
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| My Cold Snap |
The third company of the night is My Cold Snap. These two guys are seeking $50k for 100% of
their company, but would like 12% royalty on future sales. The product is an “ice chest that fits in
your hand and keeps your drink cold.”
The cup has ice and water in it and is sealed with a waterproof
ring. They have $250k in sales, I
believe total sales. 20k units of
inventory are just sitting around waiting to be sold, and the product costs
about $1 to make per Cold Snap. Robert thinks
it is all too good to be true and needs more facts and details. The truth then comes out and the sharks find
out that the company is old and hasn’t sold much of anything since 2004. Daymond says they put the company “on ice.” Barbara says if you can’t be excited enough
to run your business, then how can it be expected that others would be excited
to run it. In the end, no offers are
made and My Cold Snap walks away empty handed.
You can buy a 4-pack of My Cold Snaps for $24.99 on the website @ mycoldsnap.com!
“Never invest in a business going downhill, because a boulder going down a hill cannot be stopped.” -Robert Herjavec
The last company of the night is accompanied by the owner of
CitiKitty, the product that trains cats to use the toilet! CitiKitty entered the Shark Tank at the end
of the second season, and walked away with a deal from my favorite shark of the
past, Kevin Harrington. That product
made over $5 million. She has partnered
with the inventor of the Hoodie Pillow.
This is a pillow with a hood attached so that you can sleep with a hood
on without the tugging of the hoodie and without being overheated by the actual
hoodie while sleeping. Over 3,000 units
were sold in 8 weeks’ time, a total of $60,000 from those sales. The sharks get a kick out of this as Daymond
tries it out. But the guy in charge of
the company explains how hoodies are loved because they shut the world off a
little bit. All they did was post one
link on Facebook and it went viral. This
product is for “anyone with a head that sleeps.” LOL!
But wait! A second product has
been paired into this deal, it is a neck pillow with a hood attached for
comfort while flying. (Side note: This is ABSOLUTELY HILARIOUS. You really have to check it out on the
website HERE.) Kevin offers $90k for
33%. The guy counter offers $100k for
25%, but Kevin doesn’t want to change.
Daymond offers $90k for 33%.
Daymond is offering more help to the company, like getting it on HSN and
with travel companies. Daymond is giving
a time limit and takes his offer back because he doesn’t want the price to go
up. Barbara calls it “pulling a Mark
Cuban.” (Note: Mark Cuban is known for giving a shot clock and when it runs
out, so does his offer. Much like in the
sport of basketball, because he is the owner of the Dallas Mavericks in the NBA.) Barbara wants to make a deal with
Daymond. Together, they offer $90k for
40% and a 10 cent royalty on each unit sold.
Robert offers $90k for 20%, which is what they’re asking for. Robert missed out the first time around with
CitiKitty and doesn’t want to miss out again.
They take Robert’s deal and the show ends tonight on a high note. Until next week!
You can buy the CitiKitty cat training product for $24.99 on the website @ citikitty.com!
You can buy the Hoodie Pillow for $19.95 on the website @ hoodiepillow.com!
Shark Tank airs at 9 pm on Fridays on ABC!
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