‘Shark Tank’: Kevin & Lori Battle Over an Outdoor Furniture Company (RECAP)
Spoiler Alert
Tonight on Shark Tank, guest shark Anne Wojcicki joined Mark Cuban, Kevin O’Leary, Daymond John, and Lori Greiner as four hopeful businesses — Gallant, Mrs. Golfarb’s Unreal Deli, Terra Core, and Outer — presented their proposals in hopes to land a deal.
Gallant
Aaron Hirschhorn was first in the tank and introduced the Sharks to his cutting-edge stem cell technology designed to save pets from diseases in the future.
“You can now save your pets’ young healthy stem cells,” he explained. “They’ve been shown to extend healthy life as much as 30%. That’s years more with your best friend.”
Asking for $500,000 for 2% of the company, Aaron added that he only charges customers $95 a year to store their pets’ stem cells.
Anne expressed skepticism about the company, and her skepticism alone was enough to make Daymond pull himself out of the conversation. “If Anne’s nervous, I’m out,” he said.
“I believe in what you’re trying to do but I don’t think you’ve got it figured out,” Mark added, before also going out.
Mr. Wonderful threw in two offers — $500,000 for 2% plus an additional 2% in options OR $500,000 for 1% and a $10 royalty for every kit sold. Lori and Anne decided to team up together for a joint deal of $500,000 for 8%. “I really believe in this,” Lori said. Aaron countered Lori and Anne with 4% and they countered back with 5%. And a deal was made!
Mrs. Goldfarb’s Unreal Deli
Jenny Goldfarb was next up in the tank, seeking $100,000 for 10% of her business, Mrs. Goldfarb Unreal Deli, a vegan alternative to deli meat.
“I wanted to create a healthy rendition to the classic deli meat I grew up on,” she said. After eating meat her whole life, she made the chose to go vegan five years ago after seeing videos of animal cruelty. Since then, she had to reconfigure her cooking methods. “I figured out how to cook through the produce aisle and the grains aisle,” she said, adding that there were a lot of vegan options for burgers, but none for deli meat.
As for numbers, they’ve sold $10,000 from local delis within just a few months as well as $2,000 in 24 hours from their e-commerce store.
Kevin was first to throw in a deal, offering $100,000 for 20%. Mark, who is a vegetarian, also expressed interest and offered $250,000 for 20%, but he asked that she didn’t hear from any other sharks. And just like that, Mark made a deal.
Terra-Core Fitness
Fitness expert Greg Nigro joined the tank to teach the sharks about his innovative and multifunctional exercise device, Terra-Core, which has lifetime sales of $2.1 million. It’s a step, balance trainer, and workout bench, all in one.
But despite the impressive sales, they are only on track to break even this year because the product costs $73 to make. However, Aaron added that the company has plans to get that number much lower.
Daymond saw the vision and offered $300,000 for 40%, while Kevin chimed in and offered $300,000 for 15% with a $20 royalty that will go away after $1 million is paid back to him. Aaron counted to Daymond with $300,000 for 20%. Daymond revised his deal to $300,000 for 30%.
Lori, who did $100,000,000 in sales within her year partnering with Simply Fit Board, made an offer of $300,000 for 22.5%. Anne also threw in an offer — $300,000 for 17% plus $10 a board in perpetuity. But out of the four sharks who made offers, Greg chose Lori and walked away with a deal.
Outer
Finally, Terry Lin and Jiake Liu were the final entrepreneurs in the tank, seeing $750,000 for 4% of their unique outdoor furniture business. Outer offers outdoor furniture with eco-friendly materials that prevent cushions from getting wet or destroyed by changing climates.
The sharks were immediately hung up by the $18.75 million valuation, especially since the company is not yet profitable.
“You know the valuation is crazy. You know exactly what’s going to happen to you here, so I’m out,” Daymond said. Anne also dropped out, saying that she doesn’t think the company is “world-changing.” Mark removed himself as well, saying that it wouldn’t be enough stake in the game.
Mr. Wonderful, on the other hand, made an offer of $750,000 for 20% while Lori offered a $750,000 as a loan with $20 in royalty per chair until she gets $1 million and then will drop to 10%. The entrepreneurs asked Kevin if he would match Lori’s deal.
“If you want him to match my deal and chose him over me, I’m out,” Lori said. “You should not even have to think about that.”
Kevin revised his offer to be better than Lori’s on purpose — $750,000 as a loan for 5% plus a royalty of $20 per unit until $1 million is paid. Terry and Jiake then countered to Lori, asking for $750,000 as a loan for 4% stake plus a royalty of $20 per unit sold until $750,000 is paid back. Lori wasn’t blown away by the counter, who suggested $750,000 as a loan with 3% interest for a 5% stake plus a royalty of $30 per unit sold until $1 million is paid. And she made a deal.
“Kevin actually made a better offer but Lori won us over,” the entrepreneurs said after walking away with a deal.
Shark Tank, Sundays, 9/8c, ABC
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