This was an extremely entertaining episode! The Sharks did a couple of deals but I am not awarding any Sharky Awards for entrepreneurial excellence. Here’s why….
Patrick from TITIN got a deal from Shark Daymond John, but I have a funny feeling this deal will never be consummated once it goes thru the due diligence process. Patrick’s company makes weighted body apparel that is used to increase athletic performance. His company had sales of $600K last year. Patrick said he would do $10 million next year….”easily”.
Mark Cuban said his “BS Meter was going thru the roof”. Mr. Wonderful said he thought Patrick was in the “arrogant ass category”. I thought Patrick had a “far away look in his eyes”. I just had a bad feeling about this deal.
In fairness to Patrick, he had previously been burned by an investor and was being very cautious. But I think all the Sharks had difficulty warming up to him.
Eric from Beardbrand made grooming products for men with beards. He was an intriguing and memorable character (he had a great bushy beard). He had sales of $800K but valued his company at $2.6 million which was WAY too high. Mr. Wonderful thought his business was worth about $600K.
Eric didn’t get a deal. I would recommend he ditch the kit and just sell his popular beard oil online. This would generate about $600K in sales at 90% margins. Eric would make a very nice living that way.
Eric and John from Singtrix valued their business at $30 million! This got the Sharks attention and they were all ears. These two were instrumental in developing the best-selling Guitar Hero game from Activision (pun intended).
They gave an extremely entertaining demonstration of their voice enhancement system that has 150 different effects. They sell the unit for $345 and expect to sell 30,000 of them next year.
They received three offers but they were miles from their original valuation. The best offer they received was from Robert Herjavec at a valuation of $7.5 million.
Talia from Myself Belts has had declining sales of kids belts for the last three years. She blamed the poor economy but Shark Lori Greiner told her that a good product thrives in any economy.
Talia was not a great listener and talked a little too much for all the Sharks except for Daymond. Despite her shortcomings, he made her an offer of $75K for 25% equity. She actually tried to counter his offer but ended up accepting Daymond’s original offer. She was very fortunate.