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The Shark Tank was swimming with Sharks as Lori Greiner, Daymond John, Mark Cuban, Kevin O’Leary, and Robert Herjavec thoughtfully considered four businesses who came to The Tank seeking investment partners. Quikflip Apparel, CoyoteVest Pet Body Armor, BatBnB, and Fat Shack all came prepared to market their businesses to the Sharks. Three of the featured entrepreneurs left with handshake agreements from the Sharks.
Quickflip Apparel: Multiple Sharks Offer, Lori Greiner Comes Out on Top
Rener Gracie came to the Shark Tank seeking $500,000 for a 5% share of his company, Quickflip Apparel. This unique apparel company can turn any outerwear garment into a backpack using patented technology. Rener’s clothing line, which consists of hoodies, convertible crew necks, and waterproof jackets, can be worn during cooler weather and when it’s no longer needed, easily converts into a backpack to conveniently carry it. Quickflip Apparel has profited from $577,000 in total sales through their online direct-to-consumer model.
Can this company get flipped into a deal? #SharkTank #QuikFlip
— Shark Tank (@ABCSharkTank) May 13, 2019
The Sharks are very impressed by Rener as a businessman and entrepreneur, but they are also concerned with the product getting knocked off by low-cost competition. Despite their concerns, Kevin O’Leary, Robert Herjavec, and Lori Greiner extend offers to Rener to partner with Quickflip Apparel. He ultimately decides to counter with and accept an offer from Lori Greiner for $250,000 cash and a $250,000 line of credit for a 10% equity share.
CoyoteVest Pet Body Armor Leaves The Shark Tank Without a Deal
After a traumatic accident resulting in the loss of their pet, Paul and Pamela Mott developed the CoyoteVest Pet Body Armor to slow down or prevent a surprise attack from a predator or an aggressive pet. The moment the attacker feels the pointed spikes and whiskers on the design of the vest they are deterred from continuing the attack. The Motts are looking for a strategic partner that is willing to invest $250,000 in exchange for 10% equity in their company. They would like help in scaling their manufacturing process to be able to increase their inventory while driving down the costs of the product.
Will this product stay safe in the tank? #SharkTank #CoyoteVest
— Shark Tank (@ABCSharkTank) May 13, 2019
The CoyoteVest is being sold directly to the consumer through e-commerce and has generated $260,000 year-to-date. Although the Sharks are impressed with their margins, they are concerned that the market is too niche and it would be difficult to recoup their investment. They are also concerned that the valuation is too high. Although they believe that the product is clever and memorable, the Sharks decline to make CoyoteVest Pet Body Armor an offer.
BatBnB Secures an Investment From Kevin O’Leary
With winters getting shorter and warmer, insects like mosquitoes are coming out earlier and in greater numbers. This increase of pests can lead to the spread of pest-born diseases. Chris Rannefors and Harrison Broadhurst have created a natural solution to this pest problem. They have created designer bat houses that bio-mimics their natural habitat and allows bats to have a safe and convenient place to occupy. This allows them to be present and help naturally decrease the bug population without pesticides.
What do you think of this batty solution? #SharkTank #BatBnB
— Shark Tank (@ABCSharkTank) May 13, 2019
Chris and Harrison came to the Shark Tank in hopes of securing $100,000 in exchange for 16% of their company. The company was launched via crowdfunding 11 months ago and has generated $135,000 in revenue. They hope to increase their sales by pursuing local governments and municipalities that have large budgets for pest control. Kevin O’Leary is personally very interested in their product and offers them $100,000 for a 33.3% share to be equal partners. They accept Kevin’s offer and officially partner with Mr. Wonderful.
Fat Shack is a Step Outside of Mark Cuban’s Comfort Zone
Tom Armenti, founder of Fat Shack, was joined by his business partner Kevin Gabauer in the Shark Tank to pitch their restaurant chain in hopes of securing a $250,000 investment in exchange for a 7.5% equity share. Fat Shack is a restaurant that offers consumers sandwich and burgers that include all of their favorite snacks including french fries, chicken fingers, mozzarella sticks, onion rings, jalapeno poppers, and more all on one sandwich. They are looking for a partner that can help them expand further than their current 11 franchise locations.
Does this company have what it takes to make a fat deal? #SharkTank #FatShack
— Shark Tank (@ABCSharkTank) May 13, 2019
Although Fat Shack had $5.7 million in system-wide sales last year, the Sharks are concerned that there is not a lot of room for them to make money. They love the food and the taste of it, but they are also concerned about how unhealthy it is and how it would go against their standard investments that focus on healthy eating and living. Despite their reluctance and concerns, Fat Shack is able to secure a deal with Mark Cuban for an investment of $250,000 in exchange for a 15% share.
Which of the deals on this episode were your favorite? Would you have invested in any of these companies? Start the conversation in the comments section below!