Beverly Vines-Haines and Charlotte Clary walked into Shark Tank to pitch Ice Chips Candy. They were asking for $250,000 for 15% equity in their company. Both ladies are grandmothers and have 37 grandchildren between them.
They are a family owned business and were seeking the money to expand into full manufacturing. In 2012 alone they have sold $342,000 and expect the final figure for the year to be $700,000 or more. Last year’s sales were $360,000.
Barbara offered $125k for 33% of the business. Kevin offered $125,000 for 20% and wanted to partner with Barbara. Barbara lowered her deal to 20% but won’t partner with Kevin. Daymond jumped in for $250,000 for 30%. Mark then offered to partner with Barbara. Kevin offered a new deal to partner with Daymond for 35% equity. Daymond then changed his offer to $250k for 25%. The sharks were circling!
In the end, they decided to partner with Barbara and Mark. Two Sharks are always better than one. If you or anyone you know has a new invention idea and needs help, please contact us at New Product Consulting.