Sharks Tear Check Up and Walk Away From Deal
It's hard to imagine anyone going on a Show like the Shark Tank and getting a deal with 3 very successful investors, only to have the check torn-up and the very last minute. You jump through all the hoops to get on the Show, successfully make a deal and pass due diligence, go to the closing and completely blow the deal. If you want to learn how NOT to deal with the Sharks, you might like to watch this video with Kevin O'Leary and Robert Herjevic in the first season of the Dragons Den filmed in Canada.
I had to watch this video a few time's and I'm still completely stunned something like this could happen so close to completing the deal. I almost felt a little sorry for Chris Nguyen, the entrepreneur behind the Jobloft.com concept, but it was his choice not to speak-up when he had the chance and a $200,000.00 check already in his hand.
Clearly the teacher that helped grow Jobloft to that point had a major problem with the deal concerning the Sharks long before closing day. In Business timing is everything, and this clearly wasn't the time. Asking the question "No offense but did any of you get a business degree" AFTER they just accepted a $200,000.00 certified check, is about as dumb as it could possibly get. The teacher might have had some good ideas for the business, but was it really a good time to start teaching a class? Watching the Sharks get a 12 minute business lesson is a classic moment I won't soon forget. LOL, that's just too funny.