Bev Buckle on Shark Tank - Season 4, Episode #1
|Belt Buckle/ Beverage Holder|
The Beer Buckle Holds A Bottle Or Can Hands Free with the face plate of the Bev Buckle having any number of designs. It was developed when out on the town with his Friends. He noticed beverages are hard to keep track of while your mingling and wanted a more convenient place to keep track of his beer.
Barbara's first reaction when Kriner hands all the Sharks a Beverage Buckle is "it's kind of heavy" not a good opening line, but She does like the idea. O'Leary asks if he has any sales. Yes, Jay has already sold over 4,000 units over 4 years. Ouch that's not what the Sharks wanted to hear. This equates to $340,000.00 in sales which help put the Sharks at ease a little bit. Jay also holds the patent and can produce the Bev Buckle for $10 each. The buckles retail from $35 up to $110. depending on the front design.
Keven O'Leary asks Jay what he would do if he gets the $50k. He pulls out two large envelopes and says the Sharks can decide which way the company grows. Option #1 is a list of stores that want to carry the belt buckle including Urban Outfitters and Harley Davidson to name a few. Option #2 is a list of major raceways including several Nascar events that's interested in carrying this convenient product. All these great opportunities but why hasn't anyone already written a check for this product yet. Jay says he has an issue. His last order he received from the manufacture came back with 26% of the orders defective which put the costs over the top.
Daymond John never a Shark to hold back takes Jays list of prospective buyers and tears it up. They are interested in carrying the Bev Buckle but non seem to be willing to write a purchase order along with a deposit for an order. Robert makes the first offer for the $50k Jay is looking for but he also wants 75% of the entire business. O'Leary basically calls Robert a thief trying to steal the business away. Keven the makes his own offer for the 50k and no percentage of the business. Instead Keven wants a 12% royalty fee for every buckle sold. Barbara jumps in willing to give Jay what he is asking for but for 51% controlling interest knocking Roberts deal off the table.
DEAL Barbara Corcoran successfully goes into the Bev Buckle Business and takes a controlling 51% interest for only $50k. It's a very unique product that will get people talking anytime you whip out your Bev Buckle. Word of mouth will Always be the Best Advertising money cannot buy. No doubt there will be a follow up success story for Jay Kriner and his belt buckle.
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