Buggy Beds on Shark Tank - Season 4, Episode 1
What kind of a business plan do you need to bring to the Shark Tank that will get all the Sharks excited? A product so unique (no competition) with patents in place, recent high growth sales, and orders coming from big box stores (Mainly Wal-Mart) should do it.
When Buggy Beds CEO Maria Curcio and business partner Veronica Periongo were the last entrepreneurs to appear on the first season's new episode premiere, you could instantly see they came to the show prepared. They were not willing to negotiate as much as a lot of contestants do
even though they were asking $125,000.00 for a 7 % stake in Buggy Beds. They were so well-prepared the Sharks asked them what they were even doing there. A very successful business that appeared not to need the Sharks investment money. Maria discloses they already had an offer of $5 million for the company they already turned down. The entire Shark Tank, as if on Que, all said, "WHOA." Daymond says he's itching to do this deal.
Negotiating with the Sharks for the Buggy Beds Company
Kevin O'Leary sensing a Very Good Opportunity asked Maria and Veronica to step outside so he could try putting together a joint venture with some of the other Sharks. When they returned he immediately offered them double the amount they were asking for ($125,000.00) to $250,000.00 but wants a 25% stake in the company. He also invites the other Shark into this per-arranged deal.
Daymond John says he wants in the deal. After O'Learly tries to justify the larger percentage for what they can bring to the table, Barbara Corcoran gives then another offer. An offer they must accept immediately or She will back out. Barbara offers them $150,000.00 for only 15% of Buggy Beds. Corcoran then lays on the "us ladies must stick together card" rather thick. They didn't make up their mind soon enough, and Corcoran takes Her offer off the table and declares "She's Out". The "Men" Sharks quickly decide to all come in on O'Learly's initial $250k offer for 25% and give Barbara one last chance. She's a smart business woman and back paddles back into the deal.
The final offer was made and Maria Curcio and Veronica Periongo had an offer that's never happened on the Shark Tank in it's entire History. All 5 of the Sharks with an accumulation of their contacts to take Buggy Beds to a Nationally known level. The Lady's knew they just got an offer they couldn't refuse and quickly agreed to go into business with all the Sharks on the Show.
What's It Take To Be A Success On The Shark Tank?
The Buggy Beds story no doubt will become one of the most successful products ever seen on the Shark Tank. This is a textbook case on what the Sharks are looking for in the product, the marketing, and the distribution to bring it to the next level. If you haven't seen this episode, it's we'll worth the time to watch on ABC.
More Info on the Buggy Bed Trap