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Liquid Money on the Shark Tank
Liquid Money Fragrance - Season 3 - Episode 301 - Update
|Pat McCarthy demonstrating|
Liquid Money Cologne on the Shark Tank Show
Real Money mainly consists of cotton, silk and linen and these are also the main ingredient's used to reproduce the smell of the Money Cologne.
When McCarthy first got started in recreating the smell of Money, he was very surprised that there was no trademark on the Money Fragrance. He quickly filed for and now has secured that trademark on this rather unique fragrance. At the time he entered to the Shark Tank, McCarthy had $52k in sales year to date and very little retail space to speak of. He states that CVS is very interested in possibly carrying his unique fragrance but has not signed a deal as of yet. Pat has put about $50k of his own money into this venture and now wants to make the smell of Money a Global Brand.
There has actually been studies in Japan where they pumped in the fragrance of money into factories and seen production pickup. It's called Ambient Sensing which is an established $100 million dollar a year business and growing. Mark Cuban seems more interested in that business then he does in selling perfume. Pat says he has also been approached by Banks that want to use the Liquid Money Fragrances as promotions for their customer's which seems like a good marketing strategy for this product.
McCarthy proudly states that he put out just one press release for the Liquid Money Cologne and it exploded around the world. He starts naming off different countries when Kevin O'Leary reminds him he only has $50k in sales. Daymond John, no stranger to this market, says that the fragrance market is solely based on Advertising and the $100k he is asking for would only pay for one page in a Big Magazine. He will need at least a few million to get the Advertising needed to make the Liquid Money a success.
Now comes the part that doesn't make a lot of sense, let alone cent's or even dollars. Pat has invested $50k into the Liquid Money business thus far. He has approx. $50k in sales within the last year and he is asking for a $100k investment for only 5% of the company which he values at $2 million. McCarthy then admits that this is a last ditched effort to keep the Liquid Money Brand afloat and he would prefer not to invest any more in this business. Then why such a high valuation and such a low percentage offered to the Sharks? Daymond John likes the unique concept but is not even close to this valuation to actually invest in this Brand. John offers McCarthy the $100k but wants 80% of the Liquid Money to mainly license the Brand. Pat refuses Daymond's offer and never counter's with a more realistic valuation that ultimately leads with no deal from any of the Sharks.
Liquid Money Update after the Shark Tank
Pat managed to get on one of my favorite Shows I have been watching ever since it first went on the air. CNBC last year did a segment featuring this product with one of my favorite announcer's, Mark Haine's. He has been on the show since the beginning when Maria Bartiromo was still giving live updates in the trading pits for the first time in T.V. History. Mark passed away shortly after this interview with McCarthy which gives it an added special meaning to me. Haine's, as always, told it EXACTLY how he seen it and you could always trust you will get his honest opinion, on everything, every time.
When Mark Haine's first smelled the Liquid Money Fragrance while on Live T.V., He was convinced he had smelled enough real money and this fragrance Did Not smell like the real thing.
Fortunately for McCarthy and the Liquid Money Brand, Mark proceeded to take a wad of real money out of his pocket and compare the two fragrances side by side. Haine's was genuinely surprised that they did indeed smell the same and this was no gimmick just playing off the name.
McCall has since then managed to get liquid Money into a growing list of retail stores across the country but has opted not to take the Sharks advise and go the licensing route, at least not yet. It also looks like the price of Liquid Money has gone up since it first appeared on the Shark Tank and now sells on the site for $42.00 per bottle. Not cheap, but neither is the Sweet Smell of Success.
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