PSI Bands on Shark Tank
With an already clearly established product available in some of the most recognizable stores in the country, this should be a very interesting round of negotiations for the Sharks. Maybe a QVC play to help further the Brands awareness? No, they've already been on QVC as early as 2008. In fact the more I dig, the more I wonder what could the Sharks even offer this business? Maybe provide additional working capital to keep up with demand? Could be, but it seems this company's already way past that point, so there must be another reason to even consider coming to the Shark Tank and give-up part equity. Deal or No Deal, they're still obligated to give the producers of the Shark Tank a percentage of the acupressure business.
There's more to this story then meets the eye, and unfortunately, we all have to wait until this Friday Night on ABC to see how this all plays out.
PSI Bands after the Shark Tank Update:
Romy came into the Shark Tank looking for a $250k investment for a 10% stake in the acupressure business valuating it at $2.5 million. Robert Herjevic is the first to ask about sales for the last year when Taormina responds "almost a million dollars". They are already in over 6000 retail stores across the country with a gross profit margin of only 11% (a hundred grand). She also has $600k in debt that includes past deferred salaries from years ago which instantly turns all the Sharks off. Yes she actually had the balls to ask the sharks to cover her past salary with their investment in the company.
They all go out except for Kevin O'Leary who is the only one to make an offer for the $250k, but wants 40% of the company. Taormina instantly says no and refuses to make a counter offer. It appears that she came in the Shark Tank and had no intentions of negotiating as she steadfastly sticks to the 10%. NO DEAL
Both Mark Cuban and Daymond John said they Do Not TRUST HER. Very, VERY Sneaky!