Shark Tank Episode 420
Rerun from 3-1-2013 - Update July 5, 2013
Shark Tank Episode #420 is set to air again Tonight 6/5/2013 at 8 p.m (9 p.m. Eastern) where a few businesses take full advantage of being on the Shark Tank Show. In only 4 short months, three of these businesses have grown substantially while the Featured Update Business, Surf Set Fitness, continues to ride the wave of success from their appearance on the Shark Tank.
Nuts N More Update
Nuts N More's three business partners Peter Ferreira, Dennis Iannotti & Neil Cameron entered the Shark Tank looking for a $250,000.00 investment for a 20% stake in their nutritious peanut butter blends. At the time they had over $100,000.00 in sales with a major distributor interested in carrying the Brand. In the end, they made a deal with Mark Cuban and Robert Herjevic the $250k structured with $75k now and the remainder $175k held for future purchase orders, for a 35% stake in the nutritious peanut butter business.
In the Shark Tank Finale of Season 4, Robert Herjevic said that "the Nut's N More Guy's have been going nut's". He then went on to say his investment in Nuts n More has been one of his best investments he's ever made on the Shark Tank.
With the huge success they have had since their appearance, the trio has now opened up the very first store carrying the exclusive Nut'snMore Brand to help keep up with demand for their High Protein Peanut Butter Blends. They also just released a New Blend to co-inside with the rerun of their Shark Tank appearance called Cinnamon Raisin Almond Butter. It might not be the cheapest peanut butter and almond spreads around but it sure is some of the best I have ever tried.
PSI Bands Update
PSI Bands owner Romy Taormina came into the Shark Tank looking for a $250,000.00 investment for a 10% stake in these acupuncture wrist bands. With over a million dollars in sales the past year it seemed to justify such a high valuation until she revels only an 11% net profit. Romy also reveals the company is $600,000.00 in debt mostly from deferred payments her company still owes her for. Hugh? If you factor this in, it would probably wipe out any net profit and most likely be operating in the red.
Kevin O'Leary surprisingly does make an offer of $250k but he wants 40% of the business which Taormina flat out turns down. Apparently, she has no intentions of budging off the numbers she offered the Sharks and it was a take it or leave it proposition. No compromise usually equals No Deal for any contestant which was no different in this case.
Black Magic Neo Maglight Update
The Tattoo Removal Business started by Nick Gonzales & Kevin Mack came into the Shark Tank looking for an $80,000.00 investment for a 20% stake in the home tattoo removal device. The Black Magic works to break up the dark pigment ink's in the tattoo while not penetrating the skin. The cost for the tattoo remover is approx. the same as one trip to the doctors using laser treatment.
With sales of only 30 to 40 units a month before their Shark Tank appearance, they proved there is a market for this device as a cost effective way to remove smaller homemade-type tattoos. It's a great idea but the main problem with the Sharks was the liability of promoting such a product that could potentially open them up for a law suit. The Sharks might not have bitten but the public sure did with an overwhelming amount of support for an affordable way to get rid of unwanted tattoo's in the comfort of your own home.
Jeska Shoe Company Update
Jeska Shoe Company inventor Jessica Haynes has created a new way to change a stiletto into a wedge using a simple magnetic push and snap process. Jessica walked into the Shark Tank Show asking for a $70,000.00 investment for a 30% equity stake in her shoe business. She is still in the development stage with only a prototype and has taken out a loan from her parents to help get the business off the ground.
The Jeska Shoe idea looks like a very successful idea by all accounts but is unproven and will take a lot of money and time to make this a full fledged Shoe Company. Dispite a compelling story, none of the Sharks seem interested except for Daymond John. Having already built several Brands from the ground up, John knows exactly what it will take which is a lot of his time and commitment. It's obvious Jessica is backed in a financial corner and making a deal with the Sharks is her last perceived chance to make Jeska Shoe Company into a real successful business. John offers Haynes the $70k but he also wants 70% of the company if he is going to commit to making this Brand a Success. In other words, Daymond is offering to go to work for Jessica but he needs controlling interest to make it worth his time. Having the choice between 100% of a potential business that's already in debt or 30% of a business that you have a multi-millionaire Branding Expert helping you build was an easy decision for her.
It's been 4 months since this rather emotional deal was completed between Daymond and Jessica and I would love to say that you can now buy the Jeska Interchangeable Heal Shoes. Unfortunately, they're still not available at this time even though there seems to be a tremendous amount of interest from the general public. The last interview I could find with Jessica was a few months after episode #420 first aired which she said the deal with Daymond was still going forward in the Due Diligence phase
and was expected to close soon. No mention on either FaceBook or Twitter at this time but hopefully she will give us an update after Shark Tank airs tonight.
Surf Set Fitness Update:
Surf Set Fitness Owners Mark Hartwick & Sarah Ponn made a deal with Mark Cuban last year and they are all still riding the Shark Tank Wave. The goal was to get their indoor surfboards into fitness centers around the country and have an Army of Certified Surfing Instructors to teach this unique workout. By the looks of their Facebook page it looks like they are still traveling the country with one trip after another. There's even a picture of Mark Cuban with Former President Bill Clinton wearing a "Surf Set Fitness T-Shirt". You just cannot buy that type of publicity for any amount of money.
Getting on the Shark Tank Show is priceless indeed.
Getting on the Shark Tank Show is priceless indeed.