One of the Best Shark Tank Episodes #402 Update
|Shark Tank Season 4|
The Buggy Beds Bug Traps is a perfect example of what "to do" if you want to make a successful deal on the Shark Tank. Maria Curcio and business partner Veronica Periongo came in prepared as anyone and managed to get all 5 Sharks interested in the bug trap business. Having already turned down a $5 million dollar offer, Maria and Veronica were convinced they had a true winner on their hands and weren't interested in negotiating as much as the Sharks would have liked them too. Staying calm, cool and collective, the pair made shark Tank History when they successfully secured a deal with all 5 Sharks who each have a 5 % stake in this multi-million dollar business.
If enthusiasm had value, then Derick Pacque the inventor of Coat Chex, would be a multi-millionaire many times over. But coming into the Shark Tank with a whopping $2 million valuation and no sales to back it up, is not a very good idea as we have seen time and time again. Mark Cuban is the only one that makes a $200k offer for 33% of the Coat Chex Business which still puts a $600k valuation. Mark can already visualize the Coat Chex systems at the Dallas Maverick Stadium and several high-end night clubs. These negotiations are worth watching multiple times in you ever want to make a deal on the Show.
If you already wear a belt with a buckle, you might as well get yourself a Bev Buckle and put it to use. This invention is definitely thinking outside the box, but I like it. Jay Kriner the inventor of the Bev Buckle, came into the Shark Tank with a Ba-BAM when he flipped his belt buckle into a bev buckle. Barbara Corcoran liked it so much she bought a 51% controlling interest in the business.
If there was ever a product brought on the Shark Tank that was right up Lori Greiner's alley, the Readerest Spec Secure has to be the one. Rick Harper the inventor of ReadeRest, was one of the first contestants in season 3 which was also when Lori first became a Shark. Already racking up over $20 million in eyeglass related sales, Greiner knew what a Hero looks like and want's a piece of the ReadeRest Business. Rick wanted $150k for 15%, but Lori offered $150k for 65% of the business. The ruthless Shark that she is (just kidding Lori) buys a controlling interest and wastes no time racking up millions of dollars in sales.
Is it wise to give up controlling interest in your business while on the Shark Tank? We'll for Rick Harper who only owns a third of his invention now, it proved to make him a millionaire (free and clear) within a year's time. Not too bad for a simple idea and having the QVC Queen Herself sell these things like hot cakes.