Jeff Foxworthy joined the Shark Tank the fourth episode of this season.
Ride On Carry On carries off $50,000 deal
First into the Shark Tank was Darrell and Randy Lenz with their business Ride-on Carry-on. They were seeking $50,000 for 25% of their business. Ride-on Carry-on is the chair that attaches to luggage, allowing parents to take their kids through the airport without having to carry them. When not in use the chair folds flat against the luggage for easy storage.
Darrell and Randy have been working on the business for 14 years, and have $20,000 in sales, but only sold $2000 last year. Ride-on Carry-on is a patented product that retails for $39.95 but only cost $7 to manufacture. The couple has no debt, and no inventory to fill an order for 2000 units… They needed the Sharks help.
Barber offered $50,000 to 25% of the business, and offered her marketing expertise to help grow the business. Kevin was only interested in the business if he could license the product to a major manufacturer. He offered them $50,000 for 20% of the license. The couple took Barbara deal.
Uncle Zip’s Beef Jerky seeks $25,000, can’t bring home the bacon
Ken Howell entered the Shark Tank with his business Uncle Zip’s Beef Jerky. He was seeking $25,000 for 20% of his business. Uncle Zip’s Beef Jerky is fresh tasting beef jerky with no additives or preservatives, which means it only has a two-month shelf life. In order to keep product fresh and free of preservatives, Ken wanted to build production facilities in major cities across the country. This way his beef jerky could be produced locally and get on the shelves right away before it expires. The problem with multiple production facilities is that there is a lot more overhead expenses to run those facilities, and there are less economies of scale (buying in bulk).
Ken has been in business for seven years, he started the business with his father, and for the first three years is making good money. After his father died his sales steadily decreased, and now he is only making between $40,000 and $50,000 a year.
Although the sharks like the product they could not see the value of the company and they were all out.
HillBilly Brands pitches country music clothes on Shark Tank
Third into the Shark Tank was HillBilly Brands. HillBilly Brand is a clothing and apparel company that appeals to the little bit of hillbilly in all of us. They mostly sell clothing to fans of country music.
(I live in Canada, and a different segment aired here for Sweat Gutr, I don’t want to spoil it for you so I won’t review this section. When I get details about HillBilly Brands pitch I will post it here)
Vinny Pastore and friend request $50,000 for The Brocolli Wad
Last in the shark tank was Johnny Gennero and Vinny Pastore (who was a regular on the first 2 season of the Sopranos). The Broccoli Wad is a money band that keeps cash, credit cards and your ID in one secure package. It’s made out of a high quality silicon band, which allows you to wrap all your money in one impressive package.
Johnny had an agreement with Vinny to use his image to market the product. Originally Barbara said it was the worst idea she’d seen on the Shark Tank, but when she realized that they could rebrand it the Vinny Wad she got interested again. Barbara offered $50,000 for 40% of the business; she would then give Vinny 20% of the company in exchange for the right to use his image and name. They accept the deal.