Last into the tank is Richard Elden of dbest Products, seeking $350,000 for five percent equity.
dbest Products specializes in storage products aimed at making life easier. According to their website, they have mastered the perfect lightweight, collapsible cart. With a motto of “life is tough…We make it easier,” dbest Products offers the Smart Cart, Trolley Dolley, coolers, stair climbers, backpacks, the Quik Cart and more. The storage products are available in a variety of colors and patterns.
At the time of his pitch, they did more than $5 million in sales in less than a year, which makes the sharks wonder why he’s there—he says the reason is because he has to fund inventory. His products have been presented on QVC.
Daymond John offers $350,000 for 15 percent with a guarantee to finance all future orders, while Kevin O’Leary offers $350,000 as a line of credit at 18 percent with five percent equity. Robert Herjavec finds it a bit all over the place and goes out. Lori Greiner then offers $350,000 for 15 percent, to which Mark Cuban replies that she is underselling herself.
Cuban then proposes he and Greiner offer $350,000 at 20 percent with $2 million in financing at 15 percent interest. Before he can counter, John goes out. He then counters $700,000 for 15 percent equity plus a line of credit to fund orders. Cuban and Greiner don’t believe that’s enough equity. Ultimately, he accepts Cuban and Greiner’s original offer.
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.
Author: Erica Abott