EPISODE 6
ENTREPRENEUR: Jonathan Miller, from Chicago, IL.
PITCH: Element Bars, custom energy bars, catered to the taste of the consumer ordering it. Currently shipping 1,000 bars per week, but he's looking to grow to the next step.
ASKING FOR: $150K in return for a 15% stake in his business.
BEST PART OF HIS PITCH: Jonathan explains that customers use the Element Bars website to create a custom energy bar by choosing whole, natural ingredients and choosing their own label. It shows up at the doorstep in seven to 10 days. He also did his homework, and created a customized energy bar for each of the Sharks.
THE SHARKS BITE WHEN: They're all completely wowed by this 29-year-old's savvy at pitching, as well as his ability to negotiate with them. Daymond offers $150K for 75% of the business. Kevin H. offers $150K for 100% of the company, and a 4% royalty forever, or in perpetuity.
RESULT: Jonathan turns all deals down. Kevin H. then counters, offering $150K and a 4% royalty for the licensing rights and 35% of the company. Finally, Kevin comes down to 30% and Jonathan accepts.
WANT TO KNOW MORE: Visit www.elementbars.com.
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