ENTREPRENEUR: Sawyer Sparks, Bloomfield, IN.
PITCH: Soy-Yer-Dough, a wheat-free soy-based modeling clay.
ASKING FOR: $125k for a 25% stake.
BEST PART OF THE PITCH: Sawyer is a college student who created the clay for kids who are allergic to wheat. Turns out there are quite a few, one out of eight children to be exact. It's also fun-scented and patented. Play-Doh has made an offer to Sawyer for $500,000.
DO THE SHARKS BITE? Kevin O. wants to jump in to help Sawyer negotiate with Play-Doh. He'll give him the $125k for 51% so that Play-Doh will know he has the power to close the deal. He even offers Sawyer an "out." If he doesn't like the deal Kevin negotiates with Play-Doh, Sawyer can still just walk away. Kevin H., Daymond and Barbara believe Kevin O. is the best partner for Sawyer, so they bow out. Robert offers $125k for a 40% stake.
RESULT: Sawyer has trouble giving up 51% of his business. He asks Kevin O. to increase his money offer. Before Kevin can respond, Daymond jumps back in offering to toss in $200k if Sawyer will allow Kevin O. to negotiate for him. Robert says he'll go down that road, too. In the end, these three sharks give Sawyer $100k each ($300k total) for 51% of his business and Sawyer says, "We're gonna make a lot of dough with this dough."
WANT TO KNOW MORE: Visit www.Soy-Yer.com.