SHARK TANK - EPISODE 308
ENTERPRENEURS: Brenda "Blondie" Coffman
PITCH: Blondie's Cookies
ASKING FOR: $200k for a 3% stake
BEST PART OF THE PITCH: Blondie's company handcrafts 25 varieties of the best cookies and brownies you'll ever taste. She has 12 retail locations in Indiana and Florida. She gives the Sharks a sample of their top five sellers. She had $2.3 million in sales last year. The Florida stores are losing money, but Blondie says they haven't yet captured the corporate market like they have in Indiana. She has about $800k in bank loans debt.
DO THE SHARKS BITE? Kevin thinks that Blondie is overvaluing her company. He's out. Robert thinks Blondie has done a phenomenal job of creating a brand, but she needs to focus on the core of the company and not the remote locations. He's out. Mark doesn't like Blondie because her tasty cookies are going to send him to the gym for three hours. Mark doesn't want his money to support the bad money in the Florida stores. He's out. Daymond also feels the company is overvalued. Barbara thinks Blondie's refusal to quit actually works against her as evidenced by the Florida stores. It looks like Blondie will have to look for sweet success elsewhere.