ENTREPRENEUR: Fleetwood Hicks
PITCH: Villy Custom
ASKING FOR: $500k for a 33% stake
BEST PART OF THE PITCH: Villy Custom is the new way to buy your bike. You can go to the website to customize your bike by colors and style to create the product you want. There were $129,000 in sales last year and about $250,000 is projected for this year. All sales have been online and there's been no advertising.
DO THE SHARKS BITE? Daymond thinks the bike has a great design, but this isn't an area he wants to be in. He's out. Kevin likes the fashion statement that's being made with the bike, but can't invest. Robert buys into the concept and loves the bike, but he can't get there on the $500k. He's out. Mark and Barbara agree that this is the perfect showoff bike. They decide to partner together but they want 45% of the company.
THE RESULT: Fleetwood wants to know if they'd be willing to go down to 40%. Mark suggests they split the difference and settle at 42%. Fleetwood feels like he may be giving up a little too much of the company, but still agrees to the deal.
WANT TO KNOW MORE: Visit http://www.villycustoms.com