SHARK TANK - EPISODE 314
ENTREPRENEUR: Barbara Lampugnale
PITCH: Nail Pak
ASKING FOR: $50k for a 20% stake
BEST PART OF THE PITCH: Barbara is a mother of six daughters. She and her little ladies enjoy painting each other's nails on Friday nights. She had the idea of putting the nail polish, pads, file and remover into one easy-to-use package. So, the Nail Pak was born. It costs $3 to make a bottle and Barbara sells it for $14.99. She's invested just under $300,000 of her own money so far.
DO THE SHARKS BITE? Robert can't add any value to a product like this, so he's out. Mark knows that Barbara needs a big support team to help this product grow. He's not the guy to help her build such an infrastructure. He's out. Lori likes the product. She'll give Barbara the $50k but wants 51% of the company. She vows that this product will sell out on QVC. She also promises to treat her product as if it was one of her own. Kevin jumps in saying he'll also give her the $50k for a 40% stake. He says there are many people who can get her on shopping channels. With him, Barbara will retain control of her company. Kevin also asks Daymond to go in with him. All of the sudden there's a feeding frenzy.
THE RESULT Barbara asks Lori if she'd be willing to come down to 40%. She likes the idea of throwing a big party with her daughters once the product debuts on QVC. Lori does, too. They "nail" down a deal!
Update:Talbott Teas
Earlier this season Shane and Steve struck a deal with Kevin for their designer tea brands. Amazing things have been happening since they've been in the tank. Daymond and Barbara ended up joining forces with Kevin to help connect the guys with Jamba Juice, who ended up buying the entire company. They are now rich men who will continue to develop new products for the store. It's a Tea-riffic tale!
