SHARK TANK - EPISODE 403
ENTREPRENEUR: Liz & Dan Holtz
PITCH: Liz Lovely Cookies
ASKING FOR: $200k for a 10% stake
BEST PART OF THE PITCH: Liz is the amazing baker and Dan is the creative marketing guy who overcame great obstacles to create a brand of cookies that omits traditional ingredients to make them gluten-free and vegan. They present the sharks with a tasty cowgirl and a scrumptious cowboy cookie. The cowboy cookie is the one with nuts. They did just under a million dollars in sales last year.
DO THE SHARKS BITE? Kevin doesn't like the taste of the cookie. He's out. Three other sharks follow his lead. Mark, who is a gluten-free mogul, thinks the cookies are tasty, but knows the market is very competitive. He's not crazy about the evaluation of the company and wants Dan and Liz to make him an offer. He'll then reverse his 24-second clock gimmick by giving himself that amount of time to say yes or no. Liz and Dan offer him 20% equity.
THE RESULT Mark ponders the offer for a moment, but then politely declines. After the entrepreneurs leave the tank, Mark admits to the other sharks that he wanted 33%. Hopefully, Liz and Dan will find sweet success with their cookies outside the tank.
Update: Tower Paddle Boards
Last season, Stephan Aarstol, the maker of Tower Paddle Boards, made a deal with Mark Cuban for 30% of his company. Since then, the company has gone from 100,000 in lifetime sales to 800,000 in just a few months. The company is on pace to do $1.5 million in sales through their website alone. Stephan feels his experience in the tank has truly jump-started his career and this is just the beginning.
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