ENTREPRENEUR: Lee Dahlberg
PITCH: Rock Bands
ASKING FOR: $100k for a 20% stake
BEST PART OF THE PITCH: Lee has developed a product that puts stones with a healing element onto bands that you can wear on your wrist. Each rock band is hand-carved and comes in a cool rock star-style case. He's been able to get into four top retailers but took some hits due to the politics of dealing with the retail world. Special guest Robin Leach comes into the tank to rattle off a list of celebrities who wear rock bands. Lee has done $300k in sales over five years.
DO THE SHARKS BITE? Kevin wants to buy Rock Band from him for $100k for 100% of the company and give him a 7% royalty in perpetuity. He wants to license the brand name. Barbara wants to join in on Kevin's deal. Daymond wants to partner with Mark for 40% of the company. It's a feeding frenzy!
THE RESULT When all the negotiations are done, Lee opts to rock on with Daymond and Mark.