SHARK TANK - EPISODE 413
ENTREPRENEUR: Susie and Steve Taylor
ASKING FOR: $40k for a 14% stake
BEST PART OF THE PITCH: The Taylors were tired of buying bibs that didn't work for their messy baby boys. So they created a bib that slips over a child's head and has slots for the arms. The design of the product allows you to cover the baby's entire body. The bib never stains thanks to their patented fabric. It costs $15 to make, so the profit margin isn't great. But Susie and Steve say their bib will last for years unlike others on the market. They have about $17,000 in sales over the last 12 months. Susie gets emotional when she talks about how she's just a mom trying her best to raise her kids the right way.
DO THE SHARKS BITE? Mark likes the product and doesn't believe they need to sell it retail. He thinks they need to find a better salesperson to run their company. He's out. Barbara believes that they could get a legion of moms to help sell their product, but her instincts tell her that she can't invest. Kevin feels their product is a hobby, not a business. The margins are just too high. He believes it's time to take the bib behind the barn and shoot it. He's out. Daymond can't help educate people about the bib. He's out. Robert doesn't believe they have a clear plan on how to make the bib successful. He's out, too. Susie says she won't give up. Moms need better products and she's going to give it to them.