ENTREPRENEUR: Beau Oyler & Jared Aller
ASKING FOR: $300k for a 12% stake
BEST PART OF THE PITCH: Beau and Jared put their minds together to come up with a way for those who live in smaller homes to have indoor plants. They created a modern, vertical garden that's a fully modular system designed to fit on any wall. Magnets allow the plant holders to attach to any metal surface including their own metal wall plates. They've had a great response and have sold in 50 different countries. They have $125k in sales in the first four months.
DO THE SHARKS BITE? Mark has actually been contacted by Beau and Jared before. Because he knows more about the investment than the other sharks do, he feels compelled to disqualify himself from the negotiations right away. In other words, he's out. Kevin offers the guys $300k for 20%. Robert offers them $400k for 20%. $300k of that is for the equity and the other $100k is to hire someone to run the business fulltime. Daymond would want to ask for way more than what his fellow sharks are offering, so he's out. Lori offers them $300k for 20%. Kevin tries to steer them away from Lori by calling QVC's audience old. Lori says, "Sometimes you remind me of a golf ball—small, bald and I want to hit you 300 feet away from me."
THE RESULT: Beau and Jared have three offers on the table. Lori and Robert get into a shark fight over the product. Beau tries to sweeten the deal by showing them all a purchase order from a container store for $150k. This has Lori saying she'll go down to 15%. Robert goes down to 17.5%. Kevin stands firm. The guys decide they want to keep their equity, so they partner with Lori to help their make their indoor plant business truly grow.
WANT TO KNOW MORE: Visit http://www.myurbio.com/