ENTREPRENEUR: Peter Ferreira, Dennis Iannotti & Neil Cameron
PITCH: Nuts 'N More
ASKING FOR: $250k for a 20% stake
BEST PART OF THE PITCH:The guys claim to have created a peanut butter unlike any other. Their product is high in fiber, there's no sugar added and it contains lots of protein. Nutritional stores are buying up their product by the minute. The sharks like the taste of the product. The guys have $100,000 in sales and they've been approached by a major distributor. The cost of the peanut butter is rather high, but they hope to bring it down once they cut costs on the manufacturing end.
DO THE SHARKS BITE? Robert says the evaluation of the company is too high because they don't actually have the big orders yet. Daymond agrees they are working on assumptions of sales, so he's out. Barbara likes the branding and packaging of the product, but she thinks it's a shame they evaluated the company so high. She's out. Kevin says he needs 264% of the company to invest. Since that's mathematically impossible, he's out. Robert offers $250k for 50%. Mark offers $250k for a 35% stake with $75k up front and $175 for future purchase orders. Both Mark and Robert talk of teaming up.
Update: Surfset Fitness
Mike Hartwick and Sarah Ponn's company is all about surf-inspired exercise equipment and group fitness classes. They have created the world's first total body surf trainer that's designed to mimic the instability of a surfboard on water. They made a deal with Mark which sent them all over the country certifying Surfset trainers. Mark helped them set up a deal with Crunch Gym to roll out Surfset classes at their many locations. They are on track to hit $5 million in one year. Surf's up!