ENTREPRENEUR: Leslie Haywood, Charleston, SC.
PITCH: Grill Charms, stainless steel identifying charms that you stick in your food before you grill.
ASKING FOR: $50K in return for a 25% stake.
BEST PART OF HIS PITCH: These charms are labeled so you can tell which foods are rare, medium, well-done or spicy once the grilling is done. Leslie has her product in over 100 retail stores in the U.S., Canada and Sweden and made $60,000 in her first year.
DO THE SHARKS BITE: Let's just say it's a feeding frenzy! Kevin O. offers 50K for 50% and puts a 7% royalty on it. Kevin H. offers the 50K but also wants a 50% stake. Both Robert and Daymond want in on the deal with Kevin H. When Kevin H. says he'll only partner with Daymond, Robert offers to give Leslie what she asked for at the start. Barbara, however, is out.
RESULT: Four out of the five sharks want a piece of the action. Leslie had been gunning for Kevin H. because of his expertise, but has a problem giving up 50% of her business. Kevin O., feeling a little left out, offers 50K for 20%. But in the end, Leslie partners up with Robert, as she believes he has her best interest at heart.
WANT TO KNOW MORE: Visit www.grillcharms.com.
ENTREPRENEUR: Todd Robbins and David Adamovich of New York City
PITCH: The Funhouse Project, a 25,000 square-foot live entertainment and amusement attraction in the Times Square area with five venues featuring restaurants, flame-throwers, plate-spinners, etc.
ASKING FOR: $300k for a 20% stake.
WHAT WENT DOWN DURING THE PITCH: Todd has a background in magic and David claims to be the world's fastest knife-thrower. He even chucks some cutlery at Daymond to prove it. But Kevin O. suggests they start throwing knives at each other when he learns the venue will cost $1.5 million to build and about $7.4 million in annual expenses.
DO THE SHARKS BITE? It's a huge risk and not knowing if the business model works or not, the men are all out. Barbara, who pointed out the huge annual expense, is also worried about the branding. She's out and the magic is gone.
ENTREPRENEUR: Dedelle Parra and Kathy Lamm of Ladera Ranch, CA
PITCH: Boogie Box Fitness, a fusion of dances and fitness training.
ASKING FOR: $700k for a 70% stake to launch a home DVD business.
WHAT WENT DOWN DURING THE PITCH: The women demonstrate their moves and even bring Kevin O. up to do some exercises, which is odd because the man's already an Adonis. The ladies introduce a woman who lost 100 pounds in six months doing Boogie Box.
DO THE SHARKS BITE? Daymond can't invest such a huge sum of money in a business he knows nothing about. Robert says he has no way of knowing if the investment will pay off until the money is gone. Kevin O. and Kevin H. pretty much feel the same. Barbara is impressed with how genuine the women are. She also likes the brand name "Boogie Box," but she feels they asked for too much money and she's out. Undeterred, the ladies promise "Boogie Box Fitness will not die here today."
WANT TO KNOW MORE: Visit www.boogieboxfitness.com.
ENTREPRENEUR: Sawyer Sparks, Bloomfield, IN.
PITCH: Soy-Yer-Dough, a wheat-free soy-based modeling clay.
ASKING FOR: $125k for a 25% stake.
BEST PART OF THE PITCH: Sawyer is a college student who created the clay for kids who are allergic to wheat. Turns out there are quite a few, one out of eight children to be exact. It's also fun-scented and patented. Play-Doh has made an offer to Sawyer for $500,000.
DO THE SHARKS BITE? Kevin O. wants to jump in to help Sawyer negotiate with Play-Doh. He'll give him the $125k for 51% so that Play-Doh will know he has the power to close the deal. He even offers Sawyer an "out." If he doesn't like the deal Kevin negotiates with Play-Doh, Sawyer can still just walk away. Kevin H., Daymond and Barbara believe Kevin O. is the best partner for Sawyer, so they bow out. Robert offers $125k for a 40% stake.
RESULT: Sawyer has trouble giving up 51% of his business. He asks Kevin O. to increase his money offer. Before Kevin can respond, Daymond jumps back in offering to toss in $200k if Sawyer will allow Kevin O. to negotiate for him. Robert says he'll go down that road, too. In the end, these three sharks give Sawyer $100k each ($300k total) for 51% of his business and Sawyer says, "We're gonna make a lot of dough with this dough."
WANT TO KNOW MORE: Visit www.Soy-Yer.com.
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