SHARK TANK - EPISODE 203
ENTERPRENEUR: Kiersten Hathcock
PITCH: Mod Mom Furniture
ASKING FOR: $90k for a 25% stake
BEST PART OF THE PITCH: Kiersten runs an internationally-known furniture company from her garage. Three years ago, she taught herself carpentry in order to design modern toy boxes. They have puzzle pieces as lids. Last year, she made $34,000 in sales. She builds everything by hand and can no longer keep up with the orders. Her supportive husband lost his job, so everything is riding on this venture.
DO THE SHARKS BITE? Barbara thinks Kiersten is going to be a success, but she'll need way more cash if she wants to extend her brand. She's out. Daymond fears the furniture business, so he's out. Kevin H. doesn't think the toy box biz will ever pop, so he's out. Kevin O. will cough up the $90k for a 33% stake, but he also wants a 7.5% percent royalty on all units sold until he gets his money back. Robert makes the same offer except he'll only take a royalty after the company makes $500k.
THE RESULT: Kiersten appreciates both offers, especially considering the position her family is in at this time. After building 328 toy boxes with her bare hands, she opts to take Robert in as a partner. She even promises to teach him how to use a jigsaw!
WANT TO KNOW MORE: Visit http://www.modmomfurniture.com