Shark Tank has been renewed for a third season! You can find casting information here or on ABC’s website. There is no news on if the producers of Shark Tank will be doing a cross country casting tour, but when or if that information becomes available you will find it here, so make sure you check back often, subscribe to the RSS feed or follow me on twitter.
Who would you like to see as the Sharks on the third season of Shark Tank?
After over a year off the air, the Shark Tank is back! The first episode, episode 205, which aired on March 20, featured returning Sharks, real estate mogul Barbara Corcoran, technology innovator Robert Herjavec, fashion icon Daymond John and financial expert Kevin O’Leary. Entrepreneur and Dallas Mavericks owner Mark Cuban also joined the panel of Sharks for his first time.
The Shark Tank has a simple set of rules; entrepreneurs pitch their businesses to the Sharks that are looking to invest. The entrepreneurs must get all the money that they ask for in order to close a deal, this means that if an entrepreneur asks for $100,000 for 25% of their company they can only alter the percentage of the company they are willing to give up in order to close a deal.
First into the Shark Tank was Jonathan Boos and his business, Wurkin Stiffs. Wurkin Stiffs makes several products that help keep your shirt collar from curling, giving you that button down look. His flagship product, Power Stays, uses a metal insert that goes into your shirt collar pocket, and then a powerful magnet is placed underneath your shirt to hold it in place. Jonathan also makes a full line of other men’s accessories, including fun cufflinks. His products are for sale in major retailers including Norstrom, and he did over $500,000 in sales last year. He is predicting to do $1.8 million in sales this year. Jonathan was hoping use the money to help develop other products to enhance his line.
The Sharks really liked his products, but Kevin was the first one to make an offer. Kevin offered $100,000 for 30% of the business and 14% royalties (The percentage paid off the gross sales of the product). Jonathan wasn’t keen on the idea of a royalty, he said he wanted more than money; he wanted someone who could help him grow his business. It is obvious that Jonathan really wanted a deal with Daymond. Daymond is a self-made millionaire, who started the successful FUBU clothing brand. With Daymond contacts Jonathan could surely grow his business. The problem was Jonathan wouldn’t listen, and before he knew it Daymond was out. Robert offered $100,000 for 30%, but Jonathan quickly asked for $200,000 for the same percentage. Kevin again countered with $100,000 for 20% but still kept his 14% royalty. Not to be outdone Robert came in again for $100,000 for 25%. Barbara began trying to put together a deal with Daymond for $100,000 for 20%, but Daymond wouldn’t come back for anything less than 40%. The reason why Daymond was asking for a higher percentage was because of his knowledge and contacts. After a little more negotiation the deal was done, and Jonathan walked away with $100,000 for 40% of his business in a deal with Daymond and Barbara.
In the end it came down to Daymond’d contacts, which I’m sure would help Jonathan get Wurkin Stuffs into the stores quicker. The lesson to be learned from this pitch is to know when to talk and when to listen.
Tippi Toes is a children’s dance company, run by sisters Sarah Nuse and Megan Reilly. They came into the Shark Tank asking for $30,000 for 5% of their business. What makes Tippi Toes unique is that they go directly into preschools and day care centers to teach children dance. Most dance companies have studio space that they rent, which creates high overhead. The day care centers and preschools pay a monthly fee, and they can advertise it to their families as an extra service. The sisters run their business as a franchise, and so far they have 7 franchises around the country. Sarah and Megan are real sharks, they offer financing for their franchisees, require a 10-year contract, and charge a minimum of $1000 each month in royalty fees.
The sister’s next goal is to grow their brand by developing a DVD, featuring the fun characters that they created.
Kevin again was the first Shark to offer $50,000 for 51% of the business, but the girls wisely turned down the deal. Barbara then offered $60,000 for 20% of the business, but Mark wanted in as well. He told the girls to make him an offer, they countered with $100,000 for 30% of business, and before Barbara knew what hit her Mark closed the deal!
These girls have a solid business, but it may be expensive developing a brand, and a DVD series to sell. They should concentrate on their core business and use the exposure from the Shark Tank to sign new franchises. I’m sure with Mark Cuban’s guidance these girls will be millionaires before you know it.
Shawn Davis, otherwise known as Chef Big Shake entered the Shark Tank with his business CBS Foods. CBS foods manufactures and distributes the original shrimp burger, which features four different flavors, including Original, Jalapeno, Cajun and Teriyaki. He also sells other products including a lobster slider. This year CBS Foods sold $30,000 worth of product, and had commitments from two major supermarkets for an order worth $87,000. Shawn was looking for $200,000 for 25% of his business.
Seafood is an expensive commodity, and due to price fluctuations and the cost of refrigeration most similar companies have margins of around 70%, while CBS Foods only had margins of 53%. Unfortunately the Sharks felt that Shawn over evaluated his business. With only $30,000 in sales they could not justify an $800,000 evaluation, the Sharks were out.
Over evaluating your business is a trap that a lot of entrepreneurs fall into. You need to separate yourself from your business, and look at it from an outside perspective. Unless you’re some crazy popular tech startup, you will most likely have base your value on your current sales and assets. The Sharks, or any investor is going to evaluate your business based on what it is worth, and not what you believe the potential value is in a year from now.
Last into the Shark Tank was James Martin with his business Copa De Vino, which is Italian for “wine by the glass”. James developed a method to individually package premium wine in glasses. James has patented his packaging, which keeps wine fresh for up to a year.
Copa De Vino sold $500,000 of product last year. He is currently working with two large wine companies hoping to close a deal that could be worth between $3 and $5 million. Although there is a potential to license the product (allowing another company to use his patent, and paying a royalty fee) James believes that by keeping the businesses together he was proving the concept worked, which could lead to more money in the future. In reality, if he separated the packaging from his wine brand, his wine would blend in with all the rest of the thousands of wines out there, and have nothing to make it stand out amongst the crowd.
Kevin offered $600,000 for 51% of the patent company, but not the wine company. James countered with $3 million for 51%, Kevin was not impressed and was out.
Remember that Shark Tank moves to its regular time slot, Friday nights at 8PM on ABC, this week.
Following seven days of filming, the Sharks are taking a well deserved break, after finishing filming season 2 of ABC’s Shark Tank. ABC ordered eight episodes of Shark Tank staring Kevin O’Leary, Barbara Corcoran, Robert Herjavec and Daymond John. This season Jeff Foxworth and Mark Cuban both guest stared for three episodes, and Kevin Harrington returned to fill in for the last two episodes.
Shark Tank is produced by Mark Burrnett and is an adaptation of the overseas hit Dragons Den. Ambitious entrepreneurs from across the country will have the opportunity to pitch their businesses to the Sharks, who are titans in their respective industrious. If the entrepreneurs have a good idea then the Sharks might invest their own money in the businesses. Shark Tank is set to return early in 2011.
ABC has renewed Shark Tank for a second season to air sometimes in early 2011. Although the season is smaller then last with only 8 episodes its still better then nothing.
All the Sharks will be returning this season, real-estate mogul Barbara Corcoran, infomercial pioneer Kevin Harrington, technology expert Robert Herjavec, fashion owner Daymond John and financial expert Kevin O’Leary. Comedian Jeff Foxworthy will join the Sharks for 3 episodes, adding a little mainstream star power to the group.
At first glance Jeff Foxworthy may not seem like a business tycoon like the rest of the Sharks but he has turned “You Might Be A Redneck If…” into an empire. Publishing over 25 books, selling 15 million records, creating a line of greeting card, owning restaurants, staring in a game show, his own brand of beef jerky, and BBQ sauce.
There is no information about casting as of yet but when it becomes available I will let you all know.
“You may be a redneck if . . . you think you are an entrepreneur because of the “Dirt for Sale” sign in the front yard.” – Jeff Foxworthy
There will be no Shark Tank this week, instead ABC will air the Hope for Haiti Telethon. This live event will bring together concerts in London, Los Angeles and New York City and live reports from Haiti.
Money raised from the telethon will be spilt evenly between the World Food Programme, UNICEF, the Red Cross, Oxfam, the Yele Haiti Foundation, the Partners in Health and the Clinton Bush Haiti Fund.
ABC will not be the only network airing the telethon, it has been reported that this commercial free telethon may be the most widely broadcast telethon ever, airing on more than 25 networks around the world.
So please do your part and donate today!
ABC has found a time slot for the remaining 5 episodes of Shark Tank. Shark Tank will replace Ugly Betty, in its Friday 9pm time slot. Ugly Betty will move Wednesday at 9pm starting January 8th
The final 5 episodes of Shark Tank season 1 were ordered last month. The episodes are include three unaired episodes, and two episodes to be put together from already existing footage.
The Friday night slot is not traditionally a reality TV show hot spot, I do not thing we will see huge ratings for the final 5 episodes.
This week is the Shark Tank season finale, and it hasn’t been a runaway hit, ratings wise. I believe that Shark Tank is a quality show that just keeps getting better. Each week new viewers tune in and watch the Sharks sink their teeth into quality deals. Shark Tank provides entrepreneurs with needed investment and media exposure to bring their businesses to the next level. On top of that the show is entertaining, addictive, educational, and funny. I believe that ABC and Mark Burnett Productions should produce a second season of Shark Tank.
If you agree with me that Shark Tank deserves a second season than please pass on your comments to ABC by clicking this link. Once there fill out the information, select the show Shark Tank, and use the subject complement. Send your own personalized message and let them know what you think about Shark Tank. Make sure you tell them InTheSharkTank.com sent you!
If you run twitter follow us @SharkTankABC and please RT this message: Tell ABC you want a 2nd season of Shark Tank @ http://bit.ly/SMCRc #SharkTank for more info go to http://bit.ly/4DB6w7
If you are like me you are looking forward to tonight’s episode of Shark Tank on ABC. A new batch of entrepreneurs will pitch their business to The Sharks who will have to decide whether they will fund the business or if they are out.
This week you will notice that the set has changed, gone is the large desk replaced with leather chairs.
This is a very similar look to Dragon’s Den that Shark Tank is based on and airs around the world.
Tonight on Shark Tank:
“Episode 103″ — An entrepreneurial newbie comes to the Shark Tank with high hopes for her kitchen accessory, but her presentation is less than stellar. Will the Sharks shred her vision to pieces or will there be a Shark fight to get a piece of the idea? A passionate stay-at-home mom (Lori Lite from Marietta, Georgia) with her own line of self-published children’s books seeks much-needed funds to grow her business. Also, a father and son business team impress the Sharks with a revolutionary new musical product, but their need to control could derail the opportunity to make a fortune, on “Shark Tank,” SUNDAY, AUGUST 23 (9:00-10:00 p.m., ET) on the ABC Television Network
From the preview I have been able to pull out the following companies:
Jeff Cohen CEO of Voyage Air Guitar will present his business to The Sharks. Voyage Air Guitar holds the patent and manufactures full size guitars that fold in half for easy travel.
Kwytza Recycled Chopstick Art is a company that takes used chopsticks and turns them into art.
Ken Bradford and his business “50 state capitals in 50 minutes”, which is a flash card game that helps children learn their capitals.
(cannot find link)
Lori Lite is a writer of childrens books, so far she is self-published. Her books are written to help children deal with anxiety and anger.
The Turbo Baster is Marian Cruz idea to improve your regular baster.
Interviews with the Sharks:
Shark Tank episode 2 started out with Craig French from Long Island NY and his company Crooked Jaw. Crooked Jaw is a clothing company that targets fans of extreme sports and Mix Martial Arts. Craig started the company after he broke his jaw playing rugby freshmen year of college. Craig wanted $200k for a 20% investment in his company. CJ is being sold in 10 mom and pop shops in Long Island, after attending a tradeshow they received no orders. Daymond (the founder of Fubu) said he was one in ten thousand (nothing new) although he had great energy and passion he was not willing to invest. All the sharks were out.
Robert Allison was next into the Shark Tank. Lifebelt is a device that would not allow cars to start without the seatbelt being buckled up. Traffic accidents are the number one killer in the country. Lifebelt cost around $229 installed. Robert wanted $500k for a 10% stake in the company. The sharks were wondering why he was even bothering with creating a product since he owned the patent he could just enter a licensing deal with a major car company. He was worried that it would take to long, he believed his major problem was that no one knew his product existed. Kevin H, Daymond and Barbara were all out. Kevin O offered $500k for 100% ownership of the patent, Robert countered for $1 million but for the same percentage. He turned both offers down. Personally I would have tried to negotiate for a royalty deal, but it’s not my business.
Susan Knapp was the next entrepreneur to take a dip in the tank. She was looking for $500k for a 15% stake in her company, A Perfect Pear. Her company sold gourmet food products such as jam’s. A Perfect Pear was sold in 650 stores and had sales of $700k with $100k in orders that she was not able to fill. Banks were unable to lend her the money to fill the orders because of the credit crunch. Kevin O offered $500k for 70% then Daymond offered $500k for 51%. Kevin H and Robert offered the full amount for 50%. Susan counted with 49% but The Sharks would not accept, so she accepted Robert and Kevin H’s deal. Although she gave up more than she wanted, she gained a huge amount of business experience which should help her company get to the next level.
Mary Ellen Simonsen pitched her odd product Sticky Note Holder (great name). She was looking for $100K for 20% equity in her company. Sticky Note Holder was basically a larger sticky note that other sticky notes could be posted on the side of a laptop. She was hoping to sell them for $10 each, she had no patent and had only spent $1k on the product so far. The male sharks thought the idea was useless and were all out. Barbara said it would sell on a QVC type show, but was not willing to invest. This was not a real product, it was an idea… and a useless one at that.
The last in front of The Sharks was Marc Furigay and his product Classroom Jams.
Classroom Jams is an educational record label and publishing house. He was looking for $250k for 10% equity in his company. Marc is a teacher who was having a hard time relating Shakespeare to his class. He composed songs that helped his class relate to Shakespeare. The song was actually pretty good, a class set with 30 CD’s and a teachers guide would sell for $499. Shakespeare is the most taught playwright in the English language but Marc had plans to expend to different subjects. The Sharks talked about the deal together, and offered $250k and 5% royalties, but he would have to give up 100% of his company. Marc wanted to be one of the partners. Robert then offered $250k for 100% with an option to buy 49% back with the profits from the business, but there would be no royalties. Marc still wanted to have a deal with all five sharks so Robert sweetened the deal for the same price but this time lowered what he wanted to 51%. Marc rejected Roberts deal and wanted the royalties from the first deal increased to 8.5%, The Sharks said no but agreed to let him use his royalties to buy into the company and become a partner with The Sharks. This was one of the best deals of the season, I have no dough this company will be a success.
Next week:
“Episode 103″ — An entrepreneurial newbie comes to the Shark Tank with high hopes for her kitchen accessory, but her presentation is less than stellar. Will the Sharks shred her vision to pieces or will there be a Shark fight to get a piece of the idea? A passionate stay-at-home mom (Lori Lite from Marietta, Georgia) with her own line of self-published children’s books seeks much-needed funds to grow her business. Also, a father and son business team impress the Sharks with a revolutionary new musical product, but their need to control could derail the opportunity to make a fortune, on “Shark Tank,” SUNDAY, AUGUST 23 (9:00-10:00 p.m., ET) on the ABC Television Network.
Take a look at Crooked Jaw’s audition video:
Shark Tank premiered Sunday, running against NBC’s NFL “Hall of Fame Game” averaged only 4.2 million viewers. Not exactly the strongest numbers but its something to build on. (so tell your friends)
Five money hungry sharks decide weather to invest their own money into a hopeful entrepreneurs business. The Sharks of “Shark Tank” are real estate mogul Barbara Corcoran, “infomercial” industry pioneer Kevin Harrington, technology innovator Robert Herjavec, fashion icon Daymond John and financial expert Kevin O’Leary.
Tod Wilson of Mr. Tod’s Pie Factory was first into the tank, he needed money to expand his business to meet demand. Although he ran a profitable retail pie business over 50% of his business came from wholesaling sweet potato pies, he had sales of over $850,000 last year. McDonald’s is interested in carrying his product in the southern states. He was asking $460,000 for a 10% stake in his business. Barbara and Daymond offered the money for 50% of his company and Tod accepted the deal.
Darrin Johnson presented his invention called Ionic Ear. He was looking for $1 million for a 15% stake in his company. The Ionic Ear is a Bluetooth device which is surgically implanted in the ear. As expected the Sharks laughed at him, and he didn’t get any investment. I actually wonder if this was a real business because I am unable to find any reference to a Darrin Johnson or a Bluetooth device called Ionic Ear anywhere online…
The next entrepreneur was Kevin Flannery who had to mortgage his house to keep his company WiSpots afloat. WiSpots is a content delivery system (advertising) which would be set up in doctors offices allowing patients to surf the net while waiting for their appointments. He was seeking $1.2 million for a 10% steak in his business. The units cost a little over $9 thousand and the sharks were positive doctors would not pay for it. They all opted out, and encouraged him to give up his business.
Next to enter the tank was Tiffany Krumins. She was looking for a $50 thousand investment for a 15% stake in her business, Emmy, an elephant that helped deliver medicine to difficult children. Tiffany was in need of mentorship, she had no patent, no mold, and nothing much more than a idea. Barbara offered Tiffany the money for a 55% stake, which she accepted.
Last was Omar Solomon and Nick Friedman with their business College Foxes Packing Boxes. They would send good-looking girls to help pack up boxes on moving day. This business was a sister business to College Hunks Hauling Junk which sent guys to help move. Omar and Nick were only offering an investment in College Foxes Moving Boxes but the sharks wanted both. Omar and Nick asked for $1 milling for a 10% stake in both business. No one was interested, Robert counted with $250 thousand for a 10% take in College Hunks Hauling Junk and a 50% stake in College Foxes Packing Boxes. The guys were not interested.
Next week the Sharks hear a pitch from Mark Furigay an inner-city schoolteacher who has a unique way to get kids to learn. Sensing that a gourmet food business is about to make it big, Susan Knapp the owner watches as the Sharks fight it out for a piece of her business. Also, the Sharks are so impressed with a life-saving idea that an astonishing one million dollar offer is made. Will this headstrong entrepreneur accept the offer or will his ego stand in the way?
