Last into the Shark Tank are Lily (12), Emma (15), and their dad, Brian Hooks, seeking a $30,000 investment in exchange for 25% equity in their company, Screenmend. Born out of a need to patch screens eaten through by the family’s pet bunny, Screenmend is a wax-soaked screen patching kit that easily adheres to screens once heated with a hair dryer. To date, the Hooks family has sold 750 units at $6.95 apiece, and they cost just $0.31/unit to produce. Screenmend currently has a provisional patent, and they are hoping to pursue a utility patent in the near future. Lily tells the Sharks that the $30,000 will go toward making packaging improvements that will allow major retailers—like Bed, Bath, & Beyond, which has already shown interest—to carry the product on their shelves. Seeing a bit of himself in the entrepreneurial girls, Mark is first to make an offer of $30,000 for 25%. But just before the Hooks family seems poised to accept, Lori interrupts with her own offer to put Screenmend on TV and take over the manufacturing at a $30,000 for 50% valuation, which she hopes Mark will join her on. Mark declines, so Lori stands by her offer alone. Recognizing the extra value Lori will bring to the team, the Hooks family accepts her offer!
What did you think about the businesses in the tank tonight, Shark Tank fans? Let us know in the comments section!