Next up are Dale King and Renee Wallace of Doc Spartan, seeking $75,000 for 15 percent equity.
Doc Spartan offers all natural products for both your skin and beard. According to their website, they are a business that strongly believes in the American dream and giving back to the community, which includes donating a portion of their proceeds to Team Some Assembly Required. Their products include combat ready ointment, an all-natural first aid lotion; armpit armor all-natural deodorant, grenade soap, coffee scrub and beard balms. Prices range from $10 for an everyday-carry combat ready ointment to $40 for a man-care hygiene bundle.
The sharks seem impressed by the products but Mark Cuban worries about all the claims they’ve made. They hope that with an investment, they can back up those claims through tests. He goes out. Lori Greiner worries about the branding and name of the product. Given those concerns, Daymond John also goes out, followed by Greiner. Kevin O’Leary doesn’t think the business is investable and, despite liking the products, goes out.
Robert Herjavec likes the branding and sees it as creating a brand new category. He offers $75,000 for 25 percent, which they counter 20 percent. He is not willing to change the equity though. Ultimately they accept his deal at 25 percent equity.
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.
Would you use any of the Doc Spartan products? Sound off in the comments section below!
Source: Business 2 Community