Last into the tank are Jake Sullivan and Don Wildman of Hand Out Gloves, seeking a $150,000 investment and $150,000 as a loan for 20 percent equity.
Hand Out Gloves is a new and improved take on the classic gloves and mittens. According to their website, Hand Out Gloves combines “durable, breathable, waterproof gloves and mittens with strategically-placed waterproof zippers to allow you to quickly get your hands out to do whatever it is you want to do with them. Or just to leave open for ventilation when boot packing or in the backcountry.” They offer lightweight, sport and pro gloves and mittens, in addition to accessories such as hoodies and beanies.
Wildman, founder of Bally’s Total Fitness, is worth approximately $100 billion. Their gloves have a five-finger dexterity and so far have sold more than $100,000 this year. Regionally, in Salt Lake City, they sold $15,000 in their first year. They have patents pending on the waterproof zipper and elastic strap that keeps the upper part of the glove out of the way when the fingers are out.
Barbara Corcoran believes they are missing something, but offers half the money for 12.5 percent equity, contingent on getting another shark in on the deal. Making the possibility of accepting Corcoran’s offer more difficult, Robert Herjavec, Mark Cuban and Kevin O’Leary then go out.
Lori Greiner worries that the space is too crowded and goes out, which causes Corcoran to update her offer to $300,000 as a line of credit for 25 percent equity, in addition to Wildman providing $300,000 as capital. They accept.
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 buy Hand Out Gloves? Sound off in the comments section below!
Source: Business 2 Community