Next into the tank is Joshua Esnard of The Cut Buddy, seeking $300,000 for 10 percent equity.
The Cut Buddy is a hair and beard shaping tool that makes home haircuts a breeze. The template stencils help make the “perfect beard, mustache, neckline, sideburns, hairlines, or bikini lines” a reality. According to their website, the tool, which costs $14.95, “works in conjunction with hair clippers, hair fiber, detailers, outliners, disposable razors or a straight razor” to create smoother hairlines.
Last year, they did $700,000 in sales after going viral on social media. He wants a mentorship with an investment from a shark. Kevin O’Leary likes the product and offers $300,000 with a $1.50 royalty until $1 million is repaid for five percent equity overall.
Mark Cuban goes out, followed by Robert Herjavec, who says he doesn’t understand it. Esnard then questions whether Daymond John would join O’Leary’s offer, but John worries whether an investment is really what’s best for the business. Despite his reservations, John offers $300,000 for 20 percent. Lori Greiner likes Esnard’s drive and passion, but thinks the other offers are better. She goes out.
He counters John at 12.5 percent, which he declines. Ultimately, he accepts John’s initial offer.
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to 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.
Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks 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 $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.
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Source: Business 2 Community