September 13, 2009 09:25 PM by Cindy Adams
Tonight on Shark Tank, five hopeful entrepreneurs face the Sharks for an investment to help give life blood to their fledgling companies. One is pushing his energy bars; another pushes the fizz; a husband and wife team tackle flatulence; an active woman wants support; and two politicians push their pork barrel. Also, an update on Mr. Todâ€™s Pies and how the Shark Tank affected his business.
First to enter the Shark Tank was Jonathan Miller to pitch his company Element Bars. He was seeking $150k for 15% of his company, which makes customized energy bars that consumers order over the Web.
He customized a bar for each Shark, and they loved the taste and idea of the bars, but thought his gross of $50k was too low.
Kevin O. really struggled with his decision because he liked Jonathan, but he felt the company was overvalued and was out first. Barbara was out next, but Daymond said for 75% of the business he would give Jonathan $150k. Kevin H. was also interested and would put up the money for 100% of the company and Jonathan would get a 4% royalty on sales in perpetuity. Jonathan countered Daymondâ€™s offer with 20% equity, but Daymond wasnâ€™t having it. Robert was out next. Jonathan turned down Kevin H.â€™s deal because he wanted to retain some equity. Kevin H. countered and said he would license Element Bars, own 35% of the company, put up $150k, and Jonathan would receive a 4% royalty. Wow! Kevin H. really wanted the deal. Jonathan said he would only do accept the deal at 25%. Kevin H. came back with 30% and Jonathan finally accepted the deal. Whew! That was tense.
Next, the story of Mr. Todâ€™s Pies was updated. He was doing great after his investment from the Sharks and even had a stint on QVC. He said his business had tripled all because of the Sharks. What a great success story!
David Chodosh was next up with his invention, The Fizz. He was asking for $150k for 25% of his product.
The Fizz is a product built around the root beer floatâ€”so it was a plastic vessel full of ice cream. It fits over a bottle of soda and fizzes, and when one drinks it, the product tastes like an ice cream float. The Sharks said it tasted great and thought it was a fun product. They felt the product was for an ice cream market and that David should approach ice cream companies for licensing, so all of the Sharks bowed out gracefully.
Husband and wife, Arlene and Buck Weimer, were next to face the Sharks with their product, Underease Underwear, which is a protective garment for flatulence.
They wanted $55k for a 25% stake in the company. Arlene talked about her bad gas from Crohnâ€™s disease and how husband Buck came up with the underwear, which has a charcoal filter in the rear panel to alleviate the smell.
Their presentation was humorous, but Robert thought the market was too small, so he was out first. Daymond, Kevin H., and Kevin O. were all out next, and Barbara didnâ€™t think the underwear was sexy, so she was out, as well.
Next up was Kimberly Cayce with Kalyx Technologies. She asked for $125k for 20% equity in the business. The company designs sports bras, but unfortunately, there are five other major companies that make sports bras. All the Sharks were out because they felt the company was dying and had no future.
Last to present their company to the Sharks was Brett Thompson and Heath Hall of Pork Barrel BBQ, a Washington DC gourmet dry rub and barbeque sauce business.
They were seeking an investment of $50k for 10% equity in the company. Their creation won 2nd place in the best sauce in the nation contest. They just received an order from a major chain and anticipate over $1 million in profits this year.
Robert thought the company was still too small and was out. Kevin H. thought it was too risky and was out. Kevin O. and Daymond were out next out. Barbara told Heath she could see him in a pig costume, which was kind of mean, but she also made an offer of $50k for 50% of the business. They countered and asked if she would do $50k for 40% and the pig costume. She laughed, said no, and they were smart and accepted her original offer.
Donâ€™t miss the next episode, when the Sharkâ€™s make a move to Tuesday night and Kevin O. asks one entrepreneur if heâ€™s a vampireâ€¦
Photo Courtesy: ABC Network