September 29, 2009 08:51 PM by Cindy Adams
On tonightâ€™s episode of Shark Tank, a woman puts the charm back in grilling, one of the Sharks has knives thrown at him, two women go to battle with fat, and a college student wants to modelÂ the clay industry to create products for children with allergies. Also, one of the lucky entrepreneurs who obtained an investment from the Sharks several weeks ago, reports on her fantastic success due to putting her company on the line in the Shark Tank.
First up in the Shark Tank was Leslie Haywood, who created Grill Charms. She wanted $50k for 25% equity in her company. Grill charms are stainless steel charms that are put in food before it’s grilled to help identify which item is cooked medium, well-done, spicy, etc.
All of the Sharks appeared to be interested, but Kevin O. made an offer firstâ€”with $50k for 50% of the business and a 7% royaltyâ€”Kevin H. jumped in and said he had the expertise to develop an informercial for the product. He offered $50k for 50% of the company. Robert decided he wanted to join in on Kevin H.â€™s deal. Then, Daymond piped in and said his expertise would be able to help Leslie market the product. Barbara declared herself out. Kevin H. thought he and Daymond would be perfect and cut Robert out of his action. Robert didnâ€™t like that, so he dropped his percentage to 25% for the same amount of money. Leslieâ€™s head was spinning, so she stepped outside the tank to call her husband.
She came back and countered Kevin H. and Daymondâ€™s offer with a 49% interest in her company, but they werenâ€™t willing to go that low. Kevin O. came back saying he would only take 20% with no royalties for the $50k. In the end, Leslie decided on Robert and his 20% equity, which was a really smart move.
Next, the show updated the story of Susan Knapp, who entered the tank a few weeks ago with her gourmet food company. Robert and Kevin H. invested in her idea and have helped her sales skyrocket, and she now sells over $80k a month.
Next up were Todd Robins and David Adomowich with the Fun House, asking for $300k for 20% equity in their business.
Todd is a magician and David is the worldâ€™s fastest knife thrower. Daymond took a chance and let David throw knives at him. The knives came uncomfortably close to him, but David proved he was a master at knife throwing.
The duo is starting up a 25,000 square foot entertainment and amusement area in the middle of Times Square. Kevin O. was out first because to start up and maintain such a place was too much, and the model was too risky. The rest of the Sharks bowed out as well for the same reasons.
Next up were Dede Barbanti-Parra and Kathy Lam with Boogie Box Fitness. The company is fitness based, and the women wanted $700k to launch their home DVD lineÂ for 70% of their business. Dede called Kevin O. over to show him how their system, which uses dancing and boxing moves to get in shape, worked. That was hilarious.
Each of the men bowed out, but Barbara liked the entire concept. Unfortunately, Barbara thought the women asked for too much money, so she was out as well.
Sawyer Sparks was up next with his creation, Soy-Yer-Dough. He wanted $125k for 25% of his company. He invented the first modeling clay that is gluten free so itâ€™s safe for children with gluten allergies.
He, his mother, and hisÂ girlfriend have been creating the product out of his kitchen. Play-doh has offered him $500k, but heâ€™s still negotiating with them. Kevin O. offered him the money for 51% of the company and believes he could get Sawyer much more than half-million for the company. Daymond thought Kevin O.â€™s deal was great and deemed himself out, as did Kevin H. and Barbara. Sawyer countered by asking if Kevin O. would consider reducing the equity to 40%. Kevin O. said he couldnâ€™t do that because he needs control to properly negotiate with Play-doh. Robert chimed in and said he would give Sawyer the money for 40% equity. Sawyer asked Kevin O. if he would increase the money offer, but before he could answer, Daymond jumped back in and said if Sawyer allowed Kevin O. to negotiate for him, heâ€™d add $200k to the pot.
Then Robert said heâ€™d add $125kâ€”when Kevin O. suggested each of the three menÂ put in $100k each for 51% of the company. Sawyer thought that was a great deal and bit at the Sharkâ€™s offer, creating a partnership with Kevin O., Daymond, and Robert.
Donâ€™t miss next weekâ€™s episode when Kevin O. calls one entrepreneur a â€œpig,â€ and Daymond questions one business ownerâ€™s integrityâ€¦
Photo Courtesy: ABC Network