Since ABC’s Shark Tank took a short hiatus during winter break, it generously gifted fans with two episodes this week. On Wednesday, season 7 of the show continued with episode 12. In this episode, sharks Robert Herjavec, Lori Greiner, Kevin O’Leary, Daymond John and Mark Cuban were pitched new business ideas that are in need of an investment.
So here is a recap from Wednesday’s episode:
ABS Protein Pancakes
Asking: $120,000 for 40%
Partners Ashley Drummonds and Josh McClellan enter the tank with the latest food product geared towards the fitness crowd. Ashley and Josh created ABS Protein Pancakes, which is pancake mix that is low calorie, organic, gluten-free and packed with protein.
At first, the Sharks were impressed with the product and saw its potential, considering the whole health conscious craze is continuing to increase in popularity. The Sharks didn’t mind the taste, but Daymond and Robert admit that the pancakes tasted rather dry.
Unfortunately, things start spiraling down when the entrepreneurs reveal that they are selling the pack of mix for $42.95. Evidently, the Sharks are shocked and don’t believe that many people – even fitness junkies – would be willing to pay such a price for pancakes. This leads to Daymond quickly dropping out, followed by Mark, Lori and Kevin. Meanwhile, Robert decides to offer them $120,000 for a hefty 50%. Ashley and Josh try to convince Robert to lower his equity stake, but he only budges to 49%. Unexpectedly, Daymond jumps back in and closes a deal at $120,000 for 42%.
Asking: $150,000 for 15%
One of the more interesting business ideas this season comes from entrepreneur Randy Stenger. Randy present his company “Extreme Sandbox,” which allows adults to play around with heavy equipment/machinery – such as excavators and dump trucks – and fulfill their childhood dreams.
Needless to say, the Sharks were pretty intrigued by the idea and several of them claimed they would definitely be coming for a visit to the facility. In addition, Randy is able to further grab their attention when he reveals that the company will make over $500,000 this year.
Unfortunately, Lori doesn’t see the scalability of the business and drops out. Afterwards, Daymond also drops out, as he doesn’t believe he can add any true value to the concept. Thus, O’Leary is the first one to offer, at $150,000 for 20%. Then Robert goes on to agree with Lori about the difficulties with scaling the business and drops out. Lastly, Mark mentions that he has some land in Dallas that could be converted into another facility for the company. Mark ends up jumping in and joining Kevin’s deal, and they close at $150,000 for 20%.
Total Tie Keep
Asking: $50,000 for 25%
Federal Agent Dwight Littlejohn comes in with his idea of how men can ensure they are always looking fresh. The “Total Tie Keep” is a necktie accessory that prevents your tie from moving out of place. Similar to a tie clip, however, it is tucked behind the tie and not visible when worn.
After giving the Sharks a tutorial on how to use his product, Dwight begins getting grilled by the sharks about his line of work. Unfortunately, Dwight claims he isn’t able to release much information about it, but he does reveal that he would not be quitting it anytime soon. Thus, the sharks express concern, as Dwight is only part-time devoted to the company.
First off, Mark drops out after he explains his distaste for wearing ties. Afterwards, Lori drops out as well. Not too long after, Kevin, Robert and Daymond also drop out. Thus, Dwight walks out of the tank without an investment.
Asking: $300,000 for 7%
Fireman and entrepreneur Peter Thorpe comes in with his innovative way of preventing kitchen fires. The “Fire Avert” is a product that plugs into your wall and then allows you to plug your stove into it afterwards. Once installed, the product will shut off your oven when the fire alarm goes off. This will ideally prevent the countless fires that engulf homes because there is food left cooking on the stove unattended.
While the sharks seem to have an interest in the concept, Peter runs into some hesitancy from them when he reveals the retail price is $195. Lori notes that she would have thought it would be something like $19.99. Nonetheless, Peter somewhat wins them back over when he explains that he will be profiting $750,000 this year. However, he then reveals that he only owns 30% of the company, which is troublesome to the business moguls.
Ultimately, Mark, Lori and Daymond pull out of the deal after finding out that Peter doesn’t own all too much of the company. Meanwhile, Kevin says he will buy out Peter’s partner (who owns 60% of the business) for $300,000. Robert also says he would be willing to pay $400,000 for his partner’s share.
Peter then leaves the tank and calls up his business partner, Jeff. He explains Robert and Kevin’s offers, but unfortunately, Jeff isn’t convinced that selling his share would be the best decision.
So, after breaking the news that Jeff declined both Kevin and Robert’s offer, Peter decides to give Lori one more shot. He tells her that he believes they can get the price point down to $99, which would be perfect for QVC. Fortunately, this sounds appealing to Lori, and she ends up offering him the $300,000 as a loan for a 15% royalty until she is paid back with 5% interest. Following this, she will retain a 12% equity state. In the end, Peter decides to go with Lori’s deal and accepts her offer.
You can catch another new episode of Shark Tank on Friday, January 8 on ABC.
A dual-use breath freshener, a functional placemat for children and a subscription service for ugly produce are all pitched to the sharks.