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Kevin O'Leary in Shark Tank (2009)

Plot

Episode #1.8

Shark Tank

Edit

Summaries

  • A young entrepreneur's overconfidence could blow a deal with the sharks.

Synopsis

  • Kevin O'Leary, Barbara Corcoran, Kevin Harrington, Daymon John, Robert Herjavec

    Dj Stephan and Sean Conway, "Notehall" a website that buys and sells college class notes and study guides; $90K for 10%. In 8 months their website has been used by 40% of the students on campus (Univ of Arizona). Planning to go to 24 Univs shortly and want to take this nationwide. 100% money back guarantee if students are not satisfied with the content they buy. $ 30 K in revenue in last 8 months. Notehall takes 60% commission of $4.95 that they charge students for the content. 40% goes to the content providers. They have competition, but their differentiator is that they have much better content. Money is needed for customer acq, they aim to get 85,000 students. Harrington is out as its too much of a startup. so is Daymon. Sean bets half the company on generating 24 MM $ in revenues in 4 yrs. O'Leary offers $90K for 51%. Barbara offers $90K for 50%. DJ counters O'Leary with $90K for 15% and a promise to transfer their shares to O'Leary in 2 yrs if they don't hit $1MM in revenues by then. O'Leary wants 35%. Barbara counters at $90K for 25%. Herjavec offers $115 K for 35% and O'Leary copies the deal. while O'Leary and Herjavec are fighting, Barbara offers $90K for 25% with offer to the guys to buy her out in 6 months time at 20% interest. O'Leary and Herjavec come in together to match Barbara. The guys pick Barbara. Barbara rubs it into O'Leary. O'Leary is so upset that he goes to meet the guys later and tells them that they made a mistake making a deal with a real estate agent.

    Update on: Coverplay. Amy and Allison. Barbara has opened doors for them, the product is in Baby'R'us and the biggest hotel chain in the US.

    Lisa Llyod, "Treasure Chest Pets" an organizer for children designed like a stuffed toy; $150K for 20%. Retails for $19.99. costs $4.75. Sells in 200 stores. $100K in sales in last 12 months. She is focusing on boutique stores and not the 3 big box retailers as she does not have the capital to fulfill their potential POs. 1100 units in inventory, who are already sold. Harrington is out as he sees this as a very niche opportunity. She needs money to production. Daymon offers $150K for 60%, but offers Lisa his manufacturing powerhouse that ship all the products she needs to fulfill her orders and Lisa would focus on sales. Barbara is invited to join this deal. Herjavec offers $150K as a straight loan to Lisa, no equity. Lisa takes the deal with Daymon and Barbara.

    Edwin Heaven, "Throx" a company that sells socks in sets of threes; $50K for 25%. $38000 in sales in last 12 months. It is not patent-able. O'Leary is out and so is Harrington. Barbara thinks it is a novelty product and is out. too small for Herjavec & Daymon and are out.

    Danon Beres, "Washed Up Hollywood" a belt and belt buckle manufacturer; $500K for 25%. Sells in 300 stores in 12 countries. $435K in sales in last 12 months. $50K net profit. Retails for $55-99. Costs $40 to make. Has invested $120K into the business. Daymon says that he doubts Danon's sales figures. The sharks think the business is worth 1.5 times sales or roughly $550 K at most. So they cant offer $500K without owning most of the company. All drop out.

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