Tim Barklage and Kevin Tibbs pitch their green cleaning product line called Better Life in the Shark Tank during episode 501 on November 1. Kevin is the “mad skilled scientist” of the operation while Tim is the marketing and branding guy. The two got together. The life-long friends got the idea for Better Life cleaning products when they had kids. They couldn’t stand the idea of their toddlers putting their fingers in their mouths after touching surfaces that had traces of toxic cleaning chemicals on them.
They set out to create Better Life cleaning products from plant-derived sources and now have dozens of cleaning products with catchy names like “I Can See Clearly, Wow” and “Even the Kitchen Sink.” Better Life products are available at Whole Foods markets nationwide, Crate and Barrel, Bristol Markets, and a host of other locations. The also sell on Amazon. This appears to be another mature business in the Shark Tank looking for advice and guidance to take a successful company to the next level.
Better Life Shark Tank Recap
Tim and Kevin came into the Tank seeking $400K for 7% of their business. They introduced the Better Life line and told their story. They cleaned a tile with spray paint on it, then disinfected a raw chicken smeared counter top with a leading national brand and their Better Life Whatever Cleaner. Their product killed the bacteria better. Kevin even sprayed the disinfectant in his mouth to demonstrate how safe it is!
The pair revealed they have over $2 million in sales the last 12 months with virtually no debt. The Sharks are impressed! Their products sell in Crate and Barrel, Whole Foods, Amazon, and their own website. They net 7% on their sales because they are plowing their profits back into the business. Daymond has concerns about the products being knocked off, but Kevin says reverse engineering their products would be difficult.
They are financially healthy and they want the Sharks for a strategic partnership. Lori offers $400K for 17% with a direct line into Bed Bath and Beyond and QVC. Kevin offers a $400K loan for 3 years at 10% and a 5% equity stake. Lori says she’s certain she’ll make them millionaires. John Paul DeJoria offers to go in with Lori for $400K at 20%, then Daymond offers $500K for 20%.
Lori and DeJoria then alter their offer to $400K for 17%. Tim and Kevin want to hear from Mark, who offers $800K for 20% with just him and Lori. She thinks it’s too much. Mr. Wonderful then offers $400K for 17% then cuts the equity to 7% when he’s repaid. Lori says she’ll match Kevin’s deal.Daymond then says he’ll do $500K for 20% with DeJoria. Tim and Kevin then counter Lori and Mark at $500K for 10%. Lori then says she doesn’t need Mark, and she’ll stick with her original offer. Without Lori, Mark goes out. Lori cautions them against having an “Oh No” moment and the guys do a deal with her.
Better Life Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Once an episode has aired, we monitor the progress of the businesses featured, whether they receive funding or not and report on their progress. The Shark Tank Blog will follow-up on Better Life, Tim Barklage and Kevin Tibbs as more details become available.