BevBuckle inventor Jay Kriner pitched the Sharks in episode 402, the season 4 premier. Jay set the tone for a fun fourth season with his “entertainment accessory,” a belt buckle that doubles as a holder for the beverage of your choice. He also coined the first “catch phrase” in season 4, as he let out a hearty “BA BAM” as he flipped down the BevBuckle to reveal its true purpose. The Sharks, and many fans, got quite a laugh out of Jay's good-natured pitch. Jay sold BevBuckles at beer festivals all over the country and on his website. He had one licensing deal for BevBuckle, also known as The Beer Buckle, in place prior to taping.
BevBuckle Pitches Sharks
Jay reveals interesting information on Shark Tank. He has two envelopes, one with an extensive list of retailers that wants to carry BevBuckle and another with a list of NASCAR venues that want sell the BevBuckle. Daymond John, unimpressed with the lists, promptly goes out. Mark Cuban likes the product, but not the numbers; he's out. Robert Herjavec offers $50K for 75% equity because he thinks he'll have to devote significant time to the business. Mr. Wonderful offers $50K for a 12% royalty on every BevBuckle sold. Barbara Corcoran offers $50 for 51% equity. Jay takes Barbara's offer, BA BAM, they're in business!
BevBuckle After Show
Jay and Barbara did not consummate their deal, although Barbara advised him and is willing to come into a partnership in the future. Barbara will help Jay with funding a large order, if he needs it. It turns out Jay didn't need the investment since he sold over $40K worth of BevBuckles on show night and the week that followed. Jay is in negotiations with Spencer Gifts and Urban Outfitters and other retailers. He expects a second order from Twisted Teas, who licensed the BevBuckle and he continues to develop his NASCAR opportunities. The BevBuckle, after some quality control issues in the past with foreign manufacturers, is manufactured in the USA.
On December 7, 2012, SharkTankBlog received an email from Jay Kriner updating BevBuckle's progress. Here's what he had to say:
- Bev Buckle is selling like crazy, especially for Christmas as it seems to be a hot gift item.
- Featured somehow in Playboy, Germany this month, asked for a copy and my wife is debating letting me frame it in the house!
- Our NASCAR Sprint Cup Series Tour starts in February. with the Daytona 500 where we will be track-side as a vendor selling to all those left turning beer drinkers!
- Had my little boy named Patek on 10/23 – doing great and not letting me sleep.
- Finally got our new packaging for the buckles: cool tin containers. I also put in a hand signed Thank You card in each for a personal touch. At least until things get too big, right now I've signed over 2,500.
- Started using new business tools to help through the growing pains and looking for a bigger facility that we can have a office, warehouse, store front and even a mini beer garden!
- Tomorrow I join country music singer Kevin Fowler and Thom Shepherd on his TOUR bus in TX as he is a big fan of the buckle.