10-year-old Jack Bonneau pitches Jack's Stands, his lemonade stand “franchise” concept, to the Sharks in Shark Tank episode 809. When Jack approached his parents about opening a lemonade stand 2 years ago, they developed a more professional strategy than the standard table at the end of the driveway. Jack's dad helped him set up at a local farmer's market. Jack netted $900 on about $2000 in sales his first summer.
Year two found Jack expanding to 3 additional farmer's markets after getting a business loan for $5000 from Young Americans Bank, a Denver bank that specializes in loans to children. He staffed his stands with other kids looking to make a few extra bucks. He trained them on interacting with customers and making change and showed them how to calculate profits at the end of each selling day. For their efforts, the kids got a cut of the profits and their tips. The second year of operations grew sales to $25,000.
The process gave Jack an education in math, business, and finance. His father, Steve Bonneau, wanted the Jack's Stands experience to teach Jack about business. It did. Jack's Stands is expanding to more markets in his native state of Colorado and a stand in Detroit. He tried raising expansion funds on IndieGoGo, but fell short of his goal. He managed to team up with other kidtrepreneurs, including Shark Tank alums Moziah Bridges (Mo's Bows) and Ryan Kelly (Ry's Ruffery) to offer perks.
With the IndieGoGo funding falling short, Jack likely needs funds for expanding nationally. Will a Shark take a stand and invest in Jack's Stands?
Jack's Stands Shark Tank Recap
Jack will pitch the panel of five Sharks on the business and its prospects for growth. He’ll need to convince Mark Cuban, Daymond John, Kevin O’Leary, Lori Grenier, and Chris Sacca that the company is worthy of a Shark investment. A good business plan, good financials, and sales data will impress the Sharks, but he’ll need to show them HE is capable of running the company to “Shark standards." A full pitch re-cap on Jack's Stands will be available on Shark Tank Blog once this episode airs.
Jack's Stands 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 Jack's Stands and Jack Bonneau as more details become available.