Mr. Tod’s Pies founder Tod Wilson went on the first episode of Shark Tank and walked away with a deal. Now, he’s rang the Opening bell on Wall Street, has been on Oprah Winfrey’s show among many others. The media loves him and he’s tripled his business ever since appearing on Shark Tank.
Wilson cut a deal with Shark Tank Investors to put Mr. Tod’s Pie Factory on the map. Daymond John, Barbara Corcoran and Kevin Harrington scored on this deal.
Interesting that food related deals have done well on the show and scored big with the view audience.
Wilson, from Somerset, NJ went on Shark Tank, starting off with a video about his customer’s appreciation for Mr. Tod’s Pie Factory Sweet Potato Pie. He said that the pies are fresh never frozen. He said Mr. Tod’s Pie Factory sells over 3,000 Pies a day.
He said he was on his third bank loan, but is out of financial resources and unable to get another loan. He wanted someone to believe in him. He started out asking for $460,000 for 10% of the company. He did almost a million dollars in sales last year and is averaging about a 20% a year net income. He said he simply can’t keep up with the demand and needed capital to expand with half of the revenue coming from one flavor of pie. He said most of the money would go for outfitting production facilities to meet demand.
Robert Herjavec told him to keep the passion and let it show, the money will follow.
The Shark Tank Investors gasped when he revealed that McDonald’s wanted to put him in their stores. Despite the opportunity, three of the Sharks were out, leaving Barbara Corcoran and Daymond John.
Barbara asked Daymond to come in at half, which she would do and want 20% of the company for that. Daymond said he thought Tod was like him at a time before and so he asked for half of the company and he would need to see orders.
Mr. Tod’s Pie Factory has done well ever since doing the deal.