Highlights
- Just like every other Shark, Barabara Corcoran brings in her unique business expertise to Shark Tank.
- Her bold and confident approach alongside having a sharp eye for lucrative businesses have enabled her to lock some great deals in the show.
- Some of the brands she has invested in include Pipcorn, Daisy Cakes, and Grace and Lace.
Every judge on Shark Tank brings something unique based on their area of expertise, the connections they possess, and the business deals they’ve made in the past.
Mark Cuban hails from the technology & sales background, Lori Greiner is famous as the “QVC Queen,” Daymond John holds solid knowledge of the fashion world, Kevin O’Leary bears success being a Venture Capitalist, Robert Herjavec is a champion in the Internet security software field, and Barbara Corcoran is a real estate mogul.
If we talk particularly about Barbara Corcoran, till date she has made more than 80 investments. The number may seem small, but if you look into the nature of these businesses, you will realize that Corcoran has always preferred quality over quantity.
Here’s a detailed elaboration of the biggest deals made by Barbara Corcoran that will amaze you:
1. Pipcorn
Two siblings from Brooklyn, New York, Jeff and Jennifer Martin came up with their product Pipcorn seeking an investment of $200K for 10% of equity. Presenting it as a natural and delicious snack better than those regular popcorns, which stick to the teeth, both of them started convincing the Sharks as to how their product was different from the rest.
Barbara Corcoran agreed for $200K for 10% equity stake, mentioning one condition, i.e., her fixed share of 10% of any distributions made in the future. Next in line was Robert Herjavec who also agreed to the Martins’ offer of $200K for 10%.
Listening to both of their offers, Kevin O’Leary told them that both of them were “idiots” to even consider investing in the company as he felt there was not much scope for it to generate business in coming years. Nevertheless, it seemed they had already made up her minds as they picked Barbara over Robert.
What’s the current state of the business?
With a nationwide reach to over 4000 retailers, including Whole Foods, The Fresh Market, Sprouts, Kroger, etc., the company has sold over seven and a half million bags of Pipcorn.
When it comes to the sales, it has made over $18 million ever since its appearance on Shark Tank. This deal reflected that Barbara Corcoran’s move was smart, and definitely not “stupid.”
2. The Comfy
Brian and Michael Speciale, two brothers, came up with their product The Original Comfy seeking $50K for 20% equity. They started their pitch in the backdrop of the Holiday season demonstrating that Comfy is a blanket cum sweatshirt perfect for lounging anywhere, can be worn in a reversible manner, and would help people stay warm.
While the Sharks enjoyed the creative storytelling of the two brothers during their pitch, the idea of a completely new company with no sales at all made them take a step back from making the investment. But of course there were some who showed interest.
The first offer was made by Robert Herjavec for $50K at 50% equity. But obviously that wasn’t the only offer. Barbera Corcoran hopped in and proposed an offer of $50K for 30%. She further said that she could help them gain the required traction online owing to her considerable presence on the medium. Hearing this, the brothers made failed attempts at negotiations and eventually agreed to her offer.
What’s the current state of the business?
The deal turned out to be a massive success for Barbara as the sales rose up to $468 million in three years.
3. Cousins Maine Lobster
Seeking $55K for a 5% stake in their company, Jim Tselikis and Sabin Lomac, a cousin-entrepreneur duo, came up with Cousins Maine Lobster. With their brand, they bring the Maine Lobster experience to Southern California using their gourmet lobster shack on wheels.
Highlighting that they bring their lobsters from shores to doors within 24 hours, they called upon the Sharks to join their family business by helping them get another truck and becoming the third cousin.
The negotiations soon began with a little bit of arguments between the Sharks. The cousins revealed that at the moment they have one truck and have generated $150K sales in two months. Unsatisfied with answers about economics of the business, Mark Cuban stepped out followed by Daymond John and Kevin O’Leary.
However, Robert Herjavec offered $55K for a 25% equity stake. Next was Barbara who made her offer at $55K for 17%. After some discussions, Robert marked himself out. So, the entrepreneur duo asked Barabra if she could come down to 12%, to which she countered for 15%. The final deal was then sealed at $55K for 15%.
What’s the current state of the business?
The deal turned out to be a massive success for Barbara as the company has expanded its horizons from one food truck to 29 food trucks. Additionally, they have grown immensely with 21 franchises, 10 restaurants, and one international venture in Taiwan. The sales are impressive as well with a huge figure of over $50 million.
The Bottomline Is…
Sometimes, it’s better to have a different opinion than what the majority has. Time and again, Barbara Corcoran has shown through her deals that if you want to grow successful in the business world, you ought to have a mind of your own. Every investment mentioned in the blog above reflects her nose for identifying real talent. She invested when the others hesitated.
Another key takeaway from each of her investment deals is that quality is always better than quantity. Although she may be one of those Sharks who have invested the least in the show’s history of 15 years, she has made enough money out of it owing to her nuanced business acumen. Be it Daisy Cakes, Grace and Lace, or Pipcorn, the smallest of businesses that came in Shark Tank have now transformed themselves into multi-million dollar companies.
References
1. How Shark Tank’s Grace & Lace Turned Tragedy Into Success, Apple Podcasts Preview
2. Jenn Martin, Forbes
https://www.forbes.com/profile/jen-martin/
3. Pipcorn: Jennifer and Jeff Martin, NPR
https://www.npr.org/2021/04/23/990192508/pipcorn-jennifer-and-jeff-martin
4. ‘Shark Tank’ success story: How lobster-truck guys turned $20,000 into $20 million, CNBC
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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