Highlights
- Josh McClellan and Ashley Drummonds pitch ABS Protein Pancakes in Shark Tank episode 713, seeking $120,000 for 40% equity.
- Robert Herjavec offers $120,000 for 49% equity, but Daymond John ultimately seals a deal for $120,000 for 42%.
- The deal with Daymond never closed, but the company saw a significant spike in sales and has $1.6 million in annual revenue as of August 2022.
Overview
| Category | Details |
|---|---|
| Name | ABS Protein Pancakes |
| Founders | Josh McClellan and Ashley Drummonds |
| Industry | Food / Health & Wellness |
| Product | High Protein, Low Carb Pancake Mix |
| Funding | $14,449 from IndieGoGo; $11,440 from Kickstarter |
| Investment Ask | $120,000 |
| Equity Offered | 40% |
| Valuation | Not explicitly stated |
Josh McClellan and Ashley Drummonds jump into the Tank to pitch ABS Protein Pancakes in Shark tank episode 713. Most people will think ABS is short for “abdominal muscles,” but Drummonds has been using the acronym (which means Authentic, Beautiful, Strong) for years to market her women’s fitness lifestyle product: Flat Abs for Women. McClellan is also a fitness marketer who pitches Superhero Abs for Men.
Drummonds is a fitness guru of sorts who struggled with her body image while maintaining a very fit physique. Like many women (and men for that matter), she’d make unhealthy dietary choices to maintain that fit look. Drummonds is ripped, but she’d often skip meals to keep up the hard body she so desperately desires. She loved her sweets, but that type of food doesn’t mix with extreme fitness – so she began experimenting with high-protein versions of the food she loves: PANCAKES.
Ashley, while being very aware of the need for a high protein, low-carbohydrate diet, was a sucker for chocolate chip and cinnamon swirl pancakes. Unfortunately, when she ate these foods, she felt lethargic and it threw her off her fitness/diet regimen, so she created ABS Protein Pancakes, which allowed her to eat her favorite food every day without going off her diet.
ABS Protein Pancakes is a high protein, low carb, pancake mix that lets anyone eat pancakes every day without worrying about it. Each batch of pancake mix has only 6 grams of carbohydrates and 26 grams of protein packed into a (supposedly) delicious, 150 calorie stack of pancakes. For $42.95, fitness nuts can satisfy their sweet tooth without jeopardizing their diet.
McClellan and Drummonds are fitness marketers looking to the Sharks for an investment and for “validation” of their products. Will a Shark stack up some cash and invest in ABS Protein Pancakes?
ABS Protein Pancakes Shark Tank Recap
Josh and Ashley enter seeking $120k for 40% of their business. They say when people want to get serious about health and fitness, they need to eat right. They paint a picture of yucky health foods, protein bars and powders, then say they can get good ABS while eating their pancakes that have less than 250 calories.
They hand out samples with sugar-free syrup and almond butter toppings. Mark likes the pancakes, but Kevin thinks there’s an aftertaste. Robert thinks they’re dry. Daymond asks how they came up with the idea and Ashley talks about her motivations as a trainer who wants the cut look but still wants sweets. In 11 months, they’ve done over $100K in sales. Mark says he likes them again!
Each packet costs 12 -14 bucks to make and sells for $42.95. The Sharks freak out at the price: “42 bucks for pancakes?!?” Kevin says he could eat the pancakes or buy a car! They say they could cut the cost by doing larger production runs. Mark says body builders aren’t price conscious, but they aren’t a company yet; he’s out.
Daymond thinks the valuation is reasonable, but he thinks the price is too high; he’s out. Lori didn’t like the flavor, so she’s out. Robert compares this to Nuts n More, but thinks price is too high. However, he’s in a “sharky mood,” and offers $120k for 50%.
After a break, Kevin goes out. He says it tastes like crap, and Mark says he likes it again. Kevin says it isn’t a good investment vehicle because its a tiny vertical. Daymond and Mark caution Josh and Ashley that a 50-50 split could bottleneck the company. They counter with 45% and Robert goes to 49%. All of a sudden, Daymond jumps in and says “I’ll do 42%.” They accept!
RESULT: DEAL with Daymond for $120K for 42%
ABS Protein Pancakes Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The deal with Daymond never closed. In the immediate aftermath following the original air date, ABS did a year’s worth of sales in one month! As of August, 2022, they are still in business with annual revenue of $1.6 million.
Posts About ABS Protein Pancakes on Shark Tank Blog
ABS Protein Pancakes Company Information
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