Highlights
- Beverly Vines-Haines and Charlotte Clary pitch Ice Chips, their sugar-free xylitol candy, seeking $250,000 for 15% equity on Shark Tank.
- After a bidding war among the Sharks, Beverly and Charlotte accept an offer from Mark Cuban and Barbara Corcoran for $250,000 in exchange for 40% equity.
- Despite the deal not closing, Ice Chips experienced a massive sales boost, reaching $5 million in annual revenue by December 2022.
Overview
| Category | Details |
|---|---|
| Name | Ice Chips |
| Founders | Beverly Vines-Haines and Charlotte Clary |
| Industry | Confectionery (Sugar-Free Candy) |
| Product | Sugar-free xylitol candy, safe for diabetics and endorsed by dentists |
| Funding | Seeking $250,000 |
| Investment Ask | $250,000 |
| Equity Offered | 15% |
| Valuation | $1.67 million |
Beverly Vines-Haines and Charlotte Clary are two “grannies in a garage” churning out their sugar free xylitol candy called Ice Chips by hand. They pitch the Sharks on their business in episode 408. The two grandmothers met as parents back in 1986 and found they shared an entrepreneurial spirit. Beverly is a long-time romantic novel writer who also does some celebrity ghost writing; she has 7 kids and 23 grandchildren. Charlotte spent much of her younger days rearing her 4 children and experimenting with different small business ventures on the side; she has 15 grandchildren. The pair’s first successful business venture was a line of products designed to treat difficult skin conditions.
In 2009, the grannies in a garage hit pay dirt: that’s when they came up with the idea for xylitol candy and Ice Chips was born. They wanted a candy that was safe for diabetics and that didn’t have sugar; they wanted something their grandchildren could enjoy. Without a lot of candy making knowledge, they began churning out ice chips and people clamored for more. In the beginning, they had a few dozen stores carrying Ice Chips; they hired “the greatest salesman” and he took them from 24 accounts to over 1,000!
Ice Chips Shark Tank Recap
Bev and Charlotte entered the Shark Tank seeking $250k for a 15% share in the business. Like any good food entrepreneurs, they had samples of all 17 of their flavors. The Sharks loved the product and the grannies! Bev and Charlotte confessed they had no idea they’d be shipping IceChips all over the globe at this stage of their lives, but they exuded a warm enthusiasm for their business. They are very popular in health food stores and dentists endorse the product too because they’re great for teeth. They sold about $325K worth through wholesale channels and online in 2012 and hope to hit $1 million in sales by year’s end.
Barbara likes the candy and offers $125K for 33% of the business with the promise she’ll get Ice Chips into over 3,000 big box retailers. Mr. Wonderful looks to partner up with Barbara, but she doesn’t want Kevin in on the deal. Barbara does entertain a partnership with Mark and they offer $250K for 40%. Daymond jumps in the bidding war and offers $250K for 35% and says he’ll find someone to manufacture the candy. Mr. Wonderful seeks to partner with Daymond, but Daymond says no and lowers his offer to 25%. Robert, after observing all the bidding, goes out.
Beverly and Charlotte weigh the offers and decide Mark and Barbara are the best fit, so they accept their offer of $250K for 40% of the business.
Ice Chips Shark Tank Update
The candy was a BIG HIT with fans – the grannies sold $300K worth of Ice Chips as a result of their Shark Tank appearance! The deal with Mark and Barbara never closed, but Bev and Charlotte didn’t care because they hit it big! They did so well in the aftermath of the show, they were able to order some custom candy making equipment that allows them to drastically reduce production time. Sales continue to grow and they’ve doubled the number of wholesale accounts. Their Shark Tank success was so great, they’re featured in an update segment in episode 424, the season 4 finale. In the update segment they tout their new manufacturing capabilities. Fast forward to December, 2022, and they’re still in business with annual revenue of $5 million.
Posts About Ice Chips on Shark Tank Blog
Charlotte Clary Ice Chips Update Interview
Company Information
All viewers, please be aware that the main ingredient, xylitol, is poisonous to dogs.