Highlights
- Brett Thompson and Heath Hall sought $50,000 for 10% equity in Pork Barrel Barbecue, valuing the business at $500,000.
- The product is a line of BBQ sauces and spice rubs, already available in small butcher shops.
- Barbara Corcoran invested $50,000 for 50% equity after tough negotiations with the pair.
- Pork Barrel Barbecue grew rapidly post-Shark Tank, achieving $10 million in sales by 2016.
Overview
| Category | Details |
|---|---|
| Name | Pork Barrel Barbecue |
| Founders | Brett Thompson, Heath Hall |
| Industry | Food, Barbecue Sauces & Spice Rubs |
| Product | Line of barbecue sauces and spice rubs |
| Funding Sought | $50,000 |
| Investment Ask | $50,000 |
| Equity Offered | 10% |
| Valuation | $500,000 |
Brett Thompson, a professional lobbyist, and Heath Hall, a Capitol Hill think tank employee, come to the Shark Tank in episode 106 with their product, Pork Barrel Barbecue. They’ve decided to “take useless pork barrel spending and put our money to good use to create our company.”
Their hard work and dedication to delectable BBQ has created a line of sauces and spice rubs that is already selling in several small butcher shops. They hope to gain enough of an investment to launch their line on the national level, selling through several major grocery store chains.
Will the Sharks want a bite of this tasty business, or will the risk prove too spicy for the fickle investors?
Pork Barrel Barbecue Shark Tank Recap
Thompson and Hall come to the Shark Tank looking for $50,000 in return for 10% for their Pork Barrel Barbecue company. Their smooth presentation and political jokes get the Sharks laughing. They grab attention when Thompson tells the Sharks, “Heath and I love two things: Making great barbecue, and making lots of money.” He goes on to explain how the pair have managed to leverage their product from inception to branding, marketing, and sales of their barbecue and spice rubs.
Kevin O’Leary’s impressed with the flavor of the product, but questions whether they’re well-known. The partners show off the trophies they’ve recently won at national competitions. Robert Herjavec thinks the partners are “joking” about their 1/2 a million valuation of the company. He questions whether their valuation is accurate. Thompson comes back with the news that they have a 10,000 unit order in production, that will be delivered in the next month. Herjavec, uncharacteristically, goes for the kill, asking for the dollar amount of the sale. Thompson breaks down the sales, explaining that the products cost around $2 to produce, with a 50% profit. He claims that, “based on very conservative estimates”, the company will clear over $4 million in sales, with over $1 million in profit, within the year.
Robert Herjavec reveals that he previously invested in a barbecue sauce. Herjavec, once burned by a saucy investment, is twice shy, and unimpressed. He believes that Pork Barrel Barbecue doesn’t have the brand recognition to secure the distribution channels the company needs to grow into a national seller. He’s out. Kevin Harrington is close behind, citing the risks. Daymond John is also out. Kevin O’Leary calls the pair “politicians slash hobbyists, with a sauce.” He believes the company is in an “embryonic state.” He’s out.
Barbara Corcoran remarks that Heath reminds her of the mascot. She doesn’t believe that the numbers make sense. She doesn’t believe that $50,000 is enough to launch their product. Thompson explains that they are investing $100,000 of their own money. Corcoran makes an offer. She’s willing to give them the $50,000, but she wants 50% of the company. The Pork Barrel Barbecue owners offer 40%, but Corcoran won’t budge. The pair accepts the deal.
Pork Barrel Barbecue Shark Tank Update
Pork Barrel Barbecue turned out to be one of the most lucrative investments Corcoran ever made on the show. The company went national very quickly, earning both the investor Shark and Hall and Thompson back their investments, as well as a hefty ongoing profit. The successful brand is still selling strong today, and the owners and Corcoran are squealing with delight all the way to the bank.
Pork Barrel Barbecue is featured in update segments in episode 111 and episode 305. In the season 3 update, the guys announce the opening of their restaurant and Barbara makes an appearance in a pig costume!
A third update appears in episode 624 in season 6. Since the last update, they have $10 million in sales. They’re in 5000 stores with another 3000 along the way. Sam’s Club has the product on the shelves which means $2 million in orders. Pork Barrel BBQ has leveraged the Shark Tank effect into BIG BUCKS!
In Beyond the Tank episode 206, more challenges face Pork Barrel Barbecue. Read about them HERE.
In June, 2016, they introduced Bacon Jerky. As of December, 2021, the business is going strong with $4 million in annual revenue.
Posts about Pork Barrel Barbecue on Shark Tank Blog
Pork Barrel Barbecue Company Information
Speak Your Mind