Taverns-To-Go Founders Try To Impress Investors On Shark Tank Season 16
Highlights
- Paul Convey and Enda Crowley approach the judges with an innovative backyard bar on Shark Tank Season 16.
- The Taverns-To-Go entrepreneurs are projecting $4 million in sales in 2024.
- They received offers from two prominent investors on the panel.
Overview
| Category | Details |
| Name | Taverns-To-Go |
| Founder | Paul Convey and Enda Crowley |
| Industry | Construction |
| Product | Portable Backyard Bar |
| Funding | Self-funded |
| Investment Ask | $400K |
| Equity Offered | 10% |
| Valuation | $4 million |
Paul Convey and Enda Crowley, an Irish entrepreneur duo, made their way to the Shark investors with Taverns-To-Go. The duo started the Taverns Shark Tank pitch by saying that Irish people are good at two things – construction and drinking. Bringing up an amalgamation of the two, they have prepared ‘Taverns-To-Go.’
The product is designed for those who want to have a good time and enjoy themselves with family and friends over toast at home. Their ‘Irish ingenuity’ led them to come up with the backyard bar Taverns-To-Go, which is delivered and assembled in under 90 minutes in the comfort of users’ backyards.
Crafted from pressure-treated lumber, their taverns are ideal for any climatic state, making themselves perfect for anywhere in the continental USA. With the help of a Shark, they are eyeing to go ‘global.’
Having more than 25 models to choose from, Taverns-To-Go offers a tavern for different types of backyard. The entrepreneurs also say that users can add their personal touch, stock it up, and let the good times roll.
Taverns-To-Go Shark Tank: What Happened On Season 16
The entrepreneur duo enters seeking $400K for 10% equity in the Taverns Shark Tank deal. Lori Greiner thinks the idea is ‘cute’ and inquires about its costs. Paul and Enda say that it retails for $3,795, and depending on the users’ location, the delivery can be free or up to $590.
Having started during the pandemic in 2020, sales to date are $2.2 million. Plus, the entrepreneurs claim they are about to hit the $10 million mark. The Tavern-To-Go charges for the assembly and shipping costs collectively amount to $2,200, including overhead.
Discussing their backgrounds, Paul and Enda state that they hail from mechanical engineering and construction management verticals, respectively. The duo poured a couple of hundred dollars to build the first Taverns-To-Go bar.
The bar includes an in-house crew who deliver it as per the customers’ location. An incremental customer costs between $200-$250.
Kevin O’Leary feels ‘the model seems to be working’ and asks about their projected sales for this year. The entrepreneurs claim it to be about $4 million and that their profit margins are about 30% to 40%.
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Did Taverns-To-Go Get A Deal?
Describing himself as the ‘third Irish dude,’ Kevin O’Leary proposes a deal of $400K for 30% equity. He claims he can use his ‘millions of followers’ on social media to blow out their socials. Plus, he says he can help the Taverns-To-Go founders reduce their customer acquisition costs.
Todd Graves says that he can order one but not make an offer as there were better-qualified investors. Mark Cuban, too, thinks alike. He opts out, saying he can be ‘a drinker’ but not a ‘construction guy.’ Daymond John, too, exits the Taverns-To-Go Shark Tank deal for the same reason.
Lori is ‘on the fence’ and thinks people will be ‘loving’ the product. Hinting at a royalty deal, she says she wants to take out something from Kevin’s ‘book.’ Her offer is $400K for a 15% equity, along with a $30 royalty for each bar sold till she recoups her $400K and makes $600K.
Mark, Todd, and Daymond feel the $30 amount is quite low, so the entrepreneurs should go for the deal. Lori then asks Daymond if she should revise it to $60. He replies, saying, ‘That’s not my business.’ Lori laughs out loud.
Paul and Enda like the royalty deal but ask her if she can bring down the equity to 12.5% after she gets back the $600K. Lori does not agree as she thinks that $30 is a ‘sweet, nice’ royalty and that she could have asked for a $100 royalty.
According to her, the fellow Sharks think the same. Kevin interrupts Lori, saying that the $30 royalty is a ‘greedy’ offer.
In the end, the founders accept Lori’s offer of $400K for a 15% equity along with a $30 royalty for each bar sold till she recoups her $400K and makes $600K.
See what else is new! View other businesses featured in this episode.
