The Sibling Duo Presenting BucketGolf in Shark Tank.
Highlights
- BucketGolf made its way to the Shark investors on the second episode of Shark Tank Season 16.
- The brother-sister duo of Tyler and Jenny Simmons came up with the portable golf business.
- The entrepreneurs bagged four offers from prominent Sharks on the investors’ panel.
Every new Shark Tank season brings up fresh business ideas vastly different from each other. Some get an instant thumbs-up from the judges, while others struggle for a deal. Others, like BucketGolf, impress them to the extent that the Shark investors do not shy away from having a bidding war.
Clashes between investors on Shark Tank are not new. Since the first episode hit the small screen, the show has often made headlines for the panelists engaging in heated debates. History repeated with the BucketGolf pitch in the second episode of season 16 when four Sharks clashed in a heated discussion.
Below is a detailed explanation of the pitch, the high-voltage bidding fight, and BucketGolf’s final deal on Shark Tank Season 16.
Shark Tank Season 16: BucketGolf Pitch
Siblings Tyler and Jenny Simmons approached the Shark Tank Season 16 with BucketGolf, seeking a whopping $1 million for 10% equity. Adding a creative twist to golf, the business aims to offer a fun backyard game of golf, which can be played outdoors with friends and family.
A scratch golfer and CEO of BucketGolf, Tyler stresses that they have tried to mix the excitement of real golf with the ease and fun of backyard games. The duo then explains how the portable par 3 golf game can be played with anyone, anytime, and anywhere.
They emphasize that BucketGolf is an ideal pick for anyone as it is a backyard game and does not require players to have professional golfing skills. Additionally, the game can be custom-designed every time a new player joins it.
Once the entrepreneurs were done with the pitch, they invited Lori Greiner and guest Shark Todd Graves to a round of BucketGolf on stage. They had three shots to hit the bucket and make a par. Lori hit it straight inside the bucket; Todd missed out by just a little.
Daymond John loved the concept, and so did Lori. Mark Cuban, though, stated that he ‘hates golf.’
View this post on Instagram
Heated Debate Between Sharks In Shark Tank Season 16
Once the presentation and fun game with investors were over, Tyler and Jenny braced themselves for the fiery questions from the judges. Kevin O’Leary wanted to know the sales figures. Tyler replied that BucketGolf made $2.5 million in 2022 and $5.9 million in the next year.
The brother-sister entrepreneur duo were projecting a massive $12 million in sales for this year. The numbers heavily impressed the Shark Tank investors. However, there were still some concerns.
Guest Shark Todd Graves wanted to know how BucketGolf was different from other similar brands like Spikeball. Tyler answered that Spikeball had many models, and the products were available at a different price range than theirs. They were seeking a Shark’s help with logistics.
After all the questions were done, four of the five Sharks started proposing their offers one after the other.
Kevin started the negotiation by making an offer of $1 million for 25% equity (15% higher than what the entrepreneurs had come asking for). To justify the same, he said that the equity was high because if it got finalized on the show, the distributors would not leave taking a piece of it.
Hearing this, Lori Greiner instantly remarked that the distributors would not take a piece. Instead, they would want a certain percentage of the deal. Kevin hit back, saying, “You do your deal your way. I do my deal my way.” Lori felt Kevin was ‘frisky.’ Mark Cuban laughed at their faceoff.
Kevin then said that the entrepreneurs did not have enough money to finance inventory, which is why the offer was appropriate.
Daymond John was next. He said he liked the deal and could help them grow globally. He made the same proposal as Kevin: $1 million for 25% equity. He also said it could be a $150 million annual company.
Lori was the third judge on the Shark Tank panel who made an offer. She offered $1 million for 22.5% equity on the condition that she get preferred stocks. So, if the entrepreneurs gave distributions, she would be getting distributions as well. Daymond felt she was ‘savage.’
Mark Cuban, too, made an offer of $1 million for 15% equity. Like Lori, he wanted distributions. Lori instantly stated that he always ‘undercut’ his fellow Sharks by waiting for the last moment and seeing what the others offer. Mark said he only did his maths and nothing more.
Guest Shark Todd Graves was the only one who exited the deal as he did not feel excited enough.
After all the offers and showdown between the investors, Tyler countered Mark’s deal for $1 million at 12.5% equity. He refused to take it, saying he had a lot to offer in terms of increasing BucketGolf’s visibility. Also, although he ‘hated’ golf, he could do different things, such as demos at a DJ event.
Lori tried to attack Mark’s statement saying it was a warning when someone repeatedly said he ‘hated’ golf, but then he wanted to sell golf. Mark replied, saying BucketGolf was not really about golf. Instead, it was a fun backyard game.
Shark Tank Season 16: Final Deal For BucketGolf
After the heated debate between the four Sharks, the BucketGolf founders tried to convince Mark by reminding him of his Shark Tank miss through the Spikeball deal. Lori interrupted them and said she would do the deal for $1 million at 12.5% equity. Mark then said he, too, would do the deal at the same valuation.
Daymond jokingly called both the investors ‘suckers.’ Todd told the entrepreneurs that after all the offers, debates, and revised offers, they were the Sharks.
Ultimately, Tyler and Jenny took up Mark’s offer at $1 million for 12.5% equity.
Conclusion
The BucketGolf deal emerged as a thrilling showcase of investor rivalry on Shark Tank Season 16. Its unique backyard golf game concept captivated the Sharks and led to a heated debate between four of them. Even though the entrepreneurs faced initial skepticism, they bagged a deal due to their concept and sales figures.
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.
Speak Your Mind