Lori Greiner And Mark Cuban
Highlights
- Shark Tank’s legacy of sixteen years is noted for its classic bidding wars and honest opinions of Shark investors.
- Lori Greiner went head-to-head with Barbara Corcoran before finally sealing a deal with Ruffledbutts and Ruggedbutts.
- Mark Cuban was strongly critical of Lori’s deal for the already successful children’s fashion venture.
The sixteen long seasons of Shark Tank have presented viewers with countless competitive bidding wars between the Shark investors. One such tough fight was seen during the ‘Rufflebutts and Ruggedbutts’ pitch. The highlight was Mark Cuban’s comment on Lori Greiner’s final deal for the entrepreneurs.
‘Rufflebutts and Ruggedbutts’ was brought to the Shark Tank judges by a husband-wife entrepreneur duo of Mark and Amber Schaub. Appearing in the fifth season, the duo bagged offers from Barbara Corcoran and Lori Greiner. After intense negotiations, they sealed the deal with Lori.
However, Mark Cuban felt the QVC queen’s deal was the worst deal she ever offered on Shark Tank.
Rufflebutts and Ruggedbutts: Pitch Recap
Mark and Amber Schaub appeared in the fifth season before the Shark investors with their complementary companies for girls and boys – Rufflebutts and Ruggedbutts. Seeking $600K for 7% equity, the duo presented their clothing, footwear, and accessories collection.
By their Shark Tank appearance, the Schaubs had been making $3.7 million in sales annually, with projected sales of $4.5-$5 million in 2014. The duo also boasted about having no debts and that they were placed eighth on the Inc. 500 for retail ventures.
While the other Shark investors opted out, citing inventory issues and little understanding of the fashion vertical, Barbara and Lori proposed their offers. Barbara offered $300K in equity and the other $300K as a credit line for 12% of Ruffledbutts and Ruggedbutts.
On the other hand, Lori proposed $600 for 10% equity on the condition of getting back her invested amount in two years.
Why Did Mark Cuban Feel Lori’s Deal Was Her Worst Deal Ever?
As discussed above, Mark and Amber Schaub’s fashion venture for kids was doing well before Shark Tank. With no debt and projected sales of around $5 million, it was already taking over the market. The duo explained their reason for coming on Shark Tank and said they wanted mentorship, not money.
This is why the husband-wife duo did not like any of the two Shark Tank offers. Amber stated that giving up a larger equity share could affect her kids’ future. So, they countered the Shark investors with $600K for 8% equity.
While Barbara came down to 8% equity, Lori proposed $600K for 9% equity. The two had intense arguments while explaining why they were a better pick for the duo.
After this, Mark and Amber went to the hallway to discuss. While they were talking outside, Mark Cuban firmly remarked, ‘Lori, that’s the worst deal you’ve ever offered somebody. That’s a Kevin’s deal.’ Ultimately, Mark and Amber Schaub accepted Lori’s deal.
When the husband-wife duo walked out with their Shark Tank deal, Mark again commented, ‘When they wake up, they’ll realize that they messed up.’
What Happened To Ruffledbutts and Ruggedbutts After Shark Tank?
Mark and Amber Schaub’s deal with Lori Greiner could not materialize after the show. However, this did not impact the duo’s growth. In 2021, the children’s fashion venture moved its headquarters to Flower Mound, Texas. By 2024, Ruffledbutts and Ruggedbutts also made $7 million in annual revenue.
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