Sharks Hearing Out A Pitch On Shark Tank Season 16
Highlights
- Four out of five Shark judges proposed a deal to the BucketGolf entrepreneurs.
- Kevin O’Leary and Lori Greiner competed hard to get into a joint deal with Rashaun Williams during the Y’all Sweet Tea pitch.
- Kendra Scott gave Kevin O’Leary a tough fight during the Yardsale deal.
Shark Tank Season 16 is currently keeping the audiences hooked with its fresh content. Six episodes later, the season is already buzzing with innovative products, exciting Shark deals, and a prominent investor lineup. The one factor that has surpassed all these factors is Shark Tank’s famous ‘bidding wars.’
In every new season, viewers get to witness the passionate side of Shark investors when it comes to bidding for a potential product/business on the show. The sixteenth season is no different. From proposing royalty deals to teaming up with fellow Sharks, the judges are competing hard.
Below is a detailed roundup of the most memorable bidding wars on Shark Tank Season 16 from the first six episodes:
1. TruFit Customs
TruFit Customs was presented in the pilot episode of Shark Tank Season 16 by aspiring entrepreneur Matthew Hall. Seeking $750K for 5% equity, Matthew revealed that he started the company along with Victor Adamo in 2022. TruFit Customs offers a range of customized sports equipment powered by 3D technology.
The entrepreneurs came up with customized mouthguards for athletes because the traditional methods of preparing mouthguards were time-consuming. Projecting $1.4 million in sales in 2024, Matthew listed the company’s products, including a whitening kit, Vaporbite, a nightguard, a retainer, and a sports mouthguard.
Which Sharks Engaged In The Bidding War?
Two Shark investors—Kevin O’Leary and guest investor Rashaun Williams —got into a bidding battle for TruFit Customs. Although Kevin was apprehensive about the $15 million valuation, he made a royalty offer. The proposed deal was $750K for 3% equity with a royalty of $2 per unit until he recouped his $2.25 million.
Reacting to this, Rashaun commented that it was a ‘bad offer.’ Kevin retaliated by stating he could help the entrepreneur cut TruFit Custom’s customer acquisition costs.
Following this, Rashaun offered $750K for 10% equity. To further convince Matthew, he claimed he would bring 10-15 athletes as ambassadors/investors in the business. Kevin felt the offer reflected ‘greed.’
In the end, Matthew took up Rashaun’s deal of $750K for 10% equity.
2. BucketGolf
Siblings Tyler and Jenny Simmons pitched BucketGolf in the second episode of Shark Tank Season 16. Seeking a whopping $1 million for 10% equity, the Simmons explained that their business offers a fun backyard golf game that can be played anywhere outdoors.
To keep the Shark investors engaged in the pitch, they invited them to play a round of their game on set. The entrepreneurs then highlighted their sales figures, saying that BucketGolf had made $2.5 million in sales in 2022. Tyler and Jenny were projecting $12 million in sales for this year.
Which Sharks Engaged In The Bidding War?
Four of the five Shark panelists went head-on-head for bagging the BucketGolf deal. The one who initiated the bidding process was Kevin O’Leary. He offered $1 million at 25% equity in the company. Daymond John matched this deal and offered the same valuation to the two siblings.
After having a brief argument with Kevin, Lori Greiner offered the third deal to Tyler and Jenny at $1 million for 22.5% equity. Lori made the offer on the condition of getting preferred stocks.
The final deal for BucketGolf was from Mark Cuban, who offered $1 million for 15% equity.
When Tyler countered it with 12.5% equity, Mark refused. Lori saw an opportunity and agreed to $1 million at 12.5% equity. Right after this development, Mark, too, decided to pay $1 million at 12.5% equity.
Ultimately, Tyler and Jenny decided to go with Mark’s offer of $1 million for 12.5% equity.
3. Yardsale
Aspiring entrepreneurs Kelly McGee and Cristina Asbaugh approached the Shark investors with Yardsale. Seeking $200K for 10% equity, the entrepreneur duo described that their company offers a range of ski poles equipped with modern technology. Plus, Yardsale’s ‘magnetic’ poles made it a standout company.
Appearing in the third episode of Shark Tank Season 16, Kelly and Cristina stated that they started the venture six months before their appearance. In its first month, Yardsale made $100K in sales and was projecting $2.1 million in 2025. Cristina also claimed that Backcountry, Decathlon, and REI had contacted them.
Which Sharks Engaged In The Bidding War?
In one of the most gripping bidding battles of season 16, the Yardsale entrepreneurs proposed a royalty deal to Kevin O’Leary. They offered $200K for 5% equity with a $3 royalty till he recouped the invested amount. Kevin countered the deal with $200K for 20% equity in the company.
Although guest investor Kendra Scott had earlier stepped out of the deal, citing the high valuation, she got back and proposed $200K for 20% equity with a $3 royalty. Hearing this, Kevin cut his equity ask to 15%, but he still wanted the $3 royalty.
After this, a series of offers and counter offers were carried out between the Yardsale founders and the two Shark investors.
In the end, Kelly and Cristina finalized the deal with Kendra for $250K at 10% equity with a $5 royalty until she received her $300K.
4. Y’all Sweet Tea
Y’all Sweet Tea was brought to the Shark investors by childhood friends and entrepreneurs Darien Craig and Brandon Echols. Seeking $500K for 5% equity, the Alabama-based entrepreneur duo tried to win over the judges with their line of sweet tea products.
Darien and Brandon stated that they started the venture in 2021. Their secret sauce was the correct use of social media and influencers, such as Mama Sue. The duo brought Mama Sue along with them, who then presented the company’s samples to the Sharks, including mango, strawberry, and raspberry.
Which Sharks Engaged In The Bidding War?
Two partnership deals clashed with each other during the Y’all Sweet Tea pitch in the fifth episode of Shark Tank Season 16. It all started with guest Shark Rashaun William’s solo offer of $500K for 10% equity. Rashaun claimed he could help Darien and Brandon with access, money, and influencers.
Kevin O’Leary expressed his desire to join Rashaun and help the entrepreneurs with retail. He said they could propose a joint deal of $500K for 20% equity. While Kevin was proposing the offer, Lori Greiner started discussions with Rashaun.
Rashaun then openly stated that he and Lori were willing to offer $500K for 15% equity. Lori added that she could offer the entrepreneurs the required assistance with her previous retail experiences. On hearing this, Kevin got miffed and displayed his annoyance.
Rashaun said that he was okay with any of the two joint deals. However, Y’all Sweet Tea eventually went with Rashaun and Lori’s offer of $500K for 15% equity.
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5. Taverns-To-Go
The Irish entrepreneur duo of Paul Convey and Enda Crowley appeared before the Shark Tank judges with Taverns-To-Go. Seeking $400K for 10% equity, the entrepreneurs emphasized that their brand amalgamated drinking and construction. Through it, they offered a backyard bar.
Stressing their Irish ingenuity, Paul and Enda claimed that Taverns-To-Go could be delivered and assembled in 90 minutes. Plus, the backyard bar worked under different climatic situations across the continental USA. Paul and Enda had started in 2020, and their current sales were $2.2 million.
Which Sharks Engaged In The Bidding War?
Kevin O’Leary and Lori Greiner got involved in a passionate bidding fight during the sixth episode of Shark Tank Season 16 for Taverns-To-Go. Kevin started the battle by highlighting his Irish background. His offer was $400K for 30% equity, and he promised to up their social media presence and lower their customer acquisition costs.
On the other hand, Lori Greiner, though ‘on the fence,’ proposed $400K for a 15% equity with a $30 royalty for each bar sold until she got back her $400K and made $600K. While Lori felt her offer was sweet and nice, Kevin called it greedy.
In the end, Paul and Enda chose Lori’s royalty deal of $400K for a 15% equity with a $30 royalty for each bar sold till she got back her $400K and made $600K.
Conclusion
From the joint deal clash in Y’all Sweet Tea to individual head-on-head bidding fights in others, Shark Tank Season 16 has been an exciting watch for viewers. The ongoing season has displayed moments of thrilling negotiations and fierce competition in just six episodes.
These memorable bidding wars indicate a gripping spectacle for the many more episodes about to air after a two-week hiatus starting this week.
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.
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