Moonies Founders Call Kevin O’Leary Greedy
Highlights
- Moonies’ men’s swimwear offers unique ‘cleavage for men.’
- The product was brought in the latest Shark Tank seasons by McKay and Karisa Winkel.
- The Winkels received their only offer from Kevin O’Leary but felt he was being ‘greedy.’
Reality shows and drama have an unbreakable bond. The story is no different for Shark Tank. Disagreements between the Sharks and entrepreneurs often result in controversial pitches. Moonies is the latest entry in this list where its founders accused Kevin O’Leary of being “greedy.”
The husband-wife duo of McKay and Karisa Winkel approached the investors in the latest Shark Tank season with their men’s swimwear brand. They received their only offer from Kevin O’Leary but could not reach an agreeable deal. While walking out, the founders claimed that Kevin was being greedy through his offer.
Read through to find out detailed insights into their pitch, negotiations with Kevin and other Sharks, and their statement against Mr. Wonderful.
Moonies On Shark Tank: Pitch Recap
Brought by the entrepreneur duo of McKay and Karisa Winkel, Moonies on Shark Tank Season 16 presented the most unique swimwear product for men. Their line of swimsuits was specially designed to show ‘cleavage for men.’ The entrepreneurs entered the show seeking $150K for 35% equity in their company.
They started the pitch by discussing how the swimwear industry had been focused on only creating varieties of swimwear for women. Using different products, women had been showing off their curves and being playful the way they wanted for years, whether in a one-piece, tankini, or bikini.
However, according to the entrepreneurs, men’s swimwear has seen almost zero innovations for decades. The only option available for them has been ‘baggy board shorts,’ which are both boring and unflattering. Moonies tries to bring up a solution for this through its swimwear range.
To explain better, the entrepreneurs brought in two models, wearing their swim briefs, before the judges. Promising to offer a new and unique feature, the brand provides a patented cutout in the back of the briefs. Other features include a soft waistband and a supportive pouch in the front.
The idea came to McKay when he participated in a Speedo competition years ago. Shark Tank was the ‘big launch’ for Moonies. Till the time of their appearance on the show, they had sold about $1000. The products are sold on their website for $40, and the price for a single unit is $12.50.
What Was The Sharks’ Reaction On Moonies?
The Sharks laughed throughout the Moonies pitch on seeing the uniquely bizarre swim briefs worn by the models. They also thought that the proposed valuation by the Winkels was justified. However, all of them started walking out of the deal one after the other citing different reasons.
Mark Cuban felt he was not the right choice for this type of product. Daniel Lubetzky thought their hustle was not convincing enough for him to make an investment. Robert Herjavec and Lori Greiner, too, gave similar reasons and made their way out of the deal.
The entrepreneurs received their only offer from Kevin O’Leary. He started the negotiations by stating that Moonies’ products were of top quality. Further, he added that it could be attached to Rounderbum, Shark Tank season 9 product that got successful by leveraging social media for distribution.
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Why Did The Moonies Entrepreneurs Feel That Kevin Is Greedy?
The exact reason why the entrepreneurs felt this way is associated with his proposal for them. Through his offer, Kevin asked the Winkel couple to sell their 100% patent for $150K. The duo did not feel this deal matched up to Moonies’ worth. However, Kevin was not ready to negotiate.
Left without a choice, the Moonies founders asked if he was willing to offer them a $5 royalty in the previously proposed deal of 100% patent at $150K. Kevin refused to accept it.
After this, the founders countered again with two options for Kevin. With the first one, they were open to a 100% patent ownership for $500K. Through the second offer, they said they were open to a royalty deal. Kevin declined both the offers, which led the Moonies entrepreneurs to walk out without a deal.
Once McKay and Karisa exited the set, just like it happens after every Shark Tank pitch, the entrepreneurs were asked to give their statement on their overall experience. During it, they said that Kevin was just as ‘greedy’ as the other Sharks say about him.
Plus, they felt good about walking out without taking his offer, as he was not ready to negotiate at all. McKay thought there was zero flexibility and no cooperation to share anything that they had created through Moonies. Karisa repeated that Kevin was simply ‘greedy’ and wanted to cut them out of the deal.
The founders ended the segment by saying that if they had accepted his deal, they would have regretted it for a long time.
Conclusion
Moonies failed to get a deal in the sixteenth season of Shark Tank. But the real drama happened when its founders walked out, accusing Kevin O’Leary of being ‘greedy.’ Despite getting their only offer from Kevin, they felt the final deal would be one-sided and not beneficial for their company.
This pitch demonstrated the harsh realities of Shark Tank negotiations to the viewers.
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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