Sam Stephens Pitching Oatmeals On Shark Tank Season 10
Highlights
- Oatmeals was presented in the tenth season of Shark Tank.
- Sam Stephens, its founder, got a deal from Lori Greiner on the show.
- The deal did not close, and Sam faced further troubles during the pandemic.
Shark Tank is currently making headlines every week with new episodes in its latest season. While its regular viewers watch out for the new products, they are equally interested in a few standout products from previous seasons. One of these is Oatmeals, which appeared on the show in the tenth season.
As the name suggests, Oatmeals was an oatmeal bakery brought to the Shark investors by Sam Stephens. The entrepreneur wanted a Shark’s help to take her brand to the national level and managed to bag a deal from Lori Greiner.
Here is a complete description of its latest update, along with detailed insights into the Oatmeals Shark Tank pitch and how it managed to bag a Shark Tank deal.
Oatmeals Shark Tank: Latest Update
Oatmeals featured on Shark Tank in its ‘holiday special’ segment during the tenth season. After intense questioning and a bidding fight between the investors, it got a deal from Lori Greiner. But what followed thereon was not in favor of the Shark Tank product. To start with, the deal with Lori never closed.
During the episode, Lori expressed a desire to replicate her previous investment with Bantam Bagels and take Oatmeals’ products to Starbucks. She even posted about the deal on her social media, but the deal fell through for unknown reasons.
This roadblock could not deter Sam from her business path. She went on with Oatmeals’ operation in New York by selling gourmet oatmeal bowls. But Sam had to face another big hurdle during the pandemic. The impact was such that she had to shut the doors of Oatmeals in 2021, three years post Shark Tank.
However, it is crucial to note that the business did not close completely. As per the information on the Oatmeals website, while they closed their doors for the offline store, the company is still selling its Granola oats through the online shop.
Oatmeals Shark Tank Pitch: A Recap
Sam Stephens tried her luck on Shark Tank with Oatmeals, an oatmeal shop based in New York. While she hailed from an investment banking background, Sam always dreamed of starting her oatmeal shop. After taking culinary classes, she left her job and started the Oatmeals venture in 2012.
Seeking $500K for 20% equity, Sam presented samples to the Shark investors. The oatmeal products were topped with items like bananas, honey, bacon, sea salt, and peanut butter. As per Sam, buyers could prepare their own oatmeal bowls from the many toppings.
The Sharks were impressed with her backstory and loved the samples. From 2012 to her appearance with the Oatmeals Shark Tank pitch, Sam had made $2.5 million in sales. With her store, which is 380 sq. ft., the aspiring entrepreneur was projecting $500K in sales in 2018.
How Did Oatmeals Bag A Shark Tank Deal?
While the other Shark investors opted out of the Oatmeals Shark Tank deal, citing the entrepreneur’s lack of capital, Barbara Corcoran and Lori Greiner showed their interest. Lori highlighted her previous success with Bantam Bagel and how she took it to Starbucks’ list of items.
Whereas, Barbara tried to get Sam’s attention by talking about her success with Cousins Maine Lobster.
Lori said that she would propose a deal only if the entrepreneur were okay with packaging her products for sale in grocery stores. Sam agreed and got an offer of $500K for 33.3% equity.
On the other hand, claiming that Oatmeals could do great in the corporate America breakfast section, Barbara stated that she would make Sam’s venture a food cart business. Her offer was $500K for 50% of the cart business idea only.
After the tough bidding war, Sam decided to take Lori’s offer of $500K for 33.3% equity.
What Is Next For Sam Stephens And Oatmeals?
During her Shark Tank appearance, Sam revealed that she is a spokesperson for Quaker Oats. She continues to work with the brand and often publishes recipes on its website. Sam is also working to develop a recipe blog and an oatmeal cookbook.
While Oatmeals’ current state is slumping, the fact that its website is still working indicates there is hope for a comeback. The entrepreneur’s passion for Oatmeals products can be seen on its social media pages, where she shares tips, tricks, and recipes for preparing an ideal oatmeal bowl.
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Conclusion
The Oatmeals Shark Tank deal did not turn out to be as expected. With Lori Greiner not closing the deal after the show due to the pandemic affecting Sam Stephen’s offline store, the brand went through a lot. But the silver lining was that Oatmeals’ existence has not completely faded.
The business continues to sell granola oats online via its website. Additionally, Sam is thoroughly involved in the oatmeal industry with her work as Quaker Oats’ spokesperson. Both things together hint at a slight potential future for Oatmeals.
References
- Oatmazing Oatmeal, Quaker Oats
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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