Credit: Shark Tank ABC
A Candid Daymond John Moment From Shark Tank Season 16
Highlights
- Topsail Steamer made its Shark Tank appearance in the second episode of the sixteenth season.
- Entrepreneur Danille Mahon entered the show seeking $350K for 8% equity.
- She received a joint deal from two prominent business figures on Shark Tank.
As a Shark Tank viewer, you must be aware that entrepreneurs often do not receive the exact valuation they pitch to the Sharks. The experienced investors counter the deals with higher equity asks. When this happened in the Topsail Steamer deal on Shark Tank Season 16, fellow investors reacted sarcastically.
Brought to the investors by a ‘late-in-life’ entrepreneur, Topsail Steamer asked for $350K at 8% equity. But guest Shark Todd Graves’ offer took everyone by surprise, and Daymond John made a sarcastic comment, saying, “That’s A Little ShellFish.”
Below is a complete recap of the pitch, negotiations, Sharks’ comments, and final deal for Topsail Steamer on Shark Tank Season 16.
Topsail Steamer Pitch: Shark Tank Season 16
In the second episode of the sixteenth season, Danielle Mahon, an aspiring entrepreneur from Topsail Island, went to the judges pitching for Topsail Seamer. Originally hailing from New Jersey, Danielle started her pitch by looking back on her steampot-based eating experiences down the shore.
She reminisced about her vacation memories with friends and family and how she had fun rolling brown paper, dumping the food, and peeling the shrimp. However, with Topsail Steamer, one does not need to take a vacation or be on the beach to savor the steamed seafood.
With this venture, Danielle offered Signature Bay Buckets in single-use pots. The pots were jam-packed with different types of fresh seafood, andouille sausage, sweet corn, red bliss potatoes, and proprietary seasoning.
Danielle then gave a little backdrop of her beginnings. The idea came to her in 2016 when she, along with her mom and sisters, visited a full-service restaurant that sold Lowcountry boil in black-and-white lobster pots. Inspired by the concept, a year later, Topsail Steamer came into being.
Topsail Steamer Numbers: Shark Tank Season 16
Danielle appeared on Shark Tank seeking $350K for 8% equity. She presented a sample of the brand’s most popular bucket, Wrightsville, to the investors. Lori Greiner loved the sausages and asked if all of them came frozen along with the spices in the market.
Danielle replied to Lori, saying that they have brick-and-mortar stores (total eight), and they ship as well. Bringing the panelists’ attention to the business figures, she further revealed that sales in 2023 were $4.5 million. Topsail Steamer is projecting a $5.7 million sales for this year.
Why Did Daymond John Comment, “That’s A Little Shellfish?”
Todd Graves, the brain behind Raising Cane’s, was featured as a guest Shark in the second episode of Shark Tank Season 16. Based on his previous experience with the food industry, he was the most interested Shark in the Topsail Steamer deal. However, he did not like Danielle’s vision of franchising the business.
Todd believed that franchises could not run a business as well as a founder could. He then claimed that he could help her raise her manager’s salary to six figures through increased sales. The manager would then become her ideal partner, working harder than franchises, making her more sales and representing the brand.
After giving the entrepreneur an idea of the value he could bring to her business, Todd made his offer of $350K for 20% equity. The other Sharks were shocked by the huge spike in equity offered by the first-time guest Shark.
Daymond John thought the offer was ‘shellfish’ because Todd had proposed an equity that was 12% higher than the entrepreneur’s request. If accepted, Danielle would be giving away a substantial portion of her business. The pun intended in his “shellfish” comment was due to the fact that the business was seafood-based.
Kevin O’Leary, too, sarcastically said the offer was ‘generous.’ Lori Greiner said that with this offer, Todd had become a Shark by true means.
Topsail Steamer Final Deal: Shark Tank Season 16
After the sarcastic reactions from fellow Sharks, Todd received a partnership proposal from Lori Greiner. Calling herself a foodie, Lori said that she felt Danielle’s idea was ‘cool.’ She then cited
her previous success with Boarderie, a company that offers cheese and charcuterie board. Boarderie made $50 million in three months.
Lori then asked Todd if he was okay with having her as a partner in the deal, to which he agreed. Both of them then collectively offered $350K for 10% equity each. Danielle countered with $350K for 16% equity. However, the investors were not willing to accept it.
Lori then said the two Sharks could help her reach the ‘moon’ in the shortest period. Todd then revised his offer to $350K for 18% equity, which meant 9% each for the two investors. Danielle accepted the deal.
Conclusion
Daymond John’s “shellfish” comment on Todd Graves’ deal in Shark Tank Season 16 demonstrated the competitive aspect of negotiations among the Shark investors. The remark also reflected the huge contrast between Danielle Mahon’s investment ask and Todd’s offer.
This moment during the Topsail Steamer pitch brought humor alongside emphasizing the pressure entrepreneurs bear during negotiations. After offers and counteroffers, the pitch ended with a joint deal showing that negotiation skills are just as important as the business idea on Shark Tank.
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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