'Shark Tank' star Kevin O'Leary says we will 'take over the world' after investing in sauce holder
Entrepreneurs who come up with simple solutions for everyday problems often gain a lot of attention and lucrative deals on “Shark Tank.” One such product that turned up on the show was a sauce holder. When the entrepreneurs pitched their solution for this problem and no one loved it more than Kevin O’Leary. He believed that he could “take over the world” with that business.
The company is called Saucemoto, and its three founders were Tony Lahood, William Moujaes, and Michael Koury. They sought $45,000 for a 15% stake in their company. Their pitch was hilarious and entertaining to each of the five sharks. However, only two of them made offers. With only $77,000 in sales, Mark Cuban knew that it was going to be a lot of effort to make it big, and he didn’t want to do that. Barbara Corcoran simply did not believe that the rewards would be worth the time and effort. Lori Greiner never really got a chance to get an offer. The two sharks who did were O’Leary and Robert Herjavec. Mr. Wonderful made a ridiculous offer at first, asking for 50% of the entire business for $45,000. Obviously, the entrepreneurs did not accept, but he still made some strong points about what he could bring to the table.
Herjavec made them a better offer as he wanted 40% for $45,000. However, he was more impressed by the entrepreneurs than the product. Mr. Wonderful then made a much more reasonable offer, asking for 25% of the business and becoming an equal partner. This was a more acceptable deal to the entrepreneurs, who did not take very long to say yes. “We are going to take over the world with this,” he said.
There were several hilarious moments throughout the segment, but perhaps the funniest was when Corcoran asked Tony Lahood if he was even excited about being on “Shark Tank.” Lahood’s natural speaking voice was a lot lower than that of his partners. It seemed like a match made in heaven, but the deal ultimately wasn’t made between the two parties. Lahood appeared on the "Everything Money" podcast to talk about what happened.
“Truth be told, we wanted to work with Kevin. We love Kevin. Kevin’s awesome. I mean, his team is amazing. Everyone who works with them is amazing. We just…you know, at the end of the day, we didn’t see eye to eye on some of the terms,” he said. The company has done well after its appearance on the show, as per a report in The Daily Meal.
It’s not uncommon for companies with useful products to gain a lot of traction from their appearance on the show. Consistently making good products is the challenge. Saucemoto is still in business and sells the product in different colors now, and has a decent 4.6-star average customer rating on Amazon.
