'Shark Tank' contestant apologizes to Daymond John after taking up Barbara Corcoran's massive offer
Almost anyone with potential for growth can get to present their business on “Shark Tank,” to bag the investment needed to make the most of their business acumen. It's not like entrepreneurs always have to come up with extraordinary innovation, as something as simple as a food truck can impress sharks if the product and numbers are right. On an earlier episode of the show, a woman named Holly Cooper came in seeking $200,000 for 15% of her business called Fried Green Tomatoes. One of the biggest parts of the business was a food truck.
The company specializes in bacon lettuce fried green tomato sandwich, grouper sandwich, fried pickles, and a shrimp po' boy. The entrepreneur revealed that she made $600 to $800 an hour with customers waiting for over an hour to get their favorite items at events. However, it’s not just food that the company sells. It also sells a batter mix that the entrepreneur claimed to have been in 600 stores at the time of recording.
Her sales figures were decent as well, at $268,000 in the year before the pitch. The entrepreneur’s goal was to get into the franchising space and make her business grow. These were decent numbers, but there were some concerns the sharks had. Kevin O’Leary and Mark Cuban did not believe that the business was good enough to invest in at that point in time, and they backed out. Lori Greiner said that she was more into healthy food, and it wouldn’t be a right fit if she were to come on board. Despite three sharks stepping away, hope was not lost as Barbara Corcoran loved what she tasted and knew exactly what to do to make the business successful. She had experience in this space as well, but she asked for 30% of the business for $200,000.
Daymond John stepped in at this point and said that he would offer the same amount for 25%. However, he did not have as much experience as Corcoran in this space. Even the other sharks advised the entrepreneur to stick with the first offer she got. Holly tried to negotiate, but the shark would not budge from what she was asking. Ultimately, the entrepreneur accepted her offer, and the deal was struck.
Corcoran was surprised that no one, apart from John, offered her a deal, as she believed Fried Green Tomatoes to be a potential gold mine. Unfortunately, the deal never materialized between Corcoran and the entrepreneur, according to a report in Food Republic. This is not uncommon, but Fried Green Tomatoes hasn’t exactly knocked it out of the park after its “Shark Tank” appearance either. As of February of this year, no items were available on its online store, and a post in December 2024 stated that the storefront was set for a short-term closure for "maintenance needs."
