'Shark Tank' contestants get Mark Cuban to drink on the job before landing a life-changing deal
Before getting down to serious business during the negotiations, “Shark Tank” investors often have a great time during the pitch. The sharks who have tried everything from apple cider vinegar to dog food on the show got to enjoy champagne on the sets during a pitch. The entrepreneurs, Stason Strong and Brad Hall, were seeking $120,000 for a 20% stake in their company, Bubbly Blaster. The product they specialize in is a gun that fits into the nozzle of a champagne bottle and shoots the liquid without spilling a lot.
Champagne can be sprayed while celebrating any achievement, but one can't deny the fact that a lot of it gets wasted as a result. Bubbly Blaster ensures that celebrations do not see a massive spillage. The sharks loved the product, and while testing the product out, they consumed some of that champagne. Mark Cuban was surely having fun as he shot a stream of the beverage in the air and tried to drink it as it came down. Both he and guest shark Alex Rodriguez were impressed by the product. The fact that the entrepreneurs had zero debt was appealing to Rodriguez as well.
“I've got to tell you guys something. You came in here with $120,000 for 20%, which gives you a $600,000 valuation. That’s not crazy. You might get a deal,” Kevin O’Leary said to Strong and Hall. That’s when Cuban stepped in and offered them the money for a 25% stake in the company. This was a fantastic offer that anyone would have taken immediately. However, these entrepreneurs wanted more.
They wanted Rodriguez in on the deal as well, since both he and Cuban are associated with sports teams where champagne spraying is almost a tradition. A product like Bubbly Blaster would perfectly fit into that space. Also, being associated with multiple sports teams would make people aware of the product's existence. It was a brilliant suggestion, business-wise, as far as the entrepreneurs were concerned. However, two sharks want more than one does.
Cuban said that to bring two sharks in the stake had to go up to 30%. This was a lot more than Strong and Hall had offered earlier, but they knew this was the perfect opportunity to make the business go big. So, they asked if the sharks could increase the amount of money to $180,000. This was not an exorbitant increase from what they were asking for, and both sharks agreed to seal the deal.
What followed next was a lot of sharks shooting champagne from their Bubbly Blasters towards the entrepreneurs, who had just landed themselves a fantastic deal.
