'Shark Tank' contestants take their shirts off and end up getting $200,000 offers from four judges
Entrepreneurs come up with innovative pitches to clinch deals on "Shark Tank." For the founders of "Bro Glo", Jaron, Tom, and Joe, it seemed rather easy. Their amazing self-tanning product left the Sharks in awe, and three of them made competing offers for $200,000. In the end, the trio went with the biggest Shark, Mark Cuban, and signed him up as the 'bro' for their company.
In the episode, Jaron, Tom, and Joe entered the Tank seeking $200,000 for 5% equity in their company. In their pitch, Tom shared his story of how he struggled to get tanned as nothing worked on the 'bro skin.' Thus, to solve the problem, they came up with 'Bro Glo', a water-based self-tanner that is easy to apply and helps every man to get a perfect tanned look without the common frustrations like streaks, blotches, and sticky residue.
They shared with the Sharks that they needed the investment to expand their direct-to-consumer operations and grow their product line. Looking at the product, Lori Greiner praised the entrepreneurs for their clean ingredients. They shared that their main ingredient is DHA, which is derived from sugar beets. They explained that the compound reacts with skin amino acids to create the tanning effect, without the use of chemicals. Tom shared that when they were making the product, they were amazed at how many guys were ‘cognizant’ about the ingredients.
After a few more questions, the Sharks asked for the numbers. The entrepreneurs shared that they had $3.1 million in sales in the last year, and their profit margins were decent as well. With everything laid out, O'Leary made the first move, offering $200,000 for 5% equity along with a $1 royalty for him to turn into the ‘fourth Bro Glo guy' on social media, and boost branding. Greiner then jumped in, saying O'Leary was too quick to make an offer. As she asked more questions, Robert Herjavec decided to drop out as he felt O'Leary's offer was ‘quite decent.’
Greiner then jumped in with the comment, "Cash isn’t king. It’s queen," before offering $200,000, out of which $100,000 was cash for equity, and the rest was a loan at the standard rate of interest. Furthermore, she wanted the same royalty as Mr Wonderful. Guest judge Daniel Lubetzky showed interest, but before he could make an offer, Cuban cut him off to put up $200,000 for 10% equity.
The entrepreneurs then asked Cuban if he would team up with Greiner, but he refused. They then countered with 8% equity, and Cuban refused again. At this point, Lubetzky jumped in, saying he would do the same deal for 8%. Hearing this, Cuban upped his game by promising the entrepreneurs that he would connect them with Mad Rabbit, Beatbox, and Dude Wipes, his previous successes. As the sharks argued, the trio accepted Cuban's deal to sign him up as the fourth bro.
According to Shark Tank Recap, Bro Glo saw a massive boost in sales after their episode aired, and they continue to be in business with their website and social media buzzing.
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