'Shark Tank' contestants get four offers worth $1 million each and they knew exactly whom to pick
Getting an investor on "Shark Tank" to offer a million-dollar deal is no small feat, and entrepreneurs need to be on point with pitches and numbers to bag multiple offers of that kind. The brother-sister duo of Tyler and Jen Simmons achieved this with their product "Bucket Golf". The entrepreneurs who pitched their innovative backyard game ended up getting offers from Mark Cuban, Kevin O'Leary, Lori Greiner, and Mark Cuban, each worth $1 million.
After the pitch, they invited Greiner and guest Shark Todd Graves to give the game a try. Greiner shocked everyone by sinking the ball on the very first shot while Graves missed the bucket entirely.
Once the fun was over, the Sharks got down to business. O’Leary asked about the sales, and Tyler shared that in the first three years, the company made only $5,000 in sales. However, at the time, the setup was quite complex, and they changed it in 2021 after realizing that they could add a bucket and make it more fun. After the change, Tyler shared that in the following year, 2022, the company made a whopping $2.5 million. The very next year, BucketGolf made $5.9 million in sales. And they were projecting to do $12 million in the current year, 2024. The Sharks were impressed with the numbers, and the 15% to 20% margin also intrigued them as they sold online and on Amazon.
Satisfied with the answers, the Sharks started making offers. O'Leary made the first move by offering $1 million for 25% equity. He reasoned that the equity was high because the distributor would take a piece. Greiner disagrees with him and they argue. John matched O'Leary's offer of $1 million for 25% equity. "So listen I like the deal. I think I can help grow this thing globally, and you need that type of help. I'll match Kevin's offer I think this could be 150 million dollars, annual company," he said.
Greiner then jumped in as well, offering $1 million for 22.5%, and cutting off the other two Sharks. After Graves pulled out of the deal, Cuban made an offer from the other end of the panel, putting up $1 million on the table for 15% equity, undercutting all the other offers. Tyler countered them with an offer of 12.5% equity, saying, "I've seen one of one of your interviews where talk about one of the biggest misses you had on Shark Tank was Spikeball. We truly think that we are going to be the Spikeball of Golf."
While Cuban interacted with the entrepreneurs. Greiner jumped in and said that she would take that deal. At this point, Cuban also agreed to the deal, teasing Greiner on the way. With this, the entrepreneur accepted his offer in a blink and closed the deal.
According to its website, Bucket Golf is still going strong and has expanded its product range as well.
