'Shark Tank' judge Mark Cuban calls Kevin O'Leary 'an idiot' — moments before closing a $180k deal
"Shark Tank" investors are known to be ruthless in their scrutiny of businesses and entrepreneurs are often on the receiving end of harsh comments. But some products are so good that every shark wants a piece, and that's when judges face off against each other. Something similar happened when Mark Cuban loved the taste of dairy-free, gluten-free, and paleo-friendly ice cream sandwiches from a firm called Coconut Girl. To quickly seal the deal, he gave the company's founder, Francheska Yamsuam, an ultimatum to accept his $180,000 offer without hearing the other Sharks. When Kevin O'Leary tried to squeeze Cuban out of the deal, he even lowered his ask to finally close the deal.
The founder Yamsuam entered the Tank seeking $180,000 for 18% of her business. She shared how she wanted to create a healthier alternative to ice cream while she was making paleo-friendly smoothies and date milkshakes for her customers. She eventually ventured into ice cream by using coconut milk instead of dairy.
She shared that the Coconut Girl ice cream sandwiches are gluten-free and paleo-friendly, and the company uses almond flour and almond butter, along with ingredients like coconut milk, dates, and maple syrup. She then handed out samples of all three flavors of her ice cream sandwich, which the Sharks loved.
However, Cuban in particular was the most excited as he yelled, "Me! Me! Me!" when Yamsuan offered the samples. Yamsuam shared that the company did business with Whole Foods, and she projected to close the current year with $300,000 in sales. She told the judges that she needed the investment to hire more people and reduce costs by getting a better co-packer.
While there was more to find out, Cuban had heard enough as he made a quick offer, but with an ultimatum. "I don't even want to hear what these people have to say. I'll give you $180,000, but I want 25% if you say yes now". When Lori Greiner showed interest, Yamsuan said she wanted to respect the other Shark. This upset Cuban, and he dropped out, only to jump back in before Greiner could proceed.
To counter his offer, Yamsuan asked him if he was willing to go down on the equity ask. At this point, O'Leary jumped in, saying, "I'll help you, Frankie, I'll do it for 20% I'll squeeze Cuban's head for you." Cuban then responded with, "Only because he's an idiot, I'll do 20%." Yamsuam accepted the deal.
According to a Salesmate interview, Yamsuam saw enormous demand for Coconut Girl's ice cream sandwiches after her episode aired. In another update shared by the Shark Tank Blog, it was shared that the entrepreneur“sold part of her business."
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