'Shark Tank' contestants give their entire company to Mark Cuban and Lori Greiner in wild offer

Entrepreneurs on "Shark Tank" usually come seeking investments to upscale their business by bringing one or more of the sharks on board as stakeholders. But something very rare happened when the founders of a firm decided to sell off the entire business to Mark Cuban and Lori Greiner as part of a multi-Shark deal. Sisters Katherine Saltzberg and Lauri Fraser pitched a venture selling their father's innovative invention called "Hugo's Amazing Tape." While they wanted to carry on their father's legacy, they were focusing on their individual careers as well. Thus, to help them out, Mark Cuban and Lori Greiner came together in the end to offer a $100,000 deal for 100% of their company. 

Saltzberg and Fraser entered the Tank seeking $50,000 in exchange for 50% of their business. They explained that their product simplifies the customer's toolbox by offering a multi-purpose solution, as their tape serves as an electrical tape, a masking tape, and a wood tape at the same time.

After their pitch, they handed out samples to the Sharks, who were equally amazed by the product. The judges then asked how they got the idea, and the sisters shared that it was their father who invented the product decades ago. Sadly, he passed away earlier in the year of filming, and the patent expired with his death. They added that they were trying to keep their father's legacy alive, but they had their own careers.

When asked about the sales, the sisters shared that they had sold tape worth only $500,000 in two years. They added that each roll cost them $1.27, and it sold for $12.99. When Cuban asked about manufacturing, they shared that they buy the product from Taiwan, and in the past, sales had declined significantly. "Well, it's definitely getting ripped off," Cuban suggested.

With everything laid out, the Sharks started making moves. Kevin O’Leary complimented the sisters on their great presentation, but he decided against making an offer as it wasn't a good enough opportunity for him. Robert Herjavec followed his lead, citing similar issues. Next to go out was Barbara Corcoran, who simply advised the entrepreneurs to consider selling the company altogether.

However, Cuban and Greiner seemed interested in making a deal. "Mark and I have been talking, we have an offer to make you because we think this has a lot of potential, a lot of risk, but a lot of potential," Greiner said. They then offered to buy the entire company for $100,000 instead of taking 50% for $50,000. "We'll take care of Hugo's legacy," Cuban assured. After some thinking, the teary-eyed sisters accepted the deal.

According to Shark Tank Recap,  reports indicate that Hugo's Amazing Tape continued to generate millions of dollars in annual revenue after their appearance on the show. However, it is unclear if Cuban and Greiner took full ownership, as the company website states the sisters as executives and the Sharks as investors.

More on Market Realist:

'Shark Tank' contestant says yes to Barbara Corcoran's deal — and all it took was just 5 seconds

'Shark Tank' contestants bring robotic dinosaurs to the show, walk away with a life-changing deal

'Shark Tank' contestants get judges to wear foam party hats — then ended up with a $100,000 deal