Barbara Corcoran steals a deal from Kevin O'Leary on 'Shark Tank': 'I want to save you from this guy'
Among "Shark Tank" judges, Kevin O'Leary is one of the most ruthless critics and the most cunning negotiators. He can be intimidating and is known to lash out at entrepreneurs for not paying attention to his offer. When Emily Strauss pitched her venture, Mural Painters Inc., on the show, she found herself facing a tricky offer from Mr. Wonderful. But just in time, Barbara Corcoran stepped in with a lifeline that saved Strauss from what could have been a short-sighted move on her part.
Before the offers rolled in, Staruss' story struck a chord with the judges. In her pitch, she recounted her journey, which wasn’t easy. She shared that she had to drop out of high school, and it took her a long time to earn a GED. She also took college art classes and started her career with painting on her kitchen cabinets. However, what started as a hobby for her soon turned into a fully fledged business that had over 3,000 murals in 27 cities. Strauss founded Mural Painter Inc. as an agency that worked with high-profile clients like Netflix, Amazon, and Facebook to create unique murals across the country. With an aim of expanding her mural painting company, Strauss sought an investment of $300,000 for 15% equity from the Sharks.
O’Leary was quick to spot an opportunity in the mural market and made the first move by offering Strauss $300,000 for a whopping 35% equity. While the offer seemed solid on paper, it did not align with Emily's aim. Since Strauss hesitated to counter O'Leary's offer, Barbara Corcoran jumped in to save her. “I’ll give you the $100,000 of the $300,000 as cash, okay, and I’ll give you a $200,000 line of credit,” she said. "I just want to save you from this guy," she added, pointing at O'Leary.
While O'Leary's offer provided more capital, Strauss was looking for a partner who was willing to walk a mile with her and help her out in the business. Thus, what truly set Corcoran’s offer apart was the willingness to mentor Strauss. When the young entrepreneur asked Corcoran what she thought of the company's future, the Shark was quick to offer some valuable insight. “You need to get over to sales. Right now, you’re all over the place. What a waste of your talent” she told Strauss. "I can teach you how to structure your business where it makes optimal sense of your talent,” she further added. Since O'Leary didn't want to change his original offer, Strauss accepted Corcoran's deal as it seemed enough for her.
She perhaps recognized that the person behind the deal mattered and walked away with a partner who believed in her art, her business sense, and her long-term vision. However, the deal ultimately wasn't closed after the episode aired, according to Shark Tank Recap. However, Mural Painter achieved new heights after the show and went on to reach $1 million in annual revenue by 2024, as per the website. Strauss also launched a new business called House Painters, adding interior and exterior painting to her growing empire.
