'Shark Tank' judges were fighting over this product but Lori Greiner knew exactly what to do
Investors on "Shark Tank" make it almost impossible for entrepreneurs to get what they had in mind when they arrived on the show. But a loving couple, with their homemade, innovative storage solution, managed to get the perfect deal thanks to Lori Greiner's Golden Ticket. The founders of 'Souper Cubes', Jacob and Michelle Sendowski, even made multiple Sharks fight to seal the deal with them. The ticket meant that the duo got exactly what they asked for, which was $400,000 in exchange for 5% equity, no questions asked.
Pitching their innovative food storage solution, they explained that their portion-controlled silicon freezer trays are set to revolutionize the industry. Speaking of the idea, the couple shared that they came up with the idea when Michelle was using regular ice trays to freeze and store chicken broth. Looking for a better vessel, she and Jacob came up with the idea of making a stackable silicone tray that could easily freeze and store food leftovers.
As the duo handed out samples, the Sharks were blown away by the design and creativity of the product. What the investors loved more was the incredible sales of the company. The Sendowskis shared that they had done $1.6 million in 2020, and almost 80% of their sales came from Amazon. They explained that they needed the money to boost their marketing, and they want a Shark to help them manage growth.
The offers came in quickly, with Kevin O'Leary making the first move. Mr Wonderful put forward not one but two different offers for the entrepreneurs to choose from. "I'd like to get behind this as Chef," O'Leary began. He further told the duo that his two offers go in different directions in terms of equity. "I'll give you the four hundred thousand dollars, structure one is I get a 40 Cent royalty on every unit, but I only take 3% equity, that's offer one. The second offer I'll do the four hundred thousand for 15%, no royalty, and I'll get behind it," he explained.
Without wasting any time, Barbara Corcoran jumped in to make an offer as well. "I'll give you two offers, but nothing fancy like Kevin," she said. She then made two offers of $400,000 for 10% equity and of $800,000 for 20% equity. After the entrepreneurs expressed that they weren't willing to give up that much equity, Greiner made her move. She started her bid by complimenting Jacob and Michelle for the incredible job they had done. "Everything was a check check check check check! I love you, love the product, you did everything right, you have great sales," she said, before pulling out her Golden Ticket. This was a promise of giving the entrepreneurs whatever they asked for with no conditions.
"I only do it once a season. It is really gold because it means that you're the hero item that I've seen this season thus far," she added. She then clarified that she was offering the $400,000 for 5%, which is exactly what the Sendowskis had asked for. With this, the other Sharks bowed out as they couldn't match Greiner's offer, and the two founders accepted the deal.
The deal turned out to be fruitful for all parties as Souper Cubes amassed $938,000 in sales on the first day after their episode aired. They went on to achieve $14 million in lifetime sales, and the company is still in business, as per the Shark Tank Recap.
