'Shark Tank' contestants pick Mark Cuban as investor, but Daymond John called it a 'terrible deal'

Things got heated as all of the sharks took shots at each other for a chance to cut a deal.

PUBLISHED 2 HOURS AGO

Screenshots showing Daymond John and Mark Cuban on "Shark Tank" (Cover Image Source: YouTube | Shark Tank Global)

Judges on "Shark Tank" come from different industrial backgrounds and bring their own unique approach to investing, which means that they won't always agree on everything. When it comes to bagging a deal, sharks don't back down from fighting against each other and even cutting off other judges. Such were the scenes when all the sharks took jibes at each other to get a deal with a fitness company, and while Mark Cuban bagged it, Daymond John wasn't too happy.

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Mike Hartwick and Sarah Ponn sought $150,000 for a 10% stake in their company, SurfSet Fitness. The company specializes in fitness training, as the name suggests, but they came up with a unique way to provide the service. The company had a product called the Rip Surfer X, which was an indoor surfboard that mimicked a real surfboard at sea.

The entrepreneurs were even able to get professional surfer Lakey Peterson to demonstrate how the equipment worked. She might have made it look easy, but when Robert Herjavec tried it, he almost fell off and admitted that he felt a little tired after all of that exercise. Apart from the surfboard (priced at $400), the entrepreneurs also gave fitness classes to clients, which had turned out to be a big success.

Screenshot showing Lakey Peterson on "Shark Tank." (Image source: YouTube | Shark Tank Global)

They claimed that they had taken 11 of the surfboards to New York to conduct classes, and it just blew up. Major TV shows like Good Morning America and Access Hollywood covered the business, and even some celebrities showed up. They sold out classes for four months and were able to bring in $150,000, with a price of a class going for as high as $35. The business seemed sound, and the entrepreneurs seemed competent.

Mark Cuban was the first to make an offer, as he asked for a third of the business for $300,000. Robert Herjavec offered $150,000 for 20%. Kevin O’Leary was quick to note that the entrepreneur’s $1.5 million valuation had gone down to $900,000 with Cuban and was halved by Herjavec. However, the latter believed that a third of the company was too much to give up. Daymond John then stepped in, offering $150,000 for 25% and a promise to cover all manufacturing costs.

Screenshot showing Robert Herjavec almost falling off the board. (Image credit: YouTube | Shark Tank Global) — Screenshot showing Robert Herjavec almost falling off the board. (Image source: YouTube | Shark Tank Global)

Shortly afterwards, Barbara Corcoran asked to join Cuban, but he said no. Corcoran believed she had the best sales repertoire of anyone in the tank, a claim that was heavily contested by Herjavec and John. O’Leary also wanted some of the action and decided to partner with John. The final decision was up to the entrepreneurs, who were visibly confused from all the chaos.

In the end, Cuban said he’d do the deal for 30% equity, and the entrepreneurs said yes to that. Both John and Herjavec were disappointed with the former saying, “Terrible deal.” Corcoran, however, defended the entrepreneurs’ decision as she believed Cuban was the perfect man for this company.