'Shark Tank' judges were competing hard for a deal — then Lori Greiner pulled out her secret weapon
"Shark Tank" investors are ruthless when it comes to negotiations, and so it is almost impossible for entrepreneurs to get exactly what they ask for. However, there are a lucky few who have managed to bag the deal that they desired, from Lori Greiner, who offers it as her Golden Ticket, to the best pitch of the season. Among them are the founders of The Bug Bite Thing, Ellen McAlister and Kelley Higney. The mom and daughter duo made all five Sharks compete to sign a deal with them, and compelled Greiner to pull out the ticket worth $150,000.
In the episode, the duo began their playful pitch with a message by demonstrating how people are troubled by bug bites. Calling her mom "a mosquito magnet," Higney explained that the irritating bites made her mom search the web for remedies, but none were any good. From ointments to a hot spoon, she tried everything, but nothing worked. Then they came up with 'The Bug Bite Thing,' a device that sucks out bug saliva or venom to stop the irrtation at once. They explained that their product works like a reverse syringe that simply sucks out the poison from a mosquito, wasp or an ant bite.
At the end of the pitch, they shared their ask of $150,000 for 10% of their business. The duo showed some before-and-after photos from a customer, and all five Sharks were impressed. What amazed them further were the strong numbers of the company. The founder mentioned that each unit cost about $1.53, and they sold it for $9.95, online and in one of the largest pharmacies in America. The entrepreneurs further revealed that the company grossed $500,000 in sales in its first year, and in the first five months of the current year, the sales were at $800,000. They further projected sales worth $2 million for the next year.
This was enough for the Sharks, and the offers started flowing in. Guest shark Rohan Oza offered $150,000 for 10% equity. "Take it! I mean, I can put this through the entire retail chain. My products are in every store in America," he reasoned. Barbara Corcoran offered $200,000 for 10% equity, before Kevin O’Leary jumped in, offering $150,000 for 6% equity, but with a royalty fee of $1 per unit.
While the sharks debated, Greiner interjected with her famous dialogue, "I don't do this often." She explained that she hated bugs and bites, so she was going to offer the duo her Golden Ticket, which is a promise of giving exactly what the entrepreneurs ask for.
The other Sharks were annoyed with Greiner trying to steal the deal. "I will let you sign the contract with my Magic Pen. This pen is incredibly lucky," O'Leary joked to mock Greiner's Golden Ticket.
The founders finally made a decision and chose to take the Golden Ticket offer, causing Corcoran to dramatically collapse in her chair.
In an update, the company appeared in "The Shark Tank Greatest of All Time Special" in 2020. The deal turned out to be a great success, and in 2023, the company announced that it had made $21 million from sales since its appearance on the show, as per Shark Tank Recap.
