'Shark Tank' offers a life-changing deal to founders who gave the investors a brand new look

"Shark Tank" investors such as Kevin O'Leary may seem intimidating, but they too like to have fun sometimes and are always willing to participate in innovative pitches. When founders of "The Long Hairs", Chris Healy, aka El Rubio, and Lindsay Barto, aka El Moreno walked into the 'tank,' they didn't just make the Sharks wear long wigs, but they also convinced the investors for some head-banging. The fun and interactive pitch worked, and they bagged a $100,000 investment.

Healy and Barto had created a community for men growing their locks and to save their people from the embarrassment of shopping in the women's aisle, the dynamic duo came up with the idea of making unique hair ties for men. "Well, Kevin's out!" Mark Cuban quipped as soon as the entrepreneurs shared their ideas. "Hell, I may grow my hair back for this deal," O'Leary said in response. 

The two entrepreneurs sought an investment of $95,000 for 10% equity in their business, which catered to an undervalued market. Thus, to make their pitch more effective, they handed out wigs to each of the Sharks except Lori Greiner. They then presented their hair ties, headbands, and hair serums for them to test out.

Herjavec quickly opted to test one of the hair ties by making a man bun. “He looks like a freakin’ Hamilton reject,” Cuban who was sporting a glossy black wig with a headband, joked. While Greiner didn’t have a wig to try on, she did share the new looks on Twitter.

The duo shared that each hair tie costs about $1.60 to manufacture and sells for $12. This put the sharks off as women's hair ties sell for much cheaper. However, the pair countered this claiming that their bands feature unique designs and innovative technology that doesn't compromise on performance. 

As digital agency owners, the two founders also leveraged their marketing expertise to drive online sales with viral videos. Coming to the numbers, the duo shared that "The Long Hairs" made $25,000 from sales in its first year. In the second year, they are projecting $140,000 in sales, through the company’s website and Amazon. “It is a fun little business, I give you guys credit,” Cuban said.

The impressive numbers attracted the first Shark Tank offer for the duo, from none other than O'Leary. “You guys make crazy margins,” O’Leary said before offering them $95,000 for a 10% stake in the business. However, he attached an additional $2 royalty payment per order until he got back $200,000.

Next to make an offer was Cuban who made an offer of $100,000 in exchange for 25%. O'Leary was quick to comment on the deal saying Cuban was being greedy asking for a quarter of the business. 

The pair then countered Cuban with an offer of 15% for the same amount which Cuban rejected. The pair finally negotiated and brought him down to a 20% stake, for which a deal was struck. “We struck a deal with the big dog,” Barto said while walking out of the Tank.