'Shark Tank' judges fight it out over a deal with elderly couple who brought a unique flashlight
“Shark Tank” is one place where entrepreneurs from all walks of life and all age groups can turn innovative ideas into full-fledged businesses. A lot of times, they have to get the pitch as well as the numbers right to impress sharks for an investment. But sometimes, the product is so good that judges fight it out among themselves to invest in it. On one such rare occasion, the sharks loved the entrepreneurs and were also highly impressed by the product that they were selling, which was nothing more than a flashlight.
The husband and wife duo of Nancy and Ronnie Pritchett asked for $400,000 for 10% of their company, TripleLite. The company produces flashlights that were unlike anything in mass production at the time. Instead of having a singular path of light, this flashlight covered 180 degrees of darkness in front of it. It made walking in the darkness a lot easier, without having to turn to see what's around.
The idea came to Ronnie when he was walking down the stairs in the darkness and almost tripped when he turned around to see what was beside him. The entrepreneurs had fantastic sales figures to back up their valuation, as lifetime sales were $5 million, and at the time of taping, the sales in the year prior were $1.7 million.
The company started in 2012 and got the patents in 2014. However, Nancy said that they had an investor at the time who sued them and took the company. The couple had to fight for several years in court to get it back. All this was a lot for Nancy to handle, and she broke down for a moment.
Even though sharks were touched, Kevin O’Leary was ruthless as he asked for 49% of the company for $400,000. All of the sharks groaned at the deal. “Haven’t they suffered enough?” Daniel Lubtezky asked. The guest shark then offered to pay the same amount of money for 25% of the company. The same offer was matched by the pair of Lori Greiner and Mark Cuban.
Cuban’s presence on social media and Greiner's reputation when it comes to retail made them a highly attractive duo. However, Lubtezky said that he’d do the deal for 20%. That’s when Robert Herjavec offered to be his partner in the deal. The entrepreneurs might not have expected every single shark to be interested in their company, and were left confused.
However, a decision had to be made. The Pritchetts decided to sacrifice a larger share of their company to bring in Cuban and Greiner, thanks to their impressive track record.
More on Market Realist:
'Shark Tank' offers a life-changing deal to founder couple who turned an injury into a business
'Shark Tank' offers 6-figure deal to couple who started selling fries with $18 in their bank account
'Shark Tank' contestant breaks down in tears after meeting her inspiration and getting $200,000 deal
