'Shark Tank' contestants take Kevin O'Leary for a bicycle ride — win $200,000 deal with two judges

Kevin O'Leary teamed up with another shark to make the offer after the two fought for a deal.

PUBLISHED 3 HOURS AGO

Screenshots showing Kevin O'Leary and the entrepreneurs on "Shark Tank." (Cover Image Source: YouTube | Sony Pictures Television)

Kevin O'Leary becomes ruthless and can also be harsh when he negotiates a deal on "Shark Tank," but entrepreneurs can make him do a lot of things when it comes to the pitch. Among them were founders, who came to the stage pitching their business, which manufactured and sold comfortable bicycle seats. Millions of people around the world love biking, but few ever talk about how uncomfortable those small seats are, especially for the groin area.

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Bryan Visintin and Ani Armstrong, therefore, came out with a much more comfortable bicycle seat. Their company is called VSeat, and the entrepreneurs sought $150,000 for a 5% stake in the company. The fact that these seats were way more comfortable than regular bike seats was verified by Kevin O’Leary and Barbara Corcoran, who decided to take a ride around the set.

VSeat’s entrepreneurs claimed to have recorded sales of $26,000 the year prior and a little over $270,000 in the year of taping. The massive boost in sales was thanks to some social media marketing that Visintin and Armstrong invested in. The company had decent margins, and the entrepreneurs also claimed to have six patents, both utility and design.

Screenshot showing the product. (Image credit: YouTube | Sony Pictures Television)

As far as the sharks were concerned, there were a couple of paths the business could take. First would be direct to consumer, which would mean that the company would sell the product to bicycle riders who’d have to manually fit the product onto their bike. The other path would see the company become an Original Equipment Manufacturer (OEM). This means that they’d sell to bike companies that would fit the seat onto their products.

Having six patents, the OEM route was a feasible option without being ripped off. However, Mark Cuban believed that the margins in the bicycle industry were so tight that companies rarely ever add anything to their product that would make its cost go up. He said no to making an offer as a result. Corcoran and Lori Greiner also followed suit, as they did not believe this was the right option for them.

Screenshot showing the sharks. (Image credit: YouTube | Sony Pictures Television)

O’Leary was the first to make an offer, but he wanted 20% of the company for $150,000. Robert Herjavec quickly entered the fray and said that he’d do the deal for 15% of the firm. However, that was the lowest he was willing to go. The entrepreneurs then suggested that the two sharks team up for a deal, and that is exactly what they did. The final offer that was agreed upon by all parties was $200,000 for 25% equity.