A daring 'Shark Tank' pitch used a weird tactic to grab attention. It got the founders a six-figure deal.
As a show that appeals to entrepreneurial aspirations and the American dream, "Shark Tank" has enjoyed a 16-season run with some blunders, success stories, and hilarious moments thanks to the weirdest pitches ever. While entrepreneurs often go to great lengths to make their pitch stand out, the co-founders of Wine & Design took things a step further. Pitching their unique business, Harriet Mills and her husband, Patrick, brought in a naked male model to host a mini bachelorette party on the show.
Unveiling the Business Model
The co-founders began their pitch by sharing their passion for creating a fun, stress-free environment for people to connect through art and wine. The franchise-based business, Wine & Design offers adult painting classes in a social, BYOB-friendly environment.
The couple sought an investment of $500,000 for 10% equity in their business. But before crunching the numbers, they had to provide the Sharks a taste of their service. Explaining that Wine & Design was an ideal choice for date nights, girls’ nights out, and group gatherings, the duo arranged for a bachelorette party for Barbara Corcoran and Lori Greiner.
They called on the model, Richard, as part of their popular party package. In a shocking 'reveal' they explained that Richard would be posing nude as an inspiration for the painters. As he took off his robe, Corcoran became noticeably flustered and excited. “I don’t believe it!” she shrieked. Greiner noted that she had never seen Corcoran speechless.
When the co-founders introduced the art teacher, Heather, Corcoran looked past her saying, “We don’t care who you are, Heather!” The sharks were then taken through a brief painting lesson, where they painted a modern art-style piece of the nude model, with varying levels of success. “This has been the best pitch on Shark Tank," Corcoran noted at the end.
LOL some followed the directions better than others ;) #SharkTank pic.twitter.com/rwXBX7hGow
— Lori Greiner (@LoriGreiner) May 13, 2017
Despite the great bachelorette party, Wine & Design failed to secure a deal from the women on the show. The co-founders explained that they are a recognized franchise with 74 locations across 14 states and the business generated revenue of $250,000 within nine months. However, the Sharks weren't impressed and Mark Cuban backed out saying that he didn't think that the business could generate enough returns to justify a $500,000 investment. Corcoran also said that the risks outweighed the rewards, so she was also out. Citing similar reasons, Greiner also pulled back.
Bye Richard! Come back soon! Talk about the best pitch on Shark Tank EVER! @WineAndDesignHQ! #SharkTank
— Barbara Corcoran (@BarbaraCorcoran) May 13, 2017
However, since the business collected a 6% royalty from franchise owners and was on track to generate $10 million in gross revenue, Kevin O'Leary a.k.a Mr Wonderful showed interest. Calling it a dream business, he offered them $500,000 for 10% equity and $350,000 more as a line of credit at 12% interest.
Robert Herjavec also chimed in calling O'Leary's offer unfair. He made another offer to the co-founders of $500,000 for 33.3% equity. After considering their options, Harriet and Patrick chose to take Mr Wonderful’s offer. They explained that his reach and a partnership with O’Leary Wines would be beneficial to the business, as per CNBC.
“It is shocking to me that you bring a naked man into the tank, and you get two offers from the two male sharks,” said Lori Greiner, the publication noted.