This is Part 3 of our 4-part Shark Tank Chronicles series. In case you missed it, you can catch up on Part 1 – How It All Began here and Part 2 – Filming Day in Hollywood here!
After I got through my pitch, I felt a weight off my shoulders. I went in knowing I was the expert on my business, so no matter what the Sharks asked me, I would have the answer.
It was more a balance of figuring out how to answer questions based on the most important things I wanted the Sharks to know. I wanted to make sure they understood my background and my passion for food, some of our key partnerships like with Whole Foods, Target, and Delta, and how much I’ve hustled to bootstrap this business.
The Sharks seemed to be really impressed with how hard I’ve worked and the business I’ve built. But then one by one, they started to back out. I was getting nervous.
First, Robert said that he hated olives, so he couldn’t possibly invest. I tried to plead, letting him know pickle snacks would be debuting soon, but he just couldn’t get behind it.
Then, I got a compliment from Mr. Wonderful! He thought my idea was “very, very clever,” but didn’t want to enter such a competitive market.
Next up, Allison brought me great news - she said she was going to give me an offer, but it was definitely a “shark offer” - she wanted much more of my company than I was planning to give up.
I waited to hear from the other sharks - Lori and Daymond both had amazing things to say. They thought I was doing everything right and both became fans of the product, but they also both felt that they wanted a bigger amount of equity and they thought I didn’t need their help.
So, we came back to Allison. Before entering the tank, Allison was actually my DREAM shark - I see a lot of myself in her and she’s such an inspiration to female entrepreneurs. I knew I was going to make a deal with her but I needed to negotiate a little first.
Robert thought I was crazy for trying to negotiate but I know what my company is worth and I knew I could get Allison on board at a higher valuation.
After a few back and forths, we met in the middle for an 11% stake in the company.
I was ECSTATIC! Stay tuned for Part 4 – After the Tank, to find out what happened next… coming soon!
