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00:01Shark Tank is for anyone who dares to dream.
00:04Oh my God, we have a hero!
00:06I feel I've seen this movie before.
00:07You're about to see it again.
00:09I own all of my own IP.
00:11Wow.
00:12You blow me away.
00:13I've put in almost one million dollars.
00:16Oh!
00:17Wait a minute!
00:18And tonight, self-made mogul of billion-dollar jewelry brand, Kendra Scott joins the tank.
00:24You were like, this is crap.
00:25It is crap.
00:25Now you love it.
00:26It's my kind of crap.
00:27You're gonna make, like, multiple millions of dollars of profits this year.
00:30This is, like, overwhelming good.
00:33Yes!
00:41First into the tank are accessories for those who love hydrating.
00:53Hi, Sharks.
00:54My name is Charlotte Trecurran.
00:56I'm from the beautiful city of Chicago.
00:58And I'm here seeking $300,000 for 10% of my company, Char Charms.
01:04Sharks, I want to introduce you to someone very special that goes everywhere with me.
01:09We go to work together.
01:11We go to the gym together.
01:12And heck, I even bring her to get my nails done with me.
01:16Oh!
01:17You think I'm talking about my best friend?
01:20Silly sharks.
01:21I mean, don't get me wrong.
01:23She's important.
01:24But not as important as this gal.
01:28My water bottle!
01:29She's the best, isn't she?
01:31She keeps track of my hydration.
01:33She gives me emotional support.
01:35But there's one thing she's missing that every girl needs.
01:40And that's...
01:44Accessories!
01:46And that's where Char Charms comes in.
01:48A fun and colorful way to accessorize your water bottle, no matter what shape, size, or color.
01:54It all started with our dishwasher safe stick on hook and charms.
01:58We created bottle boots to protect her bottom from dents and scratches.
02:03Straw toppers to keep out dust and dirt.
02:06And little zipped pouches so she can carry all of your essentials.
02:11I know, sharks.
02:12I truly have it all figured out.
02:14But the best part is that you can mix and match these accessories to dress her up for any occasion.
02:19Sharks, my water bottle and I are basically ride or die.
02:23So are you ready to make your water bottle your best friend?
02:27In front of you, you have your very own set of Char Charms water bottle accessories.
02:32So there's a lot of crap like this on the market.
02:37I mean, how is it that Char Charms is different than any of the other crap?
02:43So we were the ones that created the stick on hooks and charms.
02:46There was nothing like that out there.
02:49So you might see key chains, things like that.
02:52But we were the ones that came into the market with the first ever stick on water bottle charms that
02:56work on any water bottle.
02:58Tell us about your market and tell us why you did this.
03:01So I came up with this idea when it was COVID.
03:04And I was a sophomore at the University of Illinois.
03:07Everyone was sent home.
03:08And I was looking at my water bottle.
03:10And I had this idea, what if you accessorize your water bottle?
03:13And so I started creating prototypes.
03:15And this was pre the big hydration burst.
03:20So I went all in on social media.
03:22And I hired a TikTok coach to help me.
03:24And I posted three times a day.
03:25No, it was worth it.
03:26Was it really?
03:27Yes, it was amazing.
03:28We went from zero to 80,000 followers, millions of likes, millions of views.
03:33And as we started to go super viral, retailers started to reach out to us.
03:38And this was where I realized I've never even thought about how we are going to merchandise this in stores.
03:42So I figured it out very quickly.
03:44And we're still figuring it out.
03:46I mean, I have teenage daughters and all of them are carrying a water bottle.
03:51But do they wear charms on their water bottles?
03:54No.
03:55Not yet.
03:56Not yet.
03:57Right answer.
03:58Never mind my skepticism.
03:59What are your sales?
04:00Absolutely.
04:01Our first full year was 2022.
04:02We did $80,000 in sales.
04:05Okay.
04:052023, we did $250,000 in sales.
04:08Yeah.
04:09This year to date, we're at $6 million.
04:11Whoa!
04:12Wait a minute.
04:13What?
04:14Is that all the crap in retail?
04:16Yeah.
04:16Do you still think it's crap now, buddy?
04:17I want to know, is it selling through?
04:20That is a lot of crap.
04:21It's a lot of crap, but it's not crap if it's selling through.
04:24It's crap if it's not.
04:26So we launched Nationwide at Dick's Sporting Goods.
04:29We did a test with them last holiday.
04:31It went amazingly well.
04:32They reorder?
04:33This March, they reordered for all 780 stores.
04:36Wow.
04:37And then we got our purchase order from Target.
04:39And I met with the buyers.
04:41That quickly escalated from online tests to let's just go Nationwide.
04:44How many SKUs?
04:45So we went Nationwide with all 17 SKUs.
04:48Charlotte, when I walk into Target, do I buy a bundle of the crap or one crap piece at a
04:52time?
04:53So what we sell in Target is we're doing four straw packs, three charm bundles.
04:57So that, they're kitted.
04:58They're in packs, right?
04:59So what are the price points for the...
05:01Everything in Target is $11.99.
05:02What do your margins look like?
05:04Everything wholesale is anywhere between $5 to $5.40.
05:08And then our cost of goods is anywhere between $1 to $2.
05:12You're going to make like multiple millions of dollars of profits this year.
05:15Correct.
05:15Do you want to switch places?
05:16Yeah.
05:17I'd love to.
05:18Why do you need us?
05:20I mean, you look like you've got a really profitable business.
05:22I'm here because I'm looking for a partner to not even invest in Char Charms,
05:26but invest in me to help me grow this business into the next billion dollar accessory company.
05:31Are you running this yourself?
05:33So I am 100% owner of the business.
05:36I just hired my first employee on Monday.
05:39Good for you.
05:39And we have a team of warehouse workers that are all temp,
05:42so they come in when we have a huge order that we need to fulfill.
05:45And a lot of these orders are very, like, short turnaround.
05:48So we'll have maybe 10 weeks, 12 weeks to turn around and order.
05:52But you're, like, ordering from overseas.
05:54I'm ordering from overseas.
05:54You're doing all of this fulfillment.
05:56That is a real nightmare to do yourself.
05:58Well, it's actually a lot of fun.
05:59You're doing UPC codes, everything?
06:00The whole point of this business is for me to learn.
06:03EDI.
06:03I am really figuring it all out.
06:05EDI, yes.
06:06I'm trying to build a team.
06:07And hydration is huge, you guys.
06:09Yeah, but it's huge.
06:10It's a trend.
06:12So what happens after people aren't on the hydration boost anymore
06:16and carrying around these mammoth water bottles?
06:19This isn't just a trend.
06:20It blew up, and now the idea of carrying a water bottle that you love
06:24is what is the norm now.
06:25So, Charlotte, okay, so a couple things don't add up.
06:28One, you're going to do $6 million this year,
06:30and your wholesale price is about $5, give or take.
06:33Yeah.
06:34So that's 1.2 million units, getting them ordered,
06:37make sure they're manufactured correctly,
06:40making sure they get through customs.
06:41Who's doing all that for you?
06:43These are all factories that I've had an established relationship with
06:46for the last two and a half years.
06:47So a lot of these factories, I went from ordering 200 pom-poms
06:50to now ordering 30,000 or 50,000.
06:53So they've been doing a good job for you and everything.
06:55Yes, exactly.
06:55And in terms of financing it?
06:57That was pretty much my biggest challenge this year,
06:59was the financing of these POs.
07:01And I feel very fortunate that I was able to work with an individual
07:04to do my PO financing for these first several orders.
07:07How much you paid for that factory?
07:08Expensive.
07:0911%?
07:10It's 1.75% every 10 days.
07:13What?
07:14What?
07:15Yes.
07:16I want to clarify something you said earlier.
07:17You said 6 million year to date.
07:19That's all the POs we have on hand.
07:21Oh, there's POs on hand, not sales.
07:22So what do you think you'll do this calendar year?
07:25Correct.
07:25At least 10 million if we only continue to grow in retail.
07:29So something's working for you, okay?
07:31I see that.
07:32I'm going to make you an offer, but I want to explain what I want to do.
07:35Okay.
07:36Because you're the brand visionary.
07:39You did the TikTok thing.
07:40That's all you should do.
07:42All of this distribution has to be taken over by a giant distributor.
07:46Agreed.
07:46Because if you pick up more retail, I don't think you can do it with one employee.
07:52No, no.
07:52I definitely need to see him.
07:53So that's what I do, including I want to get this into Walmart for the holiday.
07:57We're a little late.
07:58What distributor do you use?
07:59I'm not saying, but I'm telling you now.
08:01Well, he's just using a distributor that everybody else uses.
08:03I'm going to give you the $300,000.
08:05I want 25%.
08:07You were like, this is crap.
08:09It is crap.
08:09Now you love it.
08:10No, no.
08:11You know what?
08:11I'll tell you something, Sharon.
08:12Show me the money.
08:13It's my kind of crap.
08:14I like this crap.
08:15You know why this crap is good?
08:17This crap.
08:18You're selling great crap.
08:19There's other things with Char Charms that I see a huge potential with, even just
08:23in the water bottle accessories.
08:24So for example, hydration is huge in the promotional products industry.
08:28And I can imagine every single one of these products with a logo, with licensing, with
08:33all of that.
08:34That is huge.
08:35So listen, I think you want $25,000?
08:38$300,000 for 25%.
08:40I'll go $300,000 for 20%.
08:42I think that is a big licensing play.
08:46Thank you so much for that offer.
08:48I'd love to see if anyone else has any thoughts.
08:50Look, Charlotte, I adore you.
08:51Thank you.
08:51I think you're amazing.
08:53Your energy is incredible.
08:54You've built a great business.
08:56But as a mother of six children, we go through water bottles and lost and found every day.
09:01This is just more stuff that they're going to lose.
09:04This isn't for me, so I'm out.
09:07Thanks so much, Kendra.
09:08Appreciate it.
09:09I've got to tell you, you blow me away.
09:12You learned every facet.
09:14So I'm really impressed with the fact that you did some stuff that was really hard.
09:17But I just don't know the tween market that well.
09:20It's never really been my market, so I wish you good luck, but I'm out.
09:24Thank you, Lori.
09:25Okay, Mark, what are you doing?
09:27I don't know.
09:29Because your offers are insane, right?
09:31Both your offers.
09:32Well, then make an offer.
09:47Two sharks are out.
09:49Charlotte has two offers on the table from Kevin and Damon for her line of accessories for water bottles, Char
09:54Charms.
09:55But Mark may also be interested.
09:57The problem is cash management.
09:59Because there's nothing worse to a company growing as quickly as you are to have poor financials, right?
10:05Who's doing all that stuff for you?
10:07Yeah, I have an accountant.
10:08So they do our numbers.
10:09Look, when you say you have an accountant who knows the numbers, that scares me.
10:13Because you need to have these financials come into an ongoing basis.
10:17But I'm trying to protect you from these predatory offers.
10:20Okay.
10:20Because whether it's 20% or 25%, David, you're going to write them a check right back if you, you
10:26know, based off the profits.
10:27Oh, because she's not going to distribute any money.
10:27It's all tied up in inventory.
10:29Yeah.
10:29She's not going to distribute anything.
10:31That's just part of growing.
10:32You in, you out.
10:33What do you want to do?
10:37I'm torn, right?
10:39I'm not the perfect partner for you on this, but please be careful when your decision with these guys.
10:45I'm out.
10:47Says the guy who's giving you another.
10:48Thank you, Mark.
10:49Thank you.
10:50I mean, it's easy to say, look, you go for it and not write a check.
10:56This is a lot of work.
10:57Well, the biggest thing...
10:58Because you don't know what you don't know.
10:59You've been very successful in coming up with a great concept and maybe Kendra's right.
11:04Maybe it's a flash in the pan.
11:05I don't know.
11:06But I do know distribution.
11:0820% and even 25% is too high for me, but I appreciate those initial offers.
11:12Mr. Wonderful, if you would consider $300,000 for 12.5% and helping me with just distribution.
11:21Charlotte, it's not enough because I know how this works.
11:26But I will go to 20%.
11:32Would you go down to 12.5%?
11:35Yeah, because right now, if I go to a regular company, I say, I will do your licensing agent for
11:40you.
11:40I get 30% just doing that.
11:42What about 15%?
11:45That's the highest I would go.
11:4617.5%.
11:48Come on, 2.5%.
11:49Oh, yeah.
11:50I was at 20%.
11:51Oh, you came down a whole 2.5%.
11:54She came...
11:55Listen, I would normally do this for $30,000 if I went to a company and licensed for them.
12:00I'm going to stick to $20,000.
12:01I cannot take $17,000.
12:02I'm sorry.
12:02Let me help you.
12:03I'm not going to come down.
12:04If you want to go that way, go ahead.
12:06That's the point.
12:06We know the work we have to do.
12:12I understand.
12:13Well, I appreciate all your offers.
12:16Unfortunately, I can't go lower than $15,000, so...
12:18Good for you.
12:19Thank you so much.
12:19It was great meeting you all.
12:20Good for you.
12:22Congratulations on your business.
12:23Thank you.
12:23Great job.
12:24Great job.
12:28Damon was talking about licensing, and then Kevin was talking about distribution, and I don't
12:32think either would be worth more than 15%, so I had to walk away from both of their offers.
12:39In Season 8, Brandon Leifel, Steven Ford, and Bruno Oscodomini made a deal with Robert Bergevec for their beach towel
12:45company with a mission, SandCloud.
12:48Our towels connect people to a bigger purpose.
12:50With every SandCloud purchased, we donate to preserve our oceans and marine life.
12:55Let's see what they're up to now.
12:56One of the biggest changes to the business has been our product line.
13:00We've expanded from just a beach towel brand to a beach lifestyle brand.
13:03Our new products include beach totes, conchos, beach chairs and umbrellas, party blankets, and a lot more.
13:10We've recently started expanding international as well.
13:12Countries like Canada, Mexico, Costa Rica, Panama, but our biggest one that we're most excited about is Australia.
13:18When it's winter in America, it's summertime in Australia, and that's something that can help curb our seasonality as a
13:25business.
13:25In our first year, we only did $30,000 of sales.
13:29Since closing the deal with Robert eight years ago, we've done $190 million of sales.
13:34The DNA of your product is not towels, it's beach.
13:39When they came on the show, what they projected was fun.
13:42But once the fun was gone, serious business people, and they wanted to help the environment.
13:47From day one, the mission has always been the same, to save the fishies.
13:51Giving back is super important to SandCloud, and that's why we've partnered with marine life conservation charities,
13:57because that really formed our identity as a brand.
14:00And to date, we've donated over a million dollars to marine conservation groups around the world.
14:06What we're most excited about is our next chapter in opening our very first flagship store here in San Diego.
14:12Thank you all for coming to our grand opening.
14:14SandCloud is an incredible success story, but I think now we're expanding again.
14:19We don't know if retail is going to work out. We think it is, but we're willing to try it.
14:23Hey, how's it going, guys? Are you guys fine? Everything okay here?
14:25It's a real full circle moment, opening up right down the street from where we started the business,
14:29just walking the streets a mere ten years ago.
14:31It's incredible to be able to communicate with our customers directly, let them see, feel, touch the products.
14:35It's truly amazing how far we've come.
14:51Next up is a business that seeks to answer the age-old question, what's in a name?
15:02Hi, Sharks. My name is Pamela Redmond, and I'm here seeking $350,000 for 5% of my company.
15:10Sharks, we all have a name, but have you ever stopped to wonder about the impact of your name on
15:14you and your life?
15:16Kevin, let's take your name for instance. Kevin means handsome in the Irish language, but it can also mean kind,
15:22gentle, and beloved.
15:23All true. Talk about a self-fulfilling prophecy for thee, Mr. Wonderful.
15:29Yes.
15:30And Mark, your name comes from Mars, the Roman god of war. Maybe that's where you get your competitive spirit.
15:37Laurie, your name comes from the laurel tree, which is an ancient symbol of victory and honor.
15:42Maybe that's why you have such a drive to win and such a sweet way of celebrating when you do.
15:47Thank you.
15:47Kendra, your name started out, as many female names do, as a form of a male name, Kenneth,
15:52but it's achieved complete independence, which is very fitting for a solo entrepreneur who started a billion-dollar business.
16:00Aw.
16:01Damon, your name is an old English surname that means keeper of livestock.
16:08Right? She is.
16:09It's true, it's true.
16:10Oh my god.
16:13How perfect is that for a keeper of bees?
16:17Sharks, I've always been fascinated by the power of names to shape our identities.
16:22That's why I started Nameberry, the world's largest website devoted to baby names.
16:26We have a 70,000 name database, thousands of lists, an active community, daily blog and newsletter, and a revolutionary
16:34name generator called Baby Name DNA.
16:36As the premier experts in our field, we offer insights and advice to millions of name lovers and seekers every
16:44month.
16:44So whether you're looking for original names, track celebrity trends, or even analyze your naming style based on your zodiac
16:52sign, we have you covered.
16:54So Sharks, who wants to help me reinvent baby names for the next generation?
16:59That's very interesting.
17:01Thank you.
17:01That's a very interesting valuation you've got there.
17:04Yeah, thank you.
17:04Well, before you get to valuation, how do you source your data?
17:07Well, I have written 10 books about names starting in 1988, which is why I own all of my own
17:14IP.
17:14Wow.
17:15We've been around for 15 years.
17:17We have been profitable for 10 of those years.
17:20Okay, so let's talk about how you make money.
17:22We make money from advertising at the moment.
17:24But you come in because we want to change that model.
17:28What's the model going to be?
17:29We want to bring AI to Nameberry.
17:33So there's only two ways that can go.
17:35All this, you know, name generation, etymology of names, the large language models are going to figure all those out
17:41across languages, right?
17:43And they'll feed, and that's, you know, you know that already, right?
17:46Yes.
17:46And then the second side of it is you can sell all your information that you have to a particular
17:51large language model because they're very competitive.
17:53My preference is to train our own model on our own data.
18:00We have, like, millions of pages of information developed over 40 years.
18:05It's a singular property.
18:06So then it's a question of how much are you willing to spend, and it's not $300,000 or $500
18:12,000, right?
18:13To own your own model that you train yourself on unique data is more expensive than that.
18:19Pamela, one of the big players has built a stack that you would sit on top of, and they've done
18:25a lot of the hard work for you.
18:26And they would take 20%, 30% of your revenue for just providing the infrastructure and the stack and maintain
18:34it for you.
18:35Kevin, when they do that, they're trying to steal from you, right?
18:36Yes, right.
18:37Of course, of course.
18:38And part of the reason I'm here is because I feel like you can help us defend this really singular
18:46piece of IP.
18:47Is it defensible long-term? I question that.
18:49I think it is because it's internal data. It's data that only we have.
18:53Okay, my two cents is, you know, companies will do their own.
18:57Where the money is for you is to license what you have to them, and if you can prove to
19:04them that there's a lot of value,
19:06that it'll generate a lot of responses to prompts, then you can get a million, $5 billion.
19:14Well, maybe you can help me do that.
19:16That's a lot of work, right?
19:18And I'm not going to write you a check to do it.
19:20For those reasons, I'm out.
19:23Okay.
19:23For me, I look at this, and I just think it's really very fascinating.
19:27But as far as a business, I just feel like this isn't something that I could really sink my teeth
19:34into.
19:34I'm sorry.
19:35I'm not.
19:36I get it, Lori.
19:36I love you.
19:37Thank you.
19:38But I knew that.
19:39Okay, so Pamela, let's go back to your business to understand why you valued it at $7 million.
19:42Okay.
19:43Well, right now, we're ad-supported.
19:46We have 4 million unique visitors a month, 20 million page views.
19:50Last year, we made $1.1 million, and we net it $650,000.
19:55Okay.
19:56That's not a bad idea.
19:57Yeah, that's a good idea.
19:58Yeah.
19:58When you look at the ads on your site, the banners that are appearing, they're around the genre of childbirth,
20:04right?
20:04Yes.
20:05Okay, and that's generating 1.1, and it's pretty steady?
20:09Yes.
20:09So, how many registered users do you have?
20:11We have 100,000 people on our newsletter list.
20:14What's your open rate?
20:15About 50%, depending on...
20:1750% on the 100,000 email?
20:19Kevin, that's better than anything you got.
20:22Yep, it's like 20.
20:23I will say one thing about the data.
20:26It's very, very hard today to capture the mother or father's name at time of birth.
20:34It's really hard.
20:35You can't get it from the hospital.
20:37There's all kinds of data scraping trying to figure out when they buy their first pampers and all this other
20:41stuff.
20:42Right.
20:42But you may be the cleanest, truest source.
20:45Are you capturing all the people in any way, either cell or email address?
20:49We are not doing that right now.
20:51Okay, now I have to kill you.
20:52What?
20:52Why aren't you doing that?
20:55It hasn't been our model.
20:57But that actually is something you could turn on now, because that data is very valuable to a giant infrastructure
21:04of companies that sell.
21:05Yes.
21:06To childbirth.
21:08Okay.
21:08So, I'm struggling with two things.
21:11I think that I'm struggling with how I could be a value, because this really is super tech.
21:16You know, I'm struggling with that and how I can really add value to that.
21:20And the other thing I'm struggling with is, why did my mother name me after a goat herder?
21:28So, I'm out.
21:30Thank you.
21:31So, what's the ownership cap table in your company?
21:34I own 66%.
21:36I have a tech partner who owns 28%, and another partner who owns 5%, who's a non-participating partner.
21:43I think this is so cool, but this is a tech play, right?
21:47I'm just not the one for you, and for that reason, I'm out.
21:50I don't think it's a tech deal.
21:52I think it's a giant negotiation between three behemoths that are developing language models.
21:58It's a very interesting deal, Pamela.
22:00Here's an offer.
22:01350,000, 33 and a third percent.
22:05How about this as an offer?
22:07I will give you three times the equity, 15% for $700,000, twice the money.
22:14Not a chance.
22:15I don't know how fast you get disrupted.
22:17That's the challenge.
22:18I don't even know.
22:19I would love to be in business with you, but I'm not going to give you 33%.
22:22Okay, give me 40.
22:26The most I want to give is 24.9%.
22:30Why?
22:31Because then I get to keep 50.1%.
22:33And retain control, yeah.
22:34Oh, well, do that, Kevin.
22:35Come on.
22:38So you've thought it through, Pamela.
22:40I've thought it through.
22:41All right, I'll take that deal.
22:42I'll take that.
22:42Yeah!
22:44All right!
22:45I love it!
22:46Yay!
22:46You want to do the deal?
22:48Yes or no?
22:49Yes or no?
22:50Yes!
22:50What happened?
22:51I think that's brilliant, Kevin.
22:54You're just too interested.
22:56Nice to meet you.
22:57Great to meet you.
22:58That is good.
22:58Congrats, Pamela.
22:59That's awesome.
23:02Kevin will be a great partner for Nameberry because he has deep experience in this field.
23:07He knows everything that I don't know, and that's what I really need to take my life's work to the
23:14place it needs to go.
23:28Next up is a way to make a household item more functional.
23:39Hi, sharks.
23:40I'm Lisa.
23:40And I'm Jake.
23:41We're from New Jersey, and we're seeking $343,000 in exchange for 5% of our company.
23:49Let's face it.
23:50Cleaning your shower is about as much fun as getting a root canal.
23:54It's no wonder my son Jake here survived four full years of college without ever cleaning his shower once.
24:01Mom.
24:02He even had a really stinky pet that he never bathed.
24:05Using a bucket to bathe, Joey, was like setting off a water bomb in the bathroom.
24:09There's got to be a better way.
24:11The struggle is real, but have no fear.
24:15Rinsaroo has come to the rescue.
24:19Rinsaroos are slip-on hoses that make your least favorite rinsing and bathing chores a breeze.
24:22No more buckets, no more backaches.
24:24Sharks, you're about to witness rinsing reinvented.
24:28You whip out your Rinsaroo, slip it over any water source, and bam!
24:33You're ready to conquer any rinsing challenge that comes your way.
24:36And the best news, Rinsaroos work on water sources all around your house.
24:40Sinks, shower heads, and tub faucets.
24:42This one even has a spray head.
24:44Just make sure your connection is tight and get Rinsaroo-ing.
24:47Mom.
24:49Mom.
24:49There are so many things you can do with a Rinsaroo.
24:52Rinse dirty boots.
24:54Bathe the baby.
24:55Not the baby, not the baby.
24:57Fill a bucket from the sink.
24:59But wait, there's more.
25:01Use it as a bidet.
25:02Don't forget to give Grandpa his sponge bath.
25:08Which one of you sharks hates cleaning as much as we do and wants to clean up with us at
25:12the bank instead with Rinsaroo?
25:15Tell me how you came up with this idea.
25:17Well, here's the thing.
25:18You know how they say sometimes your best ideas happen in the shower?
25:23That's literally where this idea came to me.
25:25So we have a beach house at the Jersey Shore.
25:28And when we're all there, there's 15 of us and four dogs.
25:31I wanted to be up on the beach, but instead I found myself in the shower cleaning dogs, cleaning the
25:38shower walls.
25:39I was filling a bucket over and over.
25:41I'm like, there's got to be a better way.
25:43So I recruited Jake and together we came up with an amazing prototype and it really, really worked.
25:50So Lori, guess what we did?
25:52We bought your book that told us how to figure out if we have a hero or a zero.
25:58Right?
25:59Yeah.
25:59And honestly, we're reading the book.
26:01I'm like, oh my God, we have a hero.
26:03We have a hero.
26:04It's mass market.
26:05It's demonstrable.
26:06And it solves so many problems.
26:09You know your stuff.
26:10I love it.
26:11It really is.
26:12Lori, and I have to say I'm so grateful because your advice has changed our lives for the better.
26:18Now, Lisa, here's the moment of truth because, you know, in Lori's book it says,
26:22I sit beside Mr. Wonderful and always ask this nasty question about valuation.
26:27You're putting this business out at $6.8 million.
26:31Absolutely.
26:31Why is Rinsaroo worth anywhere near $6 million?
26:35You know what, Mr. Wonderful?
26:37I know.
26:38That's page three in Lori's book.
26:40Exactly.
26:41I crunched the numbers and 343.
26:43Well, let's hear the numbers.
26:44Okay.
26:45Let's hear the numbers.
26:45Now, here's the thing.
26:46We started in March of 2019.
26:50Yeah.
26:50Okay.
26:50And instantly, Winsaroo was a success.
26:53Within a couple months, we were profitable.
26:55We did over a million dollars in sales our first year.
26:58Wow.
26:59Since then.
27:00I might have to get Lori's book.
27:02Okay.
27:03Yes.
27:03That's right.
27:04Since then, we've had double and triple digit sales.
27:08What are you going to make this year?
27:09What are you going to make?
27:09Close to $5 million.
27:11Ooh.
27:12Where are you selling this?
27:13Well, right now, we're only selling online.
27:16So this is direct to consumer online.
27:17We're 99% online.
27:18That's why we need to shop.
27:19That's really amazing.
27:20What do you sell them for and what does it cost you to make?
27:22Our landed costs, depending on what product you have, is anywhere from $2.50 to $4.50.
27:28Okay.
27:28And our retail prices are anywhere from $15.95 to $29.95.
27:32So we've got an 85% profit margin.
27:34You guys got to be killing it.
27:35Is it the two of you?
27:36Just the two of you running the business?
27:37It's just us.
27:37I love this mother-son thing so much.
27:41Honestly, what a dream.
27:43Mm-hmm.
27:43So guys, you must know what it costs to acquire a customer, right?
27:46The customer acquisition cost.
27:48I'm so glad you asked, Mr. Wonderful.
27:50Yes.
27:50$2.50.
27:52And what is your ROAS if you're spending money on digital?
27:54Okay.
27:55We have a 10 to 1 return on our ad spend on Amazon.
27:58What percentage of your revenues do you spend on Amazon?
28:0010%.
28:01So what are you making in net cash profits?
28:04Almost a million dollars.
28:05Mm-hmm.
28:06That doesn't suck.
28:07How many knockoffs do you have now?
28:09We have many knockoffs.
28:10Nope.
28:10But we have a protection service that takes them all down.
28:13So we have many.
28:14So wait, is there a patent?
28:15Yes.
28:16All right, so listen.
28:16I'll give you $343 for 20%.
28:2120%.
28:22I was going to do that same deal for $15.
28:24I'd offer you $15.
28:26Here's the thing.
28:27Like, I don't want to give away a ton of equity,
28:30but I would love to work with a shark that can help us grow.
28:34You know, this is for my son, and I don't want to give away a lot of equity.
28:38We've done all the hard work.
28:40All right, 15%.
28:43We have two offers of $15.
28:45Unless you want to put a royalty in place, take less equity.
28:48What would you suggest for a royalty?
28:51Well, you have enough margin.
28:52I think what I would do is I'd do your 5% deal if I got $250 a unit until
28:58I made back a million bucks.
28:59Then royalty goes away forever.
29:02Ooh.
29:05Ah.
29:06That's a little hefty, I think, still. I don't know.
29:08You know, I don't do this often.
29:12As a matter of fact, I didn't do it at all last year.
29:17Say hello to my little golden friend.
29:21I was hoping we would get the golden ticket, Lori.
29:23Oh, my God.
29:24Oh, my goodness.
29:25Thank you.
29:26Thank you.
29:27You lost the ticket.
29:29Oh, my God.
29:29I think you deserve my golden ticket.
29:33Thank you so much.
29:33I really do.
29:35Wow.
29:36You read my book.
29:37We did.
29:38From cover to cover.
29:39You followed it.
29:40You did what it said.
29:41It helped you.
29:42You are like my perfect entrepreneurs.
29:46Thank you so much.
29:46You were successful.
29:48Oh, my God.
29:48You're perfect.
29:50What that means is that I give you exactly what you're asking.
29:55Oh, my God, Lori.
29:56Thank you so much.
29:57Yes.
29:57Wow.
29:57Oh, my God.
29:58Yay.
29:59Welcome to the Rins to Reach family.
30:01Yay.
30:02That's so exciting.
30:04It's on a necklace.
30:05Oh, my God.
30:06It's amazing.
30:06The golden ticket.
30:08You know, last year, nobody got a golden ticket.
30:10It's incredible.
30:11Honestly, I hate to admit it, but you were our girl from day one.
30:15Wow.
30:15Thank you so much.
30:16I love that.
30:17You are a dream shark.
30:19Congratulations, guys.
30:19I love you guys.
30:20I love you guys.
30:22Congratulations.
30:23Woo!
30:24Oh, my God, Jake.
30:25I'm so excited.
30:27It's an adventurer's dream to have gotten the golden ticket from Lori.
30:31Our goal was to team up with her to get Rins through in every household in America,
30:36and I have no doubt that that dream is going to become a reality.
30:52Next up is an idea that makes changing babies a snap.
31:03Hello, Sharks.
31:05My name is Carrie Schultz Haslip, and I am here today seeking $100,000 for 10% equity in my
31:12company.
31:13Sharks, when my niece was born, I watched my brother and sister-in-law struggle to get her in and
31:19out of baby clothes.
31:19Her head was big, her neck was fragile, and her little arms fought them every step of the way.
31:25She would cry.
31:26They would cry.
31:27Even I wanted to cry.
31:29It was so stressful.
31:30All I could think was, why are these Ding Dongs trying to stuff her into a sausage casing six times
31:35a day?
31:36Why didn't they buy the ones that avoid her head and arms altogether?
31:39But I quickly realized, baby clothes like that didn't exist.
31:43So I created them.
31:45Meet Tabby's.
31:47The easy peasy, no more squeezy, fumble-free baby clothes.
31:50We are the first ever bottom-up bodysuit designed to dress your baby without the drama.
31:56It's fast, it's foolproof, and it's guaranteed fuss-free.
32:00Tabby's goes on feet first and slides up to snap at the shoulders.
32:04Our proprietary shoulder snaps and quick snap finger pockets make dressing even the wriggliest of babies a breeze.
32:11Whether it's kicking, squirming, or gator rolls, Tabby's has got your baby covered.
32:15Or uncovered, because Tabby's also slides down for all those messy moments.
32:21Tabby's believes every parent and child deserves less struggles and more snuggles.
32:25So, Sharks, who wants to help me take this bottom-up idea to the top?
32:31In front of you are some Tabby's to try out for yourselves.
32:35Nobody has thought of this? There is nothing out there like this?
32:39No.
32:39Is there anything without a snap but a Velcro or something else?
32:43Nope.
32:43So nothing opens up from the top?
32:45So everything is traditionally just open to the bottom, correct?
32:48I'm really intrigued by this zipper.
32:50Yeah.
32:51I mean, this is really cool.
32:52The only thing I worry about is my babies were all a little chubby.
32:55You know, they had little rolls.
32:57Like, would their little rolls get stuck in the zipper?
32:59Oh, no, no.
33:00Let me assure you, I'm a former architect.
33:02I have a master's degree in architecture.
33:04Amazing.
33:04So anything I touch or can design or create happens to within an inch of its life.
33:09So from architecture to children's to baby clothes.
33:11Correct.
33:12Let's get back to this business.
33:14So a 10%, 100,000 million dollar valuation.
33:17That's because you have sales.
33:18I do.
33:20Last year we did 26,000 net product sales.
33:24And this year so far we've done 17,000.
33:28Okay.
33:28That's not a lot.
33:29You are correct.
33:30It is not a lot.
33:31Which is exactly why I'm here.
33:34Because while I may be very good at designing things and solving problems, I am terrible at marketing.
33:40Absolutely, Cheryl.
33:41Yes, I can see that.
33:42Do you have a patent on this?
33:43I do.
33:44Utility?
33:45I have pending utility patents on the tee, the romper, and the bodysuit.
33:49And I have three granted design patents.
33:53So you've done $26,000 in sales.
33:56How are you getting these sales today?
33:58What have you done for marketing to even get that?
34:00It's mostly word of mouth and social media.
34:03Well, let me tell you why I even like came to this really.
34:05So my brother and sister-in-law had their daughter and I went to help them out.
34:10And I was like a whiz with babies.
34:12I've been babysitting since I was 12.
34:13Well, I never had to do it 10 or 12 times a day.
34:16So late one night I was like, I'm going to be the hero aunt and I'm going to go online
34:21and I'm going to buy the ones that snap at the shoulders.
34:23And I could not find anything for months.
34:27And I kind of just got obsessed with it because at the time my husband and I were going through
34:33the trials and tribulations of trying to have our own family.
34:36And for medical reasons, it was advised that I not carry a child on my own.
34:41So we had to go down.
34:44How cliche is this?
34:45All the crying.
34:47Took us a long time and we had to go down an alternate route.
34:50My daughter was eventually born from surrogacy and so sorry.
34:59It is incredible to be here.
35:01And so this is like overwhelming.
35:04Good crying.
35:07But I became so passionate about it because I'd watched her be a new mom and go through that.
35:12And I was like, I want something that's like easy peasy.
35:16What would I do that makes it simple?
35:19And I just sort of got obsessed with it.
35:22So you figured it out?
35:24I figured it out.
35:26To me, it seems like a total licensing play.
35:29Well, we've got an expert here.
35:31Damon John, what do you say?
35:32You own 100% of the company?
35:34I own 65% and I have one other investor, which is my father.
35:39How much of your own money was in?
35:40I've put in almost $1 million.
35:42Whoa!
35:44Ouch!
35:45Ouch!
35:45How would your dad put in?
35:4735%.
35:48And what did that money go to?
35:49I know some to patent it.
35:50Well, you have to realize this has been, this has actually been going on for seven years.
35:54But we've only been in the market a little under two.
35:56And we've only had beyond six months for a year.
35:59You've been working on this for seven years?
36:01Correct.
36:01Seven years.
36:03Anywhere along the line, did you wake up in the morning and say, what the am I doing?
36:08No.
36:08And how much do you sell these for?
36:10The romper's $28.
36:12I make it for $4.75.
36:15The bodysuit is $20.
36:17It cost me $2.90.
36:20Wow.
36:20Okay, Carrie, the binary issue for this deal, is this innovation something the market
36:26would buy if it was properly presented to it?
36:29I don't know the answer to that question.
36:31And so that's the problem.
36:33I hope you can convince-
36:35Well, before, before, because I feel, I've seen this movie before.
36:37You're about to see it again.
36:39You're going to see it again.
36:40I'm out.
36:41Oh, that's fair.
36:42Okay.
36:42I'm shocked that you burned through a million bucks on this.
36:46That's fair.
36:47Where did a million go?
36:48Last year, I was like, okay, we got to, like, have someone handle the marketing.
36:52Like, we're, like, really doing this.
36:54And I got in this vicious cycle of pitch and ditch.
36:57I basically hired a bunch of consultants.
37:00Oh.
37:00Marketing consultants.
37:01Oh.
37:02They were expensive.
37:03Those are-
37:03And they're expensive, and what I-
37:05They all told you how great a job they were going to do, and you were all excited.
37:08All right.
37:09I'm out again.
37:10Okay.
37:11Great.
37:11Great.
37:12I can't wait for you to be out a third time after I tell you this part.
37:15Um.
37:16So.
37:17I'm excited.
37:19So, one thing that was very serendipitous is I thought I was solving this easy dressing
37:24problem, right?
37:24And then I started getting all these messages from parents who had babies and children in
37:29the NICU.
37:30One in ten babies will stay in the NICU.
37:32When they're in the NICU, they're almost exclusively naked and wrapped in a blanket,
37:37in, because this is being monitored, this is being monitored, this is how they're being
37:41fed, this is how they're- like, all of it.
37:43And so, to clothe them, you'd have to disconnect all of those things.
37:47But because you can unsnap and snap the shoulders, you can slide it on, you can slide it off.
37:53Yeah.
37:53You don't have to disconnect any equipment.
37:54And I'm now in the testing phase.
37:57Good.
37:57And they want to order 80,000 units a year to put exclusively in their circuit of NICU.
38:04Well, you probably should have said something about that earlier.
38:06That's pretty impressive.
38:0880,000 units is a lot.
38:09Carrie, that makes me feel better for you.
38:12It's a niche market.
38:13For me, I think the whole play, if this is a better mousetrap, no one's done it.
38:19You have patents, you have something to sell.
38:21You could go to one of the big baby clothing manufacturers and maybe license them.
38:26But it's not really the right deal for me, so I'm sorry.
38:29No, no problem.
38:30Thank you.
38:31Carrie, I'm kind of in the same boat.
38:32I mean, I feel bad, but now I feel better.
38:35Yeah.
38:35You know?
38:36I just don't see how I can add a whole lot of value to this.
38:39So for those reasons, I'm out.
38:40Okay, thank you.
38:40Congrats and good luck.
38:42Thank you.
38:44This is a hard one.
38:46Your passion is so strong.
38:47So the challenge here is that the $100,000 you're asking for, forget the 10%.
38:52That's obviously not going to happen.
38:54I think the best thing that I can do is probably do a deal with you where we go out
38:59and license
38:59it to people.
39:01I would take 45%.
39:03Whoa!
39:17Three sharks are out.
39:18Carrie has an offer on the table from Damon for her baby onesie company, Tabby's.
39:23But he wants a much bigger stake than the 10% she came in offering.
39:28Okay, 45% for $100,000?
39:31Correct.
39:32Listen, I mean, I see the licensing.
39:35I think, Damon, what he's offering is actually really great because I do think you're an inventor,
39:40right?
39:40You invented this really cool thing, but then in the rest of it, the production, trying to
39:44figure out the fulfillment, I can tell just this huge weight.
39:47This is something that, for me, I would buy it for people that are having a baby, but I
39:51don't think I would be able to really help you with the licensing aspect.
39:55So I'm out.
39:56No problem.
39:57Thank you so much.
39:58Carrie, you have an offer from Damon.
39:59What do you want to do?
40:01Um, I so appreciate that offer.
40:03And I wonder if you'd be kind enough to give me a moment to step away and call my business
40:08partner as a courtesy.
40:09Dad.
40:10Oh, my dad.
40:10Sorry, my dad.
40:11Call dad.
40:12Yeah, I'm not going to tell you don't call dad.
40:14Okay, don't call dad.
40:15Dad's got a lot of money at risk.
40:16Yeah.
40:17Okay, thank you so much.
40:23Dad.
40:24Before you start, I just want you to know how very, very proud Mom and I are of what you've
40:28done.
40:28Just done incredible.
40:29No matter what happens, we're very proud of you.
40:33Thanks, I'm proud of you too.
40:35I forgot dad owns portion of it.
40:38She's at 65%.
40:39Maybe crammed down to nothing.
40:43Um, so I have one offer on the table.
40:46It's from Damon.
40:46Um, he's offering $100,000 for 45% of the company and, um, and wants to really go after the
40:56licensing side of it.
40:58How do you feel about that?
41:07Okay, talk to dad.
41:09You know, 45% is a lot more equity than I'm 100% comfortable giving up.
41:15But if that's what I have to do to do a deal with someone like Damon John, um, I respect
41:20that and I promise to make you proud.
41:23What were you gonna go tell her that I said?
41:25I was going to go into the hallway to tell you that Damon realized that your father owns
41:30a decent percentage of the company.
41:32So he's looked at me and he said, I think I should really have made it 33 and a third
41:36percent.
41:37There you go.
41:38And then it would be three, three, three.
41:40So, therefore.
41:40I'm gonna play tough.
41:41Can I get 35?
41:44What about 33 and a third?
41:45All right.
41:47I'm not sure what just happened, but I'm gay.
41:50I really did.
41:51All right.
41:56Thank you so much.
41:57Congratulations.
41:58Congratulations.
42:02I wanted to tell you that I gotta deal with Damon.
42:05Woo!
42:06He's gonna do 33 and a third.
42:09Are you serious?
42:10Yeah.
42:11Mom and I are so, so proud of you.
42:17He's gonna do 33 and a third.
42:20You're a professor and a third.
42:21And a third.
42:30You gotta do 33 and a third.
42:35One, two, three, four.
42:41Come on.
42:43How is it?
42:44We're gonna do 33, but we're gonna do whatever.
42:44I'm gonna do.
42:44Legenda por Sônia Ruberti
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