Shark Tank

Broccoli Wad: Shark Tank Updates in 2020

by Tom Bowen
written by Tom Bowen

The Basics

  • Company: Broccoli Wad (money clips)
  • Owners: Johnny Gennaro
  • Asking Price: $50,000 for 20% equity
  • Final Deal: $50,000 for 40% equity
  • Shark Who Took The Bait: Barbara Corcoran
  • Season/Episode: Season 2, Episode 4

The Broccoli Wad Before Shark Tank

Johnny Gennaro is an entrepreneur who developed a money clip based on a documentary he watched about “wise guys” in the Mob. He saw that these “made men” would display their wads of cash using the rubber bands that grocers place around stalks of broccoli. He eventually got in touch with Vinny Pastore – best known for his role on the TV series The Sopranos – and the two partnered to try to bring the Broccoli Wad to market. Johnny believed that Vinny would be the perfect pitch-man for his product.

The Broccoli Wad On Shark Tank

Johnny and Vinny stepped into the tank, and Johnny asked the Sharks for $50,000 in exchange for 20% of his company. Tongue-in-cheek, he described it as “an offer you can’t refuse” in pure Godfather fashion. Johnny showed off the Broccoli Wad holding a stack of bills and explained how he had come up with the idea for the product after watching a documentary about an FBI agent that infiltrated the Mob. He noted that wise guys don’t have wallets and instead carried their cash around gripped by a rubber band used to hold broccoli stalks together.

Kevin wanted to know where wise guys keep their credit cards, but guest-Shark Jeff Foxworthy explained that wise guys don’t carry credit cards because they don’t want to be easily tracked or identified. Johnny joked that they do carry a license, but it’s “normally from out of state and expired.” The sharks laughed at that statement.

While Johnny was passing around samples for all the Sharks, Vinny admitted that he initially thought the idea was nuts, but he came around when he saw how cute it was.

Robert gingerly said, “Come on – it’s a piece of rubber that you’re saying is worth $250,000.” Vinny’s reply to that was that if they sell a lot of units and he gets his 50-cent royalty on each of them, he’ll be able to get a house in Malibu.

While the other Sharks were laughing at these jokes and thought the pitch was amusing, Barbara wasn’t having it. She thought both of them were totally nuts, and she just didn’t get it. She thought this was one of the worst products she had ever seen on the show. She was out.

Johnny said it’s understandable that it would be difficult for a woman to understand because most women do carry wallets. Jeff said he understood the concept because his own wallet had become so overpacked it was almost the size of a phone book. He was always on the lookout for a way to carry his cash because most money clips don’t work very well. He said he liked Johnny’s idea.

Kevin wanted to know how they were going to sell it. Johnny explained that each package would include two rubber pieces and two metal sliders and would retail from $10 – $14 each. In the meantime, he had created two 2-minute spots featuring Vinny and some of Vinny’s former cast members from The Sopranos. They were ready to launch a campaign, and Vinny had already agreed to do personal appearances at casinos in Atlantic City.

Daymond wanted to know how much had already been invested in the product. When Johnny admitted that he had put $200,000 into it, the Sharks seemed stunned. But Vinny chimed in to say that $190,000 of it had been a payment to him.

In defense of his product, Johnny said that he came from a background in novelty items and saw the Broccoli Wad as the ideal “As Seen on TV” product, complete with a 2-minute TV spot. Kevin asked if Johnny needed the $50,000 to buy air time, but Johnny said that what he needed most was sales and marketing expertise.

Robert wondered why Vinny’s photo wasn’t featured on the package. And that’s when Barbara jumped into the conversation again. “Why isn’t it called the “Vinny Wad?” she asked. The other sharks agreed that would probably be good branding, and Daymond asked Johnny if he saw Vinny as the face of the product. Johnny said that without Vinny, it would just be a rubber band.

Realizing that Vinny’s involvement could have a positive effect on branding, Barbara decided she was coming back if Johnny would rebrand the product as the “Vinny Wad” and put Vinny’s picture on the package. Robert agreed and said, “Your greatest asset is standing next to you, but you haven’t branded him anywhere.”

Asked if he were willing to stick with the brand long-term, Vinny said it was a matter of economics, meaning that it would depend on how he was compensated. Kevin said that sounded expensive to him, and he dropped out. Then both Jeff and Daymond dropped out, as well.

Barbara was ready to make a deal. However, she directed her attention to Vinny. When she started to say that she wanted to make Vinny an offer, Kevin exclaimed, “Vinny’s not a Shark!” But Barbara continued. She would give Johnny the $50,000 in exchange for 40% of the company. In turn, she would split her 40% with Vinny so that Vinny could be compensated. The requirement would be that Vinny would offer his face and name for branding the product.

Robert then said, “I’m out. That’s a great offer,” and Vinny quickly accepted the deal with Barbara. Johnny looked dumbstruck, and Kevin shouted, “What just happened there?” One of the sharks told Johnny, “You just got whacked.”

But Barbara persisted and explained the nature of her offer once again. She asked how many pieces Johnny had in his warehouse, and Johnny told her he had 50,000 units. Barbara then said that all he needed was a picture of Vinny on the package. But Johnny wanted to know how they would move forward. He didn’t come to Shark Tank only for the money but wanted sales and marketing expertise. Would Barbara be willing to provide that?

Barbara said that the only things she knows really well are sales and marketing. She wanted to know if Johnny would accept the deal. After a beat, Johnny said he would.

After Johnny and Vinny left the stage, Barbara was asked if she was just bluffing when she said the Broccoli Wad was the worst product she had ever seen on the show, given the fact that she eventually invested in it. But she hadn’t changed her mind about the product. She still thought it was nuts, “but once you market it, it’s genius.”

Final Deal: $50,000 for 40% equity

The Broccoli Wad After Shark Tank

It may not have been genius after all. The product lasted only a couple years under Johnny Gennaro’s leadership, and he’s now moved on to other things. Currently, LinkedIn shows him as the CEO and Visionary Entrepreneur of Twinstars Productions, LLC, and his mission is to build innovative household items and hair care products. An item he has attempted to bring to market is called the iCurler. It works by inserting a strand of hair into an appliance that looks like a blow dryer, and then the appliance draws the hair in and curls it. Johnny has a patent for it, but there’s no website, and it doesn’t appear to be for sale anywhere.
In the meantime, you can still find the Broccoli Wad for sale on Amazon. However, it’s represented by a company named “Wise Guy Productions,” which isn’t affiliated with either Johnny or Vinny. The price of the product, however, has dramatically increased. It now costs nearly $55 for two of the rubber bands and metal sliders. Surprisingly, the product shows a number of positive reviews.

As for Vinny, he’s doing just fine. He has continued his work as an actor, and has several projects in the works still to come in 2020, and even more scheduled for 2021.

Disclaimer: The information provided in this article is strictly informational; Seo Insights is not affiliated with Broccoli Wad, SharkTank, or any of its subsidiaries.

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BibbitecShark Tank

Bibbitec: Shark Tank Updates in 2020

by Tom Bowen
written by Tom Bowen

The Basics

  • Company: Bibbitec
  • Owners: Susie and Steve Taylor
  • Asking Price: $40,000 for 14% equity
  • Final Deal: None
  • Sharks Who Took The Bait: None
  • Season/Episode: Season 4, Episode 14

Bibbitec Before Shark Tank

Susie and Steve Taylor are the parents of two young, very messy boys. During an airplane trip, the kids rolled around in the row and made everything dirty, but somehow Steve was spared. He was wearing a performance fabric shirt and it simply wiped clean. The couple had earlier argued about the cost of bibs because they would get stained and hold onto odors, even when washed. The Taylors were tired of throwing away money on junky bibs, so after their airplane experience, Susie was inspired to make a better quality bib that you wouldn’t have to throw away.
Their Bibbitec bib is made in the U.S. and the fabric is toxin-free. They are coming to the Shark Tank to ask for $40,000 in exchange for a 14% stake in their company.

Bibbitec On Shark Tank

The Taylors approached the stage, introduced themselves, and asked the sharks to invest in their product. They told the story about how their airplane experience had inspired the bib, and then Steve described how easy it was to slip the bib onto a child while Susie demonstrated, using a doll. The couple said their bib was American-made, non-toxic, and wouldn’t stain or retain odors.
Susie then applied mustard to the bib and showed how easy it was to wipe it clean. When they began to pass samples to the sharks, Barbara said she wanted to inspect the dirty one. Daymond asked if it was made of neoprene, and Susie told him it was a poly-nylon blend. It was also patented and non-toxic.

Barbara asked about their selling price. Susie said they sold the bibs on their website for $24.95. Kevin wanted to know what it cost to make. When Steve said the cost was $15 per bib, Kevin reacted in horror. Susie responded to Kevin’s reaction and said people were willing to pay $48 for the bib, but Kevin was still stuck on the high cost to produce them. Why did they cost so much?

Susie told him the fabric was expensive, but then Kevin shouted that you couldn’t make money selling bibs in America at that high price point. It would be cheaper to buy a bunch of regular bibs and then throw them away when they got dirty.

Steve told Kevin that their bibs would last four years or longer, and Susie added that moms were spending $400 annually on cheap, throwaway bibs. Robert didn’t believe that. He wanted to know how many they had sold.

Steve told the sharks they had sold 2,000 bibs in four years, and Kevin just shook his head. Robert asked what they had made in the past 12 months, and it was only $17,000. Robert said, “That’s it?”

Kevin went on to say that the majority of bibs are not bought online. There were two or three big-box retailers that sold baby apparel. Why hadn’t the Taylors been able to get into retail stores? Susie said their product was hard to sell without first educating the customer. Retailers had also confirmed that bibs are a bait and switch item and that the stores use cheap bibs to get moms into the stores.

bibbitec featured on shark tank 1024x718 - Bibbitec: Shark Tank Updates in 2020

Susie Taylor, CEO of Bibbitec, left; with sister, Heather McCabe.

Hearing that, Kevin confirmed what he had said earlier – people don’t want to buy expensive bibs. But Susie contradicted him and said that people bought the $48 bibs with no hesitation.

Robert questioned why they hadn’t tried to license the product to a company that already manufactures bibs. Susie said she had tried looking for manufacturers that could sell the bibs at a lower price but they were all Chinese firms, and she wasn’t okay with using toxic fabrics that are potentially unsafe for kids. She wanted to produce her bibs in America and to make sure they are safe. But Kevin said the high cost is keeping her product away from many Americans, and tossed out the outrageous allegation that she was hurting kids because most people couldn’t afford to buy her bibs.

Kevin asked if they had made any money. The answer was “no.” Steve admitted they had invested $75,000 into the business but hadn’t seen a return on investment. Kevin wondered how long they were willing to lose money, but Steve said he had some cash he was willing to invest if he couldn’t find an outside backer. Susie disagreed. She said they couldn’t afford to fund the business any longer.

Kevin said he thought it was time to take the bib behind the barn and shoot it. Susie said, “Absolutely not.”

Daymond asked if they could get the price down, and Susie said she thought they could if they could get a large order. With Kevin shouting that the bibs needed to cost $2 in order to make money, Daymond asked what was the magic price point they needed to sell it at retail. Steve said they could sell the smaller bib for $19.99. Daymond then advised that they would have to get the cost down to $5 if they hoped to see a profit on a bib priced at $19.99. Steve said he was open to finding a new material that would cost less to produce.

But Robert was more concerned that they wouldn’t be able to sell the bibs in large quantities. He said they weren’t doing a good job explaining how that would happen. Were they not selling enough because the bib was too expensive? Susie said they weren’t selling enough because her job as a mom came first, which led Robert to say, “You’re not selling more because you’re a mom?”

Susie seemed agitated by Robert’s comment, and Steve told her to take a breath. Daymond then asked why Susie was getting emotional. She replied that she felt a lot of pressure as a stay-at-home-mom to do what’s best for her kids, and she felt strongly that moms were throwing away money on bad products. She also said that she and Steve had earlier argued about how much she had spent on bad products.

Kevin said that although her story was heartbreaking, he and the other Sharks were looking at this from a financial perspective. They were losing money, so why would any investor want to join them? Steve felt they were at the tipping point, but Kevin wanted to know when that was going to happen. Susie shouted, “Right now!

Mark said fighting with Kevin was like arguing with a wall. For his part, he thought that the product was good, the price point was fine, and that it shouldn’t be sold at retail. However, he didn’t think Susie should run the company. She should find a college student who was knowledgeable about online marketing and have that person run with it. He admitted he was not the right person to help her, so he was out.

Barbara felt a sales force made up of moms could sell their bibs and that Mark was right – it shouldn’t be sold at retail. But her instincts told her she shouldn’t be involved with this product. She was out.

Kevin said Mark and Barbara were lying to the Taylors by providing encouragement when there was none to be had. He dropped out as well.

Daymond then said that he couldn’t help them to educate customers about the product, so he was out too.

It was down to Robert, but Robert said he couldn’t find a good strategy as to how to sell the bib. The Taylors didn’t have a plan to make the product successful, so he was out. With that, the Taylors were out of sharks, and no deal was made.

Final Deal: None

Bibbitec After Shark Tank

Immediately after the episode, Bibbitec’s sales surged. The night the show aired, the company made $75,000 in sales and that weekend it earned another $150,000. Unit sales went from 2-3 per day to about 1,500 per day but eventually leveled off at 50 per day.
Soon, there was a shift in leadership, and Steve took the helm. They started selling the bibs on Amazon for $22 each, and ultimately sold 3,000 units.

In 2018, the Taylors shut down the company. It turns out Susie is a trained actress and it appears she has returned to that profession. She has a blog where she relates her experience on Shark Tank, and includes one post where she tells her reader that she’s “letting go” of the business.

Bibbitec had a good run, given its high price point. In hindsight, Barbara had the best idea for a sales strategy when she suggested that a sales force of moms could have made this product a big hit. If the company could have held out a couple more years, it could have seen success using social media marketing. Niche products seem to take off when they go viral on Facebook.

Disclaimer: The information provided in this article is strictly informational; Seo Insights is not affiliated with Bibbitec, SharkTank, or any of its subsidiaries.

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MyoStormShark Tank

MyoStorm: Shark Tank Updates in 2020

by Tom Bowen
written by Tom Bowen

The Basics

    • Company: MyoStorm
    • Owner: Jonothan “Jono” DePeri and Shaquille Walker
    • Product: Vibrating, Heated Therapeutic Massage Ball
    • Asking Price: $150,000 for 10% equity
    • Final Deal: $150,000 for 5%, plus $1 royalty per unit sold until $500,000 recouped
    • Shark Who Took The Bait: Lori Greiner
    • Season/Episode: Season 11, Episode 5

MyoStorm Before Shark Tank

Jonothan “Jono” De Peri and Shaquille Walker are two friends from Provo, Utah, who worked as missionaries for their church. During that time, they decided they would someday create a product together but were not sure what it would be. Jono would later study mechanical engineering at Brigham Young University, and was involved in a project that measured how vibration affects the human body. According to his research, there were specific frequencies and amplitudes of vibration that could provide greater therapeutic benefits when treating muscle injuries.

Shaquille – who was training to be a runner – had experienced his fair share of injuries, and was intrigued by Jono’s research. Shaquille and Jono knew that this range of vibration frequencies was not being utilized in the current market of tools to treat pain and heal injury, so they brainstormed the idea of using this kind of vibration in an upscale massage “roller” that could treat pain and heal injury with better efficacy than what was currently available for purchase.

DePeri developed a prototype with the help of a team of researchers and called it the MyoStorm Meteor. The Meteor has three vibration settings that are backed by scientific evidence to provide superior results, and also has two heat settings. Soon, Jared Ward, a professional marathon runner and a statistics professor at BYU joined the team, and would accompany DePeri and Walker to pitch the Meteor to the sharks.

MyoStorm On Shark Tank

Jono, Shaquille, and Jared approached the stage. They were also joined by a woman who would demonstrate how the Meteor is used. Shaquille stated that 100 million Americans reported having chronic neck or back pain. He also revealed that $6 billion was spent on pain management in the U.S., and that most people were not getting the relief they needed despite spending all that money. In unison, the team chanted, “There had to be a better way.”
That’s why they created the Meteor. It was a patent-pending, FDA-compliant medical massage device that utilized cutting-edge technology, vibration, and heat therapy to reduce pain and speed up muscle recovery. It was lightweight and easy to use, and worked by combining pressure, vibration, and heat.

The Meteor was designed with professional athletes in mind but it could be used by everyone who experiences pain. The team was asking for $150,000 in exchange for 10% equity. “Who’s ready to roll with us?” they asked.

The balls – which were already turned on and heated – were then distributed to the sharks for trial. Every shark seemed to love it and Kevin thought it was fantastic. Mark went to the stage and placed the Meteor under his back while rolling over it on the ground. His groans indicated that it was working.

Lori wanted to confirm that what set this massage ball apart from competitors was the use of heat and vibration. Jono explained that he had studied how vibration affects the human body and used that knowledge to optimize the massage ball to provide the best relief. Then he added heat.

Jono then told the sharks how the Meteor had started a Kickstarter campaign with 1,000 units. Their goal was $20,000 but they brought in $70,000. The sharks were impressed by the success of the campaign.

Mark wanted to know about pricing and costs. Shaquille said they had tested price points between $130 and $175 and had settled on $160. The product cost $40 to manufacture. All of the sharks thought the price was expensive, but Shaquille said that competitors sell inferior products and they saw value in the Meteor since it was a product that stood apart from what was currently offered in the category.

Jared added that there are some products that cost $600, and while the traditional foam roller is only around $15, the Meteor was a superior product at a more affordable price than what was available at the high end. He also said that many people spend a lot of money on professional massages. One massage could cost as much as the price of the Meteor.

Mark thought that what differentiated their product was that you didn’t have to use it on the floor. You could even use it lying in bed.

Myostorm massage ball on shark tank 1024x576 - MyoStorm: Shark Tank Updates in 2020

Guest shark, Matt Harrington, asked how many total units had been sold. Jono said that they had sold 900 units and along with the Kickstarter, had made a total of $120,000 in sales. Kevin said that was not a lot.

Lori felt that the sales were not higher because the product was priced too high. Why was there such a high markup if their cost was only $40? Shaquille said their testing had shown the market was willing to pay a premium price. But Lori wondered if they had tested price points under $100. They hadn’t. Lori’s feeling was that they could have sold a lot more if it were priced under $100.

Mark disagreed, but Lori continued. She said there was always a price point freeze at $50 and $100. When you price under $50 and under $100, you sell a lot more product.

Matt asked about their vision for the future. Did they want to continue with direct-to-consumer sales or were they considering retail? Jono said he was open to retail sales.

Mark, after disagreeing with Lori about price points, explained why he thought a higher price could work. People who would buy this product already have experience using other tools that don’t work as well. They’re already educated about the category and they can see the perceived value in this new option.

Shaquille said their manufacturer told them they could likely get the cost down to $20 if they could sell 10,000 units.

Mark was ready to make an offer. He would give them $250,000 for 20%, but he would withdraw if the team were to consider offers from the other sharks. Matt asked if Mark would go in with him as a partner, but Mark declined.

Kevin interrupted and said he wanted to make an offer, and since Jono wanted to hear it, Mark dropped out – just as he said he would. Kevin would give them $150,000 for only 5% of the company, but would ask for a royalty of $1 per unit.

Matt wanted in, too. He said he could use his ability to reach the sports demo – which prompted Mark to tease Matt since he had a relatively low number of Instagram followers. That didn’t dissuade Matt, and he continued. He would offer exactly what the team had asked for: $150,000 for 10%.

Lori piped in. She wanted to know if they had goals to get the price down to below $100. If so, she would offer the same thing that Kevin offered.

The team had received so many offers that they wanted a moment to talk about it amongst themselves. When they came out of their huddle, they announced they would like to make the deal with Lori, which surprised all of the other sharks. But Jono liked Lori’s idea for getting the price down and wanted to work with her. He accepted Lori’s deal for $150,000 for 5% plus a $1 royalty.

Final Deal: $150,000 for 5% equity, plus $1 per unit sold until $500,000 recouped.

MyoStorm After Shark Tank

The MyoStorm team made their pitch in October 2019. Currently, the company has 10 employees and has an average monthly sales figure of $150,000. MyoStorm improved the original Meteor and now sells a 2.0 version that includes USB-C charging and an improved heat function. While the website shows the price as $149, It’s now on sale for only $99, which is exactly where Lori Greiner wanted it to be.
In a June 2020 interview, DePeri stated that the Meteor has a strong brand presence, helped by the fact that it’s an FDA medical device, which separates the product from the competition. He revealed that his team attends events where people can try the product, and that helps to strengthen the brand. Relationships with athletes that back the brand is also very beneficial.

Although MyoStorm’s sales surged directly after the Shark Tank experience – which is what usually happens after an episode airs – DePeri is happy with the slow and steady growth the company is experiencing today. His projection for 2020 revenue is $4 million based on the expected launch of several new products. DePeri believes that MyoStorm will see close to 100% growth each year for the next few years.

Disclaimer: The information provided in this article is strictly informational; Seo Insights is not affiliated with MyoStorm, SharkTank, or any of its subsidiaries.

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Back 9 DipsShark Tank

Back 9 Dips: Shark Tank Updates in 2020

by Tom Bowen
written by Tom Bowen

The Basics

  • Company: Back 9 Dips
  • Owners: David and Dominique “Nique” Mealey
  • Asking Price: $150,000 for 15% equity
  • Final Deal: $150,000 for 25% equity
  • Sharks Who Took The Bait: Robert Herjavec and Lori Greiner
  • Season/Episode: Season 4, Episode 4

Back 9 Dips Before Shark Tank

David and Dominique “Nique” Mealey are a married couple from Tampa, Florida. They have a three-year-old son and a baby daughter on the way.

Back when Nique was pregnant with their first child, the economy tanked and David lost his job working as a Callaway sales rep and a PGA teaching pro for a local golf club. Realizing they needed to make an income, David started a BBQ catering company. He loved to cook and had considered becoming a chef earlier on in his career. The company became a success, and David even emailed radio shock jock, Bubba the Love Sponge, and asked if he could bring some of this BBQ to the station. Bubba and David had an instant connection and Bubba promoted David’s company whenever and however he could.

Even though the business as a whole was doing well, there was one dish that was everyone’s favorite. It was so popular that David and Nique knew it would be a hit if they brought it to market and sold it separately. They were coming to the Shark Tank because they needed a shark’s help to bring their product to the masses.

Back 9 Dips On Shark Tank

David and Nique walked into the tank and said they were seeking $150,000 in exchange for a 15% stake in their company. While they didn’t yet tell the sharks what their product was, they passed around plates from them to sample.

Nique stated that 1.25 billion chicken wings were consumed during the last Super Bowl, and that the second most popular food was chips and dip. Their product – called Back 9 Buffalo Chicken dips – was made by blending chicken breast with sauces. It was like chicken wings in a dip.

Daymond referred to it as a Chicken Slurpee and then Kevin said it reminded him of the classic SNL “Bass-O-Matic” skit, except it was chicken in a blender instead of fish. Kevin started to laugh so hard he was crying and kept referring to all of the poor chickens that lost their lives for the dip.

David said it was not that much different than chopping up chicken and making chicken salad, only the chicken was chopped a bit finer. Nique said, “I married him for this dip!”

Lori thought it tasted delicious, and after the sharks had stopped laughing and composed themselves, they took on a more serious tone.

Robert wanted to hear their story, so Nique hinted there was a life experience that made them realize they needed to find a way to make money. When asked what the experience was, she explained that David had lost his job the last time she was pregnant. They downsized their home, sold one of their cars and a lot of other personal items, but it had all worked out for the best.

Kevin was ready to talk numbers. He wanted to know about sales. David told him that they had made nearly $400,000 in less than two years, and they had close to 400 accounts. Recently, a big supermarket chain in Florida decided to give them a 60-store test with a weekly sales goal. As it turned out, they were hitting the weekly goal on a daily basis.

Then David told the sharks that the retail cost for the dip was $7.99-$8.99 per pound, and wholesalers could purchase it for $5.25. The cost to make the dips was approximately $2.50. To date, they had invested $150,000 in the company.

Robert was wondering if there was always a positive reaction to the dip. Nique said people loved it, and after tasting it, and they didn’t have an issue with the idea of blended chicken. Lori reiterated that she thought it was wonderful and that she loved the two of them. But she didn’t think she was the right person to get the dip into supermarkets everywhere. She was out.

Mark thought they would likely continue to do well, but he didn’t have the skills or experience to handle food distribution of this sort. It was not a fit for him, so he dropped out.

Kevin said he admired them and thought they had done a great job so far. But as an investment, it would mean a lot of risks. It didn’t work for him, so he was out.

Robert loved their story and admired what they had done, but said it was a brutal business, and that they needed a partner that could help them go down that road. He could offer advice and encouragement, but he didn’t believe he was the right person to lead them. He dropped out.

That left Daymond to consider a partnership. He started by saying it was such a hard decision for him, and that he had some regrets about not partnering with a contestant from last year that had gone on to make it big. But Lori interrupted him. She really liked David and Nique and thought maybe she could come back in if Daymond were to join her with a $150,000 offer for 25% equity.

But Daymond wanted to get his story out. He spoke about the time when he had no money, a little girl, and a pregnant wife. He had just needed someone to give him a chance and LL Cool J did that for him with FUBU. And when his second child was born, he was a millionaire. Despite recognizing that everyone deserved a chance, he still didn’t think he could go in on a deal.

After a few seconds of silence, Robert spoke up. “I think sometimes in life you just need a chance,” he said. He agreed to partner with Lori, even though at this point he couldn’t add a lot of value. The Mealeys said, “We won’t let you down,” and accepted the deal: $150,000 for 25% equity. The new partners hugged the couple.

Final Deal: $150,000 for 25% Equity

Back 9 Dips After Shark Tank

Bubba The Love Sponge had always been a minority partner in the business but that wasn’t brought up on the show. According to David, that wasn’t an issue for either Lori or Robert. The dip was eventually marketed as BUBBA’s Chicken Dip.

After the show aired, David said he was working on improving manufacturing, and Nique was handling marketing and community events. Sales spiked after the episode ran, and the Mealey’s continued to increase distribution into more stores. They were even able to sign a deal with Costco.

But it wasn’t long until they ran into a brick wall. The company had failed to disclose that anchovies – an allergen – were an ingredient in the dip, and they were forced by the USDA to recall 112,500 pounds of BUBBA’s Buffalo Blue Cheese Chicken Dip. At that point, the dip had been selling online and at grocery stores in Florida, Georgia, Illinois, Missouri, and Ohio. After the recall, the company couldn’t recover and is no longer in business.

Currently, David Mealey works as a Regional Sales Manager for Nat Sherman, a handmade cigar and “luxury cigarette” company. Nique is a Field Marketing Manager for a restaurant group in the Orlando area.

Disclaimer: The information provided in this article is strictly informational; Seo Insights is not affiliated with Back 9 Dips, SharkTank, or any of its subsidiaries.

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Shark TankTerra-Core Fitness

Terra-Core Fitness: Shark Tank Updates in 2020

by Tom Bowen
written by Tom Bowen

The Basics

  • Company: Terra-Core Fitness
  • Owner: Greg Nigro
  • Product: Air-filled exercise training equipment
  • Asking Price: $300,000 for 15% equity
  • Final Deal: $300,000 for 22.5% equity
  • Shark Who Took The Bait: Lori Greiner
  • Season/Episode: Season 11, Episode 8

Terra-Core Before Shark Tank

Greg Nigro calls himself the “Sultan of “Sweat” because he’s spent more than 20 years in the fitness industry. For many years, he was a Gold’s Gym franchisee and acted as an equipment salesman, a trainer, and a consultant.
He’s coming to the Shark Tank to pitch his new fitness product to make workouts more effective. The TERRA-CORE is an air-filled device that can make traditional exercises and moves work harder for you.

Before appearing on Shark Tank, Greg initiated a Kickstarter campaign for his product that did very well, but he needs a shark to help him take his business to the next level.

Terra-Core On Shark Tank

Greg, accompanied by two fitness demonstrators, walked up to the stage, looking like he had just escaped from one of the Zoltar fortune-telling vending machines. After asking for $300,000 in exchange for 15% of his business, Greg held up a crystal ball that he said would show the future of fitness.
But he quickly took off his costume and said he didn’t need a crystal ball to see that fitness trends are changing. Today, people want interactive apps and live-streamed content and versatile and easy-to-use equipment that will provide fast results and fun experience.

Greg then pulled down the sheet that was covering his product, called the Terra-Core. This one piece of equipment weighed only 28 pounds and was 46 inches long, but it could allow you to perform 100s of exercises in the space of only 3 square feet. The Terra-Core’s patented, dynamic, air-filled surface was comfortable and activated four times the muscle tissue as conventional exercise methods.

His two associates then demonstrated the range of exercises you could do using the Terra-Core – including bench presses, dead-lifts, bent-over-rows, burpees, planks, squats, lunges, and balance exercises.

terracore sharktank bandpress - Terra-Core Fitness: Shark Tank Updates in 2020

All of the sharks wanted to try it. Lori and guest shark, Anne Wojcicki, thought it was much more comfortable to do a plank on an air-filled surface. Anne asked about Greg’s background, and he told the sharks how he had worked in fitness for over 20 years as a franchisee for Gold’s Gym. When he finally decided to develop what he thought would be a better product for working out, he initiated a Kickstarter campaign in 2016 and started selling the units in 2017. The Kickstarter raised about $95,000, and his total sales to date were $2.1 million.

Lori asked where he sells his product. Greg told her that 38% of his sales were commercial, 38% were direct-to-consumer, and the remainder were International.

Mark wanted to know about costs – both the price and what it costs to make. Greg said he had been able to drop the price from $279 to $199. He had found that sales were much better when the price was under $200. The cost to make each unit was $73. All the sharks indicated they thought his costs were too high.

Lori asked if it was made in China. Greg replied that it was and that tariffs were built into the cost. He thought he might be able to get the cost down to $40-$45.

Kevin asked if he had made any money this year. Greg revealed that he had earned $850,000 in sales that year and had been able to break even. Next year, he projected $1.4 million in sales and a $200,000 profit. His company had an issue with cash flow, which was why it took longer to grow. Lori asked about his patent. Greg told her he had a patent for design and one pending for utility.

Daymond made the first offer. He would give Greg $300,000 for 40%! Kevin called that offer “savage,” but Daymond said he had seen many entrepreneurs come on the show and not ask for all of the capital they needed upfront.

Kevin then wanted to make an offer, but Lori interrupted him and asked if Greg had done any promotional marketing on social media. Greg said he would answer her question but first wanted to hear what Kevin would offer. Kevin said he would offer $300,000 for 15%, but he wanted a royalty of $20 per unit. Greg immediately seemed disappointed by Kevin’s royalty demand, but Kevin said the royalty would go away once he had made $1 million. That’s when Mark called Kevin a greedy savage.

And greedy savage he may be, but doesn’t he look great on the Terra-Core?

sharktank terracorefitness - Terra-Core Fitness: Shark Tank Updates in 2020

Daymond jumped in again to try to justify his offer, but Greg cut him off. He thought 40% was way too high. Daymond told Greg he could counter, but when Greg came back with 20%, Daymond laughed and didn’t think that was enough movement.

Anne spoke up. She told Greg her concern about the fitness industry was that fads come in, get big, and then just disappear. Did Greg have an app or a subscription coming?

Greg did have an app that includes workouts designed by his team. But there was also a highly engaged community that wanted to upload their own workouts. He was working on creating premium content and would like to eventually change to a subscription model.

Seo InsightsNexus Sponsorship 1024x341 - Terra-Core Fitness: Shark Tank Updates in 2020

Austin SEO Company – Serving the Nation

Out of nowhere, Daymond blurted out that he would go down from 40% to 30% in his offer. But Greg was still trying to defend his product against being called gimmicky. Lori jumped in to talk about her Simply Fit Board that made $100 million in one year and $180 million to date. Some of the other sharks thought her product was faddish, but she brushed them off.

Lori told Greg he could be tremendously successful if he made an infomercial. Then she made an offer: $300,000 for 22.5%. Daymond again repeated his counteroffer of $300,000 for 30%, which was odd because it was a worse deal than what Lori had presented.

Then Anne came in with an offer: $300,000 for 17%, but she wanted $10 per unit in perpetuity. When Kevin heard that, he tried to contrast his offer with hers, saying that his royalty would eventually expire.

But Greg wasn’t happy with the idea of offering royalties and pointed out that there were two offers that are simply straight equity deals.

Lori said she liked Greg and wanted to make a deal. She told him she thought her offer was a good one. Greg agreed and decided to accept Lori’s deal.

Final Deal: $300,000 for 22.5% equity

Terra-Core After Shark Tank

The Terra-Core episode aired in November 2019. It’s a bit too early to get a long-term sense of how the company is faring post the inevitable sales jump that occurs after appearing on the show. It is an expensive product, so that’s an additional burden for fast sales growth.

But with over 50,000 Instagram followers, the company is in a strong position to keep current and potential customers engaged. The Terra-Core “Tribe” has just over 1,900 members, and they keep in touch via a private Facebook group. If the company can find a way to develop premium content that would motivate people to accept a paid version of the app, that’s one way it can spur growth without having to rely on selling an expensive product. Perhaps Terra-Core could use some QVC help from Lori or maybe an infomercial, as she suggested.

 

Disclaimer: The information provided in this article is strictly informational; Seo Insights is not affiliated with Terra-Core Fitness, SharkTank, or any of its subsidiaries.

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PMS BitesShark Tank

PMS Bites: Shark Tank Updates in 2020

by Kate Sparks
written by Kate Sparks

The Basics

  • Company: PMS Bites
  • Owner: Tania Green
  • Product: Specialty snacks for women, designed to treat PMS symptoms
  • Asking Price: $50,000 for 20% equity
  • Final Deal: No Deal
  • Season/Episode: Season 7, Episode 29

PMS Bites: Healthy Snacks for Women

Tania Green saw a need for a healthy alternative to the sugary, unhealthy snacks that women tend to crave as part of PMS symptoms. With more than 150 different PMS symptoms, women experience a range of aches, pains, and cravings during their particular time-of-the-month. The snacks available to them are limited and counterproductive, with sugar and fat leading to more bloating, more cravings, and discomfort. Tania knew from personal experience that she tended to crave sugar and salt the most, but she also knew she had a solution.

So she set out to create a vegan, gluten-free, and wholesome snack product – PMS Bites – branded and marketed exclusively toward women.

PMS Bites On Shark Tank

While most contestants launch into their product with minimal acting, Tania has a talent for playing it up. She takes center stage and sighs, her face visibly pained and her pretty eyes dulled by fatigue.  “Hi Sharks,” she says, grimly. “I’m Tania, I’m from Boston, and I’m seeking $50,000 for 20% of my company.” She looks pointedly at the sharks. “I know. I don’t look excited to be here at all. I am on the inside,” she says. And here the act begins to show. “It’s just that my back is killing me, I’m so bloated this dress may pop off, and I’m exceptionally hot,” she says, and fans herself with both hands. “That’s right, Sharks. I’m talking about PMS.”

Tanya lists off some disturbing statistics, informing the sharks (and the viewers at home) that a shocking 90% of women suffer from one or more of 150 known symptoms of PMS. According to Tanya, those symptoms can last an average of 7-10 days out of each month. “Thank about that number, Mr. Wonderful,” she says, addressing the most diabolical shark, Kevin O’Leary. “That’s a third of your year where you’d be even crankier than usual.”

On stage right, beside Tanya, is a table of pretty and delicious-looking snack treats with names like Coconutty, All Kinds of Nuts, and Plain Crazy. These delectable snacks are bite-sized, healthy, and contain a blend of herbs and nutritional supplements that can be effective in treating PMS symptoms – particularly bloating, cramping, and irritability.

Tania hands out samples of the delicious bite-sized treats, explaining that the main ingredients are dates, almond butter, and gluten-free oats.

PMSBites SharkTank2 HighRes - PMS Bites: Shark Tank Updates in 2020

Running the Numbers

While the sharks chow down on tasty samples, Tania dives into the financial details of her business.

  • Total sales to date: $13,400.07 “Every penny counts, Mark”
  • Revenue streams: Independent retailers, Equinox gyms
  • Time in business: 7 months
  • Wholesale price: $4.50
  • Retail cost: $7.00
  • Cost of production: $1.55
  • Profit margin: 66%

The sharks, clearly doing math in their heads, smell blood in the water. “Why isn’t it selling?” says Cuban. Mr. Wonderful himself pipes up from this throne of despair. “You’re the princess of small numbers,” he says.

Tania fights back. She says it’s not an issue with the product, but rather, with funding. She makes them, packages them, and delivers them herself on her bike. As someone who experienced debilitating PMS herself, Tania is passionate about the product. But Kevin is quick to point out that the product isn’t medicinal – it contains no actual medicine or pharmaceutical benefits, just a blend of herbs which could easily have no effect at all. “It’s just a bon-bon, right?”

Kevin also takes issue with the fact that she’s called the product PMS Bites, and marketed them exclusively toward women – thus eliminating half her potential market (excluding men and children). Tania counters that if she’d called them Tania’s Vegan Cookies, she wouldn’t even be standing in front of them today. The PMS angle is a marketing play, and one that clearly works.

Tania wraps up her defense by stating that she has prior experience leading marketing departments and branding departments for major companies – so she knows she can do the work – but she was never passionate about “selling someone else’s dream.” This is her dream, it works for her, and she knows other women will love it.

pmsbites on sharktank - PMS Bites: Shark Tank Updates in 2020

PMS Bites are made with dates, almond butter, and gluten-free oats.

The Bidding

Lori Greiner repackages Kevin’s earlier point in a prettier box, stating that her marketing demographic is just too narrow to be a safe investment. She gets why she markets exclusively to women, but she’s not comfortable with cutting out men and children from the potential customer base. She’s the first to drop out.

Robert Herjavec chimes in next, saying that he loves the marketing slogan and disagrees with Lori. He sees the value in her marketing strategy, and thinks she stands out as unique in the crowded healthy snacks market. But sadly, the numbers are just too small. He’s out. 

Barbara, likewise, doesn’t get a sense that Tania is really selling her product, doesn’t see the drive or ambition needed to generate big revenue and huge sales numbers. “I hear the words, but not the music,” she says, and drops out.

Kevin reiterates his earlier message, stating that Tania is the “princess of small numbers, but needs to be the queen of sales.” He doesn’t see that happening, so unsurprisingly, he’s out.

Mark Cuban drops out with some good advice and insightful analysis of Tania’s failings so far: he says the product should be heavily branded online, using social media as its main weapon of promotion. The product is a product marketed for women, and women are huge users of social media – so this product has viral potential. Where is that angle? Tania is missing that opportunity, clearly, and her misguided marketing focus makes Cuban hesitant about the entire business.

“You made a strategic mistake in focusing on retail,” says Cuban. “It’s inconceivable to me that you didn’t focus your marketing efforts online, in the viral arena. To do this, it would need to be an investment – not tuition. And it feels like tuition. So for those reasons, I’m out,” says Cuban.

Tania walks away with no deal – but her head held high, vowing to work harder than ever. 

Final Deal: None

PMS Bites After Shark Tank – Where Are They Now?

Tania Green left the sharks without a deal, but the experience made a lasting impression on her. She took the lessons learned on Shark Tank with her, and following the show’s air date, has been more determined than ever to make her brand a success.

Fascinatingly, her appearance on Shark Tank was not the last time she saw a shark. On vacation in Miami, after the show filmed, Green happened to run into shark Kevin O’Leary at a hotel pool bar. “I sent him a round of drinks with a note, which said, ‘Mr. Wonderful, it was such a pleasure pitching in front of you last season. You’re the best one. Please enjoy this round of drinks on me. Sincerely, the Princess of Small Numbers,'” she says. “He was like, ‘Did I really tell you that you were the princess of small numbers?’

(Apparently, he has no memory of his own reaction to Tania’s product, which is fitting, given that he most likely goes into a fugue state during filming. It wouldn’t surprise this reporter if Kevin O’Leary routinely forgets the scathing, soul-crippling remarks he makes to contestants who pitch their life’s work on the show.)

While PMS Bites are still available and the website is still up and running -with product available to sell – Tania says she is no longer trying to grow the business or expand marketing. She’s happy simply with where the product stands today.

The PMS Bites Instagram has a few thousand followers, but her social media presence has failed to generate the viral buzz Mark Cuban had hoped for.

“I see [the company] as my baby,” she says. “I hustled, I fought, I scratched for it, I really did. I can say to my grandkids that I was in Forbes [as part of a Shark Tank article]. It was really fun. I would totally do it again.”

Disclaimer: The information provided in this article is strictly informational; Seo Insights is not affiliated with PMS Bites, SharkTank, or any of its subsidiaries.

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Reputation ManagementReviews

The Best Tools for Monitoring your Online Reputation in 2020

by Pythagoras Matko
written by Pythagoras Matko

Managing your online reputation is as crucial as ever for brand validity and awareness. What was once dominated by word-of-mouth referrals is now a smorgasbord of digital information that is publicly accessible. Access to your company’s industry ratings and client-customer reviews requires an internet connection from any device.

You must keep track of your online reputation to attract more clients and consumers. Even the slightest negative review can have a dramatic impact on your brand’s status in the industries you serve. As a business owner, any harmful statements about your products or services can turn away potential buyers. This can affect the number of leads you amass on a daily, weekly, or monthly basis. These leads may result in higher web traffic to your online stores, blogs, and websites; higher conversions result in greater profits and revenue for your business.

For protecting and preserving your online reputation, there is a range of paid and free tools on the internet. These apps can highlight the positive aspects of your business while reducing the negative sentiment left behind by bad reviews. We have compiled a list of the four best online tools for monitoring your online reputation in 2020.

1. Brand 24

Brand24 is a popular brand management tool that allows you to create projects that improve your online reputation. Each project is designed to track social mentions of your respective company or commercial entity. This platform has three paid tiers for media monitoring:

  • Plus Package – $49/mo – this plan allows up to 5 users to track different keywords and mentions related to your brand. Data analysis, mentions, and citations are updated every 12 hours for your review. You also get in-depth tracking with a convenient mobile app; this lets you see who is trash-talking or leaving positive reviews for your company while on the go.
  • Premium Package – $99/mo – the premium plan allows up to 10 users and a maximum of 100k mentions per month. You also get timely analytics that covers your daily social media reaches and specifics on who mentions you the most. Real-time compiled data can be exported to Excel files or PDFs for your convenience. There is also live assistance via chat, email, or phone 24/7.
  • Max Package – $199/mo – the max plan allows up to 99 users and a maximum of 250K mentions per month. All data is updated in real-time, including tracking interactions and mentions. The max plan connects you with a brand management consultant who sets everything up for you with a precise analysis of the loads of data that flows in daily.

Brand24 crawls the entire web looking for mentions of your brands or companies. The tool stockpiles keywords related to your businesses and collect mentions from socials, blogs, videos, news sites, PR platforms, websites, discussion forums, Google reviews, and much more.

2. YouScan

YouScan is another popular social tracker that helps businesses’ tune into their customers’ online conversations. This social media intelligence platform is ranked number one among influencers, clients, and customers alike. As a media listening tool, YouScan scans the social platforms and web in search of your brand’s mentions and reviews. It analyzes Google reviews, industry citations, mentions, and other social gabs about your company. Here are some of its perks:

  • YouScan scans social media and the web for all your brand mentions.
  • It pinpoints data that you can sift through with user-friendly analytical tools.
  • Customers can create search criteria with strategic keywords that are relevant to their brands. YouScan will scour the internet and collect data that match your searches.
  • Its Visual Insights tool is powered by artificial intelligence (AI) for accurate results, charts, and numbers that reflect your brand’s image and reputation on the web.
  • This tool manages your brand reputation with actionable insights, texts, and visual media so you can see who is saying what about your company.

3. BrandMentions

BrandMentions digs every corner of the web to find relevant mentions about your brand or business. This platform uses the power of social media to help you make worthwhile, informed decisions about customer and client engagements.

This popular tool searches Facebook, Twitter, Instagram, Pinterest, and other social platforms for mentions. It also scans blogs, review sites, news sites, and websites. While it might take some time to configure the tool as needed, BrandMentions is worth it, according to industry monitors. Each data return can be filtered accordingly. You also get a detailed breakdown of all mentions, reviews, citations, and even your competitors’ keywords for monitoring.

Using this tool is an ideal way to grow your pool of data. You can even respond to social posts directly from this platform’s user-friendly interface.

4. Buzzsumo

Buzzsumo makes this list for its excellent reviews and ratings. This tool takes a different approach to brand management and online reputation monitoring. It allows users to comb the internet for any content that relates to their search terms. The latter may include company names, brands, products, and even services within a specific industry or sector.

The platform delivers several search results that engage customers with real-time data and statistics. Customers can filter out searches using dates, countries of origin, B2B publishers, language, domains, and content-type. Similarly, they can check to see which publishers or influencers have cited or mentioned their brands within specific date ranges.

The brand management network provides engagement figures from Facebook, Twitter, Pinterest, Reddit, and other social or non-social platforms. You get a number of links per search result, as well as detailed graphs and charts. For effective online reputation management, the tool creates alerts for clients covering brand mentions, competitor mentions, keyword, back-links, and content from sites and blogs.

These are but four of the top online reputation monitoring tools in 2020. As always, you can check Google by simply entering your name or brand/company name to see mentions. However, an online tracker and tool provide detailed analysis and statistics that regular searches on engines cannot offer.

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Boom Boom Nasal InhalersShark Tank

Boom Boom Nasal Inhalers: Shark Tank Updates in 2020

by Tom Bowen
written by Tom Bowen

The Basics

  • Company: Boom Boom
  • Owners: Chelsea and John Pinto
  • Product: Energy Nasal Inhalers (Pocket Aromatherapy Products)
  • Asking Price: $300,000 for 10% equity
  • Final Deal: None
  • Sharks Who Took The Bait: None
  • Season/Episode: Season 10, Episode 4

Boom Boom Energy Before Shark Tank

John and Chelsea Pinto are two entrepreneurs from Los Angeles, California. While on a trip to Thailand in 2010, they saw that many people were carrying around nasal inhalers for the purpose of providing enough energy to party until dawn. Wanting to learn more, they talked to some locals who told them a Muay Thai fighter used a nasal inhaler to get back up after a big knock-out.

They were inspired to create a similar product for the U.S., so once they returned, they worked with chemists and medical professionals to develop a nasal inhaler that would offer the same benefits as those they saw in Thailand, but include healthier ingredients.

Their product, called Boom Boom Inhaler, was selling on Amazon when John and Chelsea initiated an Indiegogo crowdfunding campaign. Their goal was to get their product into retail stores.

The Pintos decided to pitch their product on Shark Tank because they had been seeing healthy growth and wanted to get more exposure for the brand. They figured appearing on the show would increase awareness for the inhaler, but they knew that additional investment could bring the product to the next level.

Boom Boom Energy On Shark Tank

John and Chelsea walked onto the stage and asked the sharks for $300,000 in exchange for 10% equity in their company. What they were pitching was what John called, “a new best friend for your nose.” He said it was time to turn breathing into money.

Chelsea continued, saying that eyes have eye drops, mouths have mouthwash, and lips have lip balm. However, there wasn’t an everyday healthy and safe product for your nose. Their all-natural nasal inhaler was made from essential oils, menthol, and other stimulating scents. While most nose products were made for congestion or allergies, Boom Boom was intended for intense refreshment and rejuvenation. They then demonstrated how to use the product by uncapping the tube, placing the barrel at the nostril’s tip, and inhaling deeply.

John said it was like chewing gum for your nose, but was ten times mintier and more refreshing. Once you inhale, you experience a cooling, tingly sensation.

The sharks wanted to try it, so the Pintos passed samples to them. All the sharks seemed to be significantly invigorated, and many shouted, “Whoo!” after inhaling. John explained that they offered five scents – all with similar intensity – but that Tropical Rush was their best-seller.

boomboominhaler sharktank marccuban - Boom Boom Nasal Inhalers: Shark Tank Updates in 2020

Robert asked if there were other products like theirs. Chelsea said there were two other inhaler brands, but they were more medicinal and earthy, rather than fun and vibrant. Guest shark, Charles Barkley, asked about their sales numbers. John told them the company made $754.000 the previous year and was on track to make $1.1 million during the current year.

Lori asked where they sold the inhalers, and Mark wanted a breakdown of sales channels. John said 20% of sales were direct-to-consumer on their company website, Amazon contributed to 30% of total sales, and 45% were sold to wholesalers and other distributors. Charles asked about their costs. John told him a single pack costs 70 cents to make, and they sold it on their website for $7.95. Net profit the previous year was $125,000 after John paid himself a salary.

Charles also wanted to know where it was made. John said it was manufactured in southern California. Kevin asked why they didn’t take manufacturing offshore so they could lower their costs. John replied that, at scale, they could bring costs down by 25%. They had decided to keep manufacturing in the U.S. because they wanted to ensure the ingredients were safe and high-quality.

Mark asked what they were charging wholesalers. John told him the wholesale price was $1.50, and Kevin told him that wasn’t a good margin. The news got even worse when John said the retail price was $3.99. Kevin was astounded that they were selling at a much higher price point on the website, and the low retail price was undercutting their margins. John said he had tested price points between $3.99 and $5.99 at retail and had found that $3.99 tested best for what was considered an impulse buy at retail.

Charles asked if this was their full-time job. It was for John, but Chelsea worked as a dentist, so she was only available part-time for the product.

Kevin was still stuck on the price differential between the website and retail. He told them their margins in retail suck. But John defended his retail pricing strategy because the product is more of an impulse buy at retail stores.

boomboom energy nasalinhalers 300x300 - Boom Boom Nasal Inhalers: Shark Tank Updates in 2020

When asked if he had other partners, John said there was a cofounder who received the same amount of equity as he did – 36% – and that two other investors contributed $200,000 for 25%.

Charles pointed out that they wanted more funding from the sharks in exchange for less equity, but John defended that decision because the product was currently making good sales. It had more value now than it did when the original investors chipped in. But Kevin rebutted, saying there was value up here (the sharks) too. Kevin continued. He said he was intrigued by the product and how well it had sold thus far but couldn’t justify giving them $300,000 based on a $3 million valuation. He was dropping out.

Lori was also impressed by what they had accomplished but was concerned about giving them $300,000 for a product that may only be bought one time. It didn’t resonate for her, so she was out.

Charles thought the product was neat, but not something a person would use on a consistent basis. Before telling the two he was going to take a pass, he urged Chelsea not to quit her job as a dentist.

Mark didn’t feel that the valuation was too high, but he had a problem with the margins – particularly if they were planning to expand heavily into retail. He was out.

Robert really liked the product – and noted that most of the other sharks did too but had a problem with its valuation. He would offer $300,000 for 36% – the same amount of equity owned by John. He stated he couldn’t get to the $3 million valuations at a lower margin. At that point, Kevin told the PIntos they had asked for too much cash.

John said he couldn’t give away that much equity. He asked if Robert would accept 15%. Robert immediately said, “no.” He didn’t want to negotiate down from that number.

John countered again. He said the highest he could go was 20%, but Robert said he couldn’t do that. The Pintos left the stage without having made a deal.

Boom Boom Energy After Shark Tank

Despite not securing a deal with a shark, Boom Boom Energy seems to be thriving. Besides selling on the company site and Amazon, the product is now sold at Walmart, which is quite an achievement!

On the website, the price for a one-pack is still $7.95, but if you buy multiple packs, you can save money. The price for three tubes is $19.95, and for five tubes, you’ll pay $29.95. You also have the opportunity to make your own pack and choose among the brand’s five scents. The reviews for the inhaler are mostly positive.

The retail price at Walmart is still way below what a tube costs on the website. A one-pack at the retail giant costs $4.76, which is 60% below unit pricing on the site. However, Walmart offers only one of the scents – Wintermint.

Although sales figures aren’t available, Boom Boom has made a big impact on social media. The company has 42,000 Likes on Facebook and 102,000 followers on Instagram! Is this a sign that people are buying the inhalers more than just one time? If the product does actually increase energy, there’s reason to believe the Boom Boom Inhaler could easily rack up repeat purchases.

Disclaimer: The information provided in this article is strictly informational; Seo Insights is not affiliated with Boom Boom, SharkTank, or any of its subsidiaries.

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FacebookPolitics

Should Facebook Remove Political Ads?

by Kate Sparks
written by Kate Sparks

Disclaimer: This blog is an opinion piece that discusses various angles of a political issue. It is not representative of Seo Insights’s views as a company, but merely an educational post intended to inform, examine both sides of a civil argument, and hopefully, entertain.

Two insiders at Facebook have revealed, speaking anonymously, that the social media goliath is considering a new temporary ban on political advertising. The ban, if adopted, would take effect in the last days leading up to the U.S. election in November. In recent weeks, the company has been forced to contend with a large advertising boycott, widespread employee unrest, and massive public backlash regarding its policies on misinformation and its staunch refusal to address inaccurate campaign speech.  No final decision has yet been reached, according to the insiders, but internal debate continues to rage at a fever pitch.

Arguments both for and against the banning of political ads on Facebook have swarmed across media outlets, with Trump campaign officials and traditional conservatives tending to come down on the side against the ban. In an interview with the Washington Post, Trump campaign spokesman Tim Murtaugh let his feelings on the matter be known, saying that the ban would constitute “an egregious stifling of political speech,” and that such a ban would be especially unfair is Facebook allowed news organizations to run ads “while campaign speech is silenced.”

The American Bar Association has also made a sweeping, eloquent argument against such bans, and in favor of free speech’s expansion to include private companies.

On the other side of the debate, tending to support the ban, are civil rights groups, lawmakers, a majority of Facebook’s own employees, and broad public support. Grassroots campaigns, civilians, and major corporations have all condemned Facebook for allowing misinformation and hate speech to take root on the site. In June, the Biden presidential campaign said it would urge its supporters to demand that Facebook tighten its policies concerning misinformation. And just this month, hundreds of companies, from Ford to Coke-a-Cola to Unilever, participated in a month-long boycott of Facebook advertising. (And yes, Ben & Jerry’s chimed in.) 

facebook ad boycott - Should Facebook Remove Political Ads?

In the event that Facebook imposes the temporary ban on political advertising, it would constitute a startling departure from standard Facebook policy. Last year, Facebook made it clear that it would allow campaign-related speech of any kind to proliferate on its platform. Politicians on all sides were free to spread information – true or not – without fear of being fact-checked or censored.

Case in point: Mr. Zuckerberg has repeatedly stated his support for what he calls “free speech,” and shirked responsibility for misinformation by claiming that Facebook is not “an arbiter of truth.” He evades action on this issue or accountability for damage Facebook has caused in the political arena by claiming that Facebook must let sleeping dogs lie, in essence – that all campaign speech must be left alone, preferring everything to fall under the comforting umbrella phrase of free speech.

It’s crucial to note here that the First Amendment, historically, limits free speech only when it concerns governmental actors – local, state, and federal. Private companies are allowed to censor and limit free speech as they wish, in keeping with American law. In 2018, a federal district court in Texas dismissed a lawsuit filed by a private individual against Facebook, using the state action doctrine. The court ruling explained that “the First Amendment governs only governmental limitations on speech.”

Zuckerberg’s laissez-faire attitude, and his continuous efforts to brand misinformation control as a violation of free speech, have created a firestorm of public scrutiny and civil backlash.

Josh Constine, writing at Tech Crunch, made an eloquent case last November for why Facebook should, indeed, ban political ads and why such a ban is long overdue in these troubled historical times:

“Permitting falsehood in political advertising would work if we had a model democracy, but we don’t. Not only are candidates dishonest, but voters aren’t educated, and the media isn’t objective. And now, hyperlinks turn lies into donations and donations into louder lies. The checks don’t balance. What we face is a self-reinforcing disinformation dystopia.” 

Facebook, and social media in general, has permanently altered the way most Americans get their news. You’ve heard of the information vacuum? Well, that information vacuum is amplified and magnified tenfold across Facebook’s platform, especially when it comes to the hyper-manipulated arena of political speech. Once Facebook’s algorithm identifies a certain political leaning or preference, its advertising begins to show users an ever-narrower slice of the information pie, curating news custom-designed to appeal to the user’s tastes, buying habits, and  – most dangerously – voting habits.

facebook bans political ads free speech - Should Facebook Remove Political Ads?

On Facebook, it’s possible for a user to be exposed exclusively and continuously to content that aligns with pre-existing political views, never balancing that information with information from other outlets. This doesn’t just happen on the right (although the problem is notably worse with the right.) It happens at both ends of the political spectrum, with extreme liberal and conservative fake news sources proliferating across the platform. You see what you want to see, hear what you want to hear. And your ability to think critically and make well-informed, responsible decisions about politics goes down the drain as your information vacuum grows stronger and more powerful.

This spiraling vortex of misinformation and propaganda was further confirmed this week by the official release of a two-year audit of Facebook’s political speech and misinformation policies. The audit, performed by lawyers and civil rights experts chosen specifically by the company’s top brass, found that Facebook had failed uniformly to protect users on its platform from misleading ads, misinformation, and discrimination. Their audit made a special note to point out that Facebook had been especially eager to let politicians run rampant with propaganda, and that the company had been disturbingly lenient with the Trump campaign, in particular. “One post allowed the propagation of hate/violent speech and two facilitated voter suppression,” they wrote, just by way of example. “In all three cases, Facebook asserted that the posts did not violate its Community Standards.”

Voter suppression is a serious issue facing America today, and in an election season, it stands to reason that all reasonable efforts should be made to prevent it in whatever form it takes – be it the suppression of mail-in voting ballots, voter fraud,  and yes, possibly, even the misinformation on Facebook that facilitates it.

Businesses are free, obviously, to support whatever political causes they choose, to take a stand or not to take a stand on whatever issues may be pertinent to their business, their customers, and their overall brand identity. At Insignia, we recognize the tremendous power of digital marketing, and with it, the responsibility for accurate, truthful information that keeps public interest and civil discourse at heart. This issue is a fascinating examination of the way free speech has evolved with the explosion of private companies that have as much or more power as governments, that operate as public forums disseminating speech of all kinds across the globe. Free speech is our constitutional right, and so is our right to a fair and unbiased democratic election process – a process that is intrinsically jeopardized by misinformation. To say the issue is complex is a bit of an understatement.

Perhaps the Facebook audit report says it best. “Elevating free expression is a good thing, but it should apply to everyone,” the report concludes, in a heartbreaking plea for action. “When it means that powerful politicians do not have to abide by the same rules that everyone else does, a hierarchy of speech is created that privileges certain voices over less powerful voices.”

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Macaron QueenThe Profit

Macaron Queen: The Profit Updates in 2020

by Kate Sparks
written by Kate Sparks

The Basics

  • Company: Macaron Queen
  • Owners: Nina Chteoui and Finia Jahangard (Co-Founders)
  • Product: High-end macaron cookies
  • Problem: Lack of growth
  • Marcus’s Offer: $500,000 for 50% equity
  • Season/Episode: Season 7, Episode 5

Life Before The Profit

Macaron Queen began as a tiny startup in the dessert space, with a colorful kiosk booth set up in Atlanta’s Perimeter Mall. The founders of this traditional French dessert company are a mother-daughter team with mixed Iranian and European heritage – but not a lick of French between them. This disconnect between the product’s cultural origins and their own ancestry doesn’t necessarily mean trouble, but it certainly doesn’t help their brand authenticity. Nonetheless, as Marcus finds out, their cookies are excellent.

Macarons are often called “the impossible cookie,” notoriously difficult to get right. Macaron Queen founder Finia Jahangard perfected her own macaron recipe over the years through careful study and a couple of cooking classes in old Paris. In 2017, Finia underwent heart surgery and since then she’s been struggling to maintain the business. Her daughter Nina has taken over much of the business in an effort to help her mom and keep the small-but-mighty bakery business from going under.

Marcus can see that Macaroon Queen has a strong business model on a small scale, but he thinks the business’s true untapped potential lies in its scalability as a national, direct-to-consumer product. He thinks the product can be a wholesale success, too, and considers himself the right man for the job, as he’s something of a “Macaron Snob.”

Macaron Queen makes dozens of delectable macaroon flavors, including red velvet, key lime, champagne and french raspberry (to name just a few). 

 First Impressions

Marcus sits down with the Macaron Princess and the Macaron Queen for a taste test. After a few bites of the colorful cookies, he makes a bold assessment: “These are the best macarons I’ve ever had,” he says. (And this coming from a self-professed Macaron Snob.) 

macaron queen the profit marcus - Macaron Queen: The Profit Updates in 2020

Running the Numbers

Since Finia’s heart attack, Nina was forced to make a drastic career change and leave her former life to come help out in the family business. Nina’s background is in fashion design and international fashion distribution. She came into the bakery business to help her mother, essentially, which is sweet – but perhaps ultimately unsustainable. She’s quick to assure her mother that she doesn’t miss her old life too much – that her mother’s passion is her own. But Marcus can see the toll it’s taking on the mother-daughter duo.

He sits down with Nina and Finia to go over the numbers of their business. Most importantly, he wants to show them which retail stream is more profitable for them: retail or wholesale.

  • Retail cost-to-fulfill: $1.39
  • Wholesale cost-to-fulfill: $0.10
  • Distribution: Perimeter Mall in Atlanta, GA; with wholesale distribution to Bubble Tea Retailers and Coffee Shops
  • Total annual sales, 2018: $369,000
  • Total net profit, 2018: $73,000

Marcus is ready and willing to invest, in $100,000 increments. At each level of investment, he wants to see certain production goals achieved, without compromising on quality. He’s willing to invest up to $500,000 – but for each $100k he invests, he wants 10% equity. They’re not obligated in any way to take the money, but it’s available to them if they need it. Ideally, he says, the business will make enough money that they won’t have to lean on his investments up to the full half-million threshold.

Nina and Finia barely need a moment to consider the deal. They are thrilled to accept Marcus’s offer.

macaron queen theprofit cookies 1024x538 - Macaron Queen: The Profit Updates in 2020

Cookies With Intercontinental Style

Joseph Trevino is an Executive Chef at the Intercontinental Hotel, and he’s looking for a macaron master. The Intercontinental Hotel, he explains, doesn’t have an in-house pastry chef or an in-house macaron specialist, so their outsourcing pastry costs are high. They’re looking for someone exactly like Macaron Queen to help them out. Nina and Finia bring samples of their delicious cookies, and Trevino (no surprise) is impressed. He’s open to a deal but wants to stay competitive with pastry pricing. Current costs for the Intercontinental Hotel are between $0.89 and $1.19 per cookie. Nina and Finia are agreeable, and the pair strikes a deal with their new hotel distribution partner.

In the kitchen, Marcus is only minorly alarmed at the fact that Finia keeps having to stop repeatedly and check her resting heart rate on a Fitbit attached to her wrist. If a heart attack is imminent, it surely can’t be more important than making a profit. This is NBC, after all.

They are finally forced to take a break when Finia’s heart rate skyrockets to 166. That’s more than a hundred beats per minute higher than it’s supposed to be.

After the gang is fully recovered, Marcus and Nina head to Manhattan for a meeting with Weight Watchers CEO Mindy Grossman.

A New York Minute

Catching up with Mindy in New York, the gang gets some valuable insight on how up their marketing game and really develop their brand’s unique voice and style. As usual, the macaron samples are a huge hit, and the tasters from Weight Watchers can’t quite believe how delicious the treats are.

On a video call with Finia (resting back home in Atlanta), the Weight Watchers team gushes over the product and tells Finia they’d love to be involved with making Macaron Queen a healthy, delicious option for their global network of clients. “That would be my dream,” says Finia. She’s clearly overjoyed, and the segment ends on a high note.

A Happy Ending for Macaron Queen

With distribution deals in progress at Intercontinental Hotels and Weight Watchers, things are looking up for Macaron Queen. Marcus and Finia let Nina have the stage in the episode’s final segment, asking her what she’d like to do. She gave up her life to help her mother, and they want her to know that that option is still on the table, if she so chooses. Is she ready to go back to her former life in high-fashion? Or is she going to stick it out in the family business? “I’m not a quitter,’ she says, a remark which brings tears to her mother’s eyes. “I’m going to see this through.” 

 

Where Are They Now? Life After The Profit

For Macaron Queen, business seems adequate, although the distribution deals alluded to in this episode of The Profit seem to have fallen through, and the retail sales they were hoping for don’t seem to have materialized.

The Macaron Queen website features a user-friendly shopping interface for online ordering and free overnight shipping on orders over $175.

The full Macaron Queen product line dazzles, even in webpage form, with delectable gluten-free treats such as:

  • French Mix Macarons – $27 – A classic selection of old favorites and French standbys, including Pistachio, French Raspberry, Crème de Lemon, Cappuccino, Coconut, Almond Croissant, Rose Lychee, Passion, Mango White Chocolate, Matcha Green Tea, Vanilla Strawberry, Lemon Raspberry, Raspberry Dark Chocolate, Double Dark Chocolate, Coconut Chocolate, Hazelnut Nutella, and Vanilla Bean.
  • Fruity Lovers Macarons – $27 – A random selection of fruit-filled macarons create a vibrant mix of French Strawberry, Raspberry Dark Chocolate, Strawberry Lemonade, Lemon Raspberry, Crème de Lemon, Mango White Chocolate, Passion Fruit White Chocolate, Raspberry White Chocolate, Vanilla Strawberry, Mix Berry Cheesecake, Key Lime Pie, Blueberry Citrus, Coconut, Love Potion, Raspberry Lemon, Rose Lychee, Strawberry Cheesecake, Strawberry Shortcake and Taro.
  • Chocolate Indulgence Macarons – $42 – A random selection of Double Dark Chocolate, Raspberry White Chocolate, Valentine-Decorated Red Velvet, Limited-Edition Raspberry Chocolate Truffle and Chocolate Grand Marnier.

As of July 2020, Macaron Queen is sold directly online and through distribution with Cafe Bene and Tiny Bubbles.

The business maintains a lively social media presence on Instagram, which boasts well over 4,000 followers.

This reporter, for one, is one macaron queen fan who hopes the future sweetens up.

Disclaimer: The information provided in this article is strictly informational; Seo Insights is not affiliated with Macaroon Queen, The Profit, or any of its subsidiaries.

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