Friday’s show in the “Shark Tank” hosts Barbara Lampugnale as she pitches her “Nail Pak,” asking for $50,000 for 20% of her business.
Barbara has six girls and they all enjoy painting each others nails on Friday nights. Barbara came up with the idea of packaging the nail polish, pads, file, and remover into one convenient bundle for retail. She conveys it costs her $3 to make the package and it sells for $14.99 each. She has invested just under $300,000 of her own money so far.
Shark Robert decides he can’t see how it is possible to add any value to the product so he is not interested. Mark is aware that Barbara needs a big support team to help her grow the product, but he is out as he knows he is not that guy. Lori likes the product and makes Barbara an offer of $50k but wants 51% of the company as she thinks it will sell out on QVC and promises Barbara to treat the product as it is was her own.
Meanwhile, Kevin hops on the bandwagon and offers her $50k for only 40% of her company as he knows many people who will get her on shopping channels. He emphasizes that with him, Barbara will retain control over her company as he asks Daymond to join in with him.
Barbara asks Lori if she will consider coming down to 40% of the company and they strike a deal.
Next up are Entrepreneurs Mark and Hanna Lim. Their pitch is for the “Lollacup” as they ask for $100 thousand for a 15% stake in their business.
When Mark and Hanna visited the pediatrician with their 9 month old daughter, he wanted them to use straws instead of the traditional sippie cups. Since they could not find one that worked well, they decided to create their own which was safe and quality engineered, as well as easy to use and clean. They have experienced $30k in sales in four months. They could make a bigger profit if the cups were manufactured over seas, but they are opposed to that idea. Their kids love the cup and they have a design patent.
While Lori is the first Shark to respond, she loves the product, but does not feel it is her market to promote so she is out. Kevin offers $100K for 50% of the company, but wants to produce the product offshore and make millions but that goes against the Lim’s “Made in America” stance. Mark questions them about the recent sales agent who they pay 15%. Robert thinks this is an obstacle. Daymond matches Kevin’s offer as long as they get out of the deal with the sales agent. Counteroffers hit the table.
The negotiation results are interesting as Mark takes the Lim’s deal before Robert can respond. Then Daymond drops his percentage to 30%. As the 24 second clock expires, Mark sits down and Daymond is out. As Mark reconsiders, the Lims ask if Robert will team with him. The Lims agree on a deal with Mark and Robert for 40% of “Lollacup.”