With funds that can change the fortunes of a business at stake, "Shark Tank" is bound to generate a lot of drama as entrepreneurs and investors negotiate to make the most of brands, products, and deals. But the entrepreneurs aren't always the ones at the receiving end of harsh words from sharks. At times, the ace investors also face off against each other over a difference in opinion. This is what happened when the co-founders of Lulu Bang pitched their product on the show. While the Sharks agreed that the business wasn't worth investing in, they started squabbling with each other after the entrepreneurs left.
Co-founders Kelly and Jorrae appeared on "Shark Tank" to pitch their line of Lulu Bang sauces. They came in with an ask of $150,000 for 10% equity in their barbeque and marinade sauce business. They began their pitch by introducing the sauces which were inspired by their family recipes and culinary background.
They explained that the sauces could be used for a variety of dishes in grilling, marinating, or just to add some extra flavor to a meal. "They appeal to anyone who enjoys bold, delicious food," the creator of the sauces claimed. Then, the founders handed out samples of their sauces to the sharks, and the entire panel agreed that the lineup tasted amazing. "Wow, it could bring tears to a glass eye," Daymond John said at one point to compliment the entrepreneurs.
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To make the brand more palatable, the duo shared that their sauces were already in major stores, such as Walmart, and were available in affordable bundles. They explained that the investment would help them cater to a growing demand, as their sauces were already selling well.
While all the sharks enjoyed the taste, they had major concerns when it came to making an investment. Kevin O'Leary was the first to drop out as he didn't see the business overcoming the challenges of breaking into an already crowded market. "Despite being in numerous locations I don't think this is going to work. You need a lot more than $150,000 to break into the big things. I'm sorry ladies I'm out," O'Leary said.
However, not everyone agreed, and Lori Greiner told Mr Wonderful, "You know Kevin time out! You sell online glass jarred cupcakes." O'Leary then explained that his cup cakes weigh a tenth of the sauces and the main problem that he had been facing is about weight reduction. "I've lived this nightmare the whole shipping thing is beyond a challenge," O'Leary added.
John was the next one to jump in with a flurry of compliments for the brave entrepreneurs. However, he too did not understand the business that well, so he followed O'Leary and dropped out. "When I look at you reminds me of a saying some women fear the fire some women become it. You have become it!" Greiner said after John dropped out. She added that the duo had done an amazing job but there are a million other barbecue sauces in the market, which is why she too was out.
Robert Herjavec and Mark Cuban also followed suit, citing issues with the product's packaging and marketability. The Lulu Bang founders had to walk out of the tank empty-handed, but the fire that they lit did not die out. "The chances of that actually being successful even with Walmart is pretty low," O'Leary commented. However, all the other Sharks were against Mr Wonderful as they wanted to support new businesses. "Did you know everything when you started?" Herjavec asked.
"My whole point about these dialogues we're having with these people with all this glowing encouragement is you're not giving them the real risk profile of what they're spending their time," O'Leary clarified.
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This triggered Mark Cuban, who got up from his chair calling O'Leary "an idiot." Mark then picked up a bottle of sauce and yelled that he would any day work for himself and make less money than work for someone else and make a lot. However, O'Leary didn't stop. "It's just this Kumabaya you guys keep going on about," he said. This upset Greiner as she claimed that many told her to stop in her initial days as an entrepreneur and that she would have never been successful had she listened to them.
"Shame on you! Where's your eject button," Greiner said while pressing the side of O'Leary's chair.
