MEAWW.COM / ENTERTAINMENT / TV

Lit Handlers grabs $200K deal on 'Shark Tank', but here's why sharks said Destiny Padgett doesn't need money

Although she bagged the deal, a few sharks said no to Destiny Padgett for a very interesting reason

For entrepreneurs trying to make their dreams come true, getting on 'Shark Tank' is only half the battle. Pitching to the sharks is a nerve-wracking experience, and seeing that it is their money that they are investing, you can expect to be grilled through and through. 

Having sharks refuse to invest in you is a sinking feeling. But for Destiny Padgett, the founder of Lit Handlers, who walked in asked $200,000 for 10% in her company, a few sharks said no for a very interesting reason -- they believed she didn't need them and was already on the path to success! 

RELATED ARTICLES 

Lit Handlers on 'Shark Tank': What is the cost, who are the founders and where to buy the colorful koozie with a pocket

'Shark Tank' Season 13: Air time, how to live stream, plot, cast, trailer and all about ABC' business-themed reality show

What are Lit Handlers?

As per Destiny Padgett's Linkedin profile -- Lit Handlers 'offers a type of support that you didn’t even know you needed. We offer 11(and growing) sizes of neoprene can coolers with a handle in the cutest prints! These Handlers also have a pocket built into the handle to help keep your chapstick, lighter or Juul(tm) close by at all times. Now your epic stories can start with “Watch this!” instead of “Hold my beer”.'

Padgett walked in with a great pitch, asking for $200,000 for 10%. As soon as she got into the numbers of her brand, she left the sharks thoroughly impressed. Having made 630,000 in sales, Lit Handlers was on track to sell 780,000. Not only that, but the brand also made $200,000 in sales this year. While Lit Handlers does have a patent-pending, seeing that her product is manufactured in China, she did have an issue with knock-offs being created in China on her 30oz design. 

The sharks seemed a little confused -- to them, Padgett was already on the right track and as they put it, was 'a wolf in sheep's clothing,' seeing just how well she was doing. It's here that Padgett explained that she was not looking for investments exactly, but for the sharks themselves -- she believed they could help her grow more, with licensing marketing, and more. 

While the other sharks backed out, seeing that they truly believed that Padgett had the potential to learn and grow, it was Kevin O'Leary who made her deal for 20% equity for $200,000. Daymond John, who also saw the potential of the seemingly simple yet nifty product offered her money in exchange for 25%.Then O'Leary increased his ask to 25% as well, putting Padgett in a tight spot, seeing that she now had to pick between the two. John made the ultimate counter offer -- he told Padgett that if she said yes to him right now, without looking at O'Leary, he'd invest in her company for 20%. Padgett took the offer in a heartbeat.

Twitter was thoroughly impressed with both, Lit Handlers and Padgett's prowess. "She put a loop on a koozie. Genius. So simple but practical. I want one. #sharktank" tweeted a fan. "#SharkTank. I’m trying to figure out why LIT needs a shark ... she’s gotta good thing going by herself" asked another, seeing that it was really the question on everyone's mind. "A fun product and #enterpreneur?! #LitHandlers are a licensing dream... come on, sharks! Congrats @TheSharkDaymond! #SharkTank #getlit " added another. 

John too, took to Twitter to tweet about his investment. "And that’s how making a deal is done! One could say it was… Destiny  Had to do it! #SharkTank" he tweeted while marketing the product in a follow-up tweet. Looks like John is already on the job! 

 
Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.