'Shark Tank' Season 14: Barbara Corcoran promises Oogiebear founders return of half the stock as part of deal
LOS ANGELES, CALIFORNIA: What happens when a Shark investor offers you a deal that exceeds your expectations? For starters, you take it and make your ambition to be number one in the market a reality.
Season 14 of 'Shark Tank' returned with a bang, creating history in front of a live studio audience. So, when Sina and Nina Farzin, a husband and wife team from Potomac, Maryland, went in with their product, they knew they were not only pitching to the Sharks, but also to the crowd who may perhaps persuade their minds. The pair was looking for $400,000 for a 5% ownership in their firm, Oogiebear, an easy solution to a hard-to-reach problem. The pair revealed how they struggled with their babies' booger problems, which led to their invention.
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As interested as the Sharks were in the "family of smart baby products", they were much more so when they learned that the products cost only $2-$4 to make yet sold for $12.99-$24.99. The margin piqued the curiosity of every investor in the deal. Shark Kevin O'Leary, who was more interested in the numbers than the booger talk, was taken aback when he learned of Oogiebear's lifetime sales. Nina reports that they have sold over a million units with a total revenue sale of more than $15 million since 2015. They anticipate a $1 million profit in 2022. Oogiebear's revenue for the year is expected to be $5.4 million.
Kevin was the first to make a bid, putting up $400,000 in exchange for 10% stock and no royalties. Shark Daymond John, despite being blown away by the figures, saw himself out considering his lack of expertise in the field. With a utility and design patent, Oogiebear is defeating the knockoff companies by selling their items at Buy Buy Baby, Walmart, and other retailers, but they are most excited to get support from the Sharks to make it huge online. In response to Shark Mark Cuban's question, Nina states that they sell around 76% of their items online through sites such as Amazon. They are now hunting for Sharks to help them diversify their revenue. Lori Greiner, who was intrigued by Oogiebear's product line, offers $400,000 for 10% but wants Mark to join her in the deal. Mark, who is already involved with other baby product firms, stated that he would be willing to invest in Oogiebear for 12% alongside Lori. Kevin continues to push his offer and advises the couple not to give up any more of their equity.
Shark Barbara Corcoran, who Nina has had her eye on since the beginning, informs the entrepreneurs that she has previously made firms with nothing make $400 million in sales in two years because she understands how to market and that she can do wonders for Oogiebear. As a result, she makes an offer of $400,000 for 10% but promises to raise those figures or give them back half of their stock! Nina reminds the Sharks that they would be the company's first investors because she started it with only $22,000 from her own pocket. Knowing how much this is in Barbara's wheelhouse, Shark Robert Herjavec wanted to get in on the action as well. He told the couple that he would assist them in marketing the product and obtaining the needed sales. He also says he'll refund their money if they don't follow through on their promises.
With three deals on the line, Mark tries to sweeten the deal by telling them he is so sure in his deal that he doesn't need to promise them their money back. While the Sharks squabble, Nina goes back in for Barbara, hoping that she would increase the offer to $600,000 so that she does not depreciate her own firm. Barbara counters with an additional $200,000 in credit, but the pair does not need it! They say that they have $1 million in cash and are looking for mentoring from the Sharks. Kevin challenges his offer by lowering his equity seek to 8%, but Nina accepts Barbara's last offer of $600,000 for a 10% interest alongside Robert.
'Shark Tank' Season 14 airs every Friday at 8/7c on ABC. Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. You can also watch old seasons and episodes on Amazon Prime Video and iTunes.
