'Shark Tank': Driftline refuse Robert Herjavec's $150K offer, say his 'heart was not in it'
When it comes to watersports activewear, it all boils down to wear and tear. Not many brands are as durable as they claim to be and when you're chasing adventure, the last thing you want to worry about is your boardshorts. Thankfully, there is a solution -- Driftline! The brand features "innovative, patent-pending activewear built for maximum performance in any watersport" giving you high-end products that help you "conquer the water with comfort."
Now, as Driftline jumps into the 'Shark Tank', will they be able to impress Mark Cuban, Robert Herjavec, Kevin O'Leary, Lori Greiner, and Daymond John? Let's find out!
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Wes Horbatuck and Greg Orfe of Driftline walked on to the show hoping to get a deal of $100k for 10% equity in their company. With a utility patent pending on their product, Driftline essentially combined boardshorts with a wetsuit to bring out a revolutionary product that had the sharks impressed. With their year to date sales of $125k and 99% being direct to consumers, it seemed as though the brand had what it needed to scale further.
Driftline was breaking even, with their money going back into research and development. When it came back to the sharks, however, it looked bleak. O'Leary was the first to walk away, stating that even though their utility patent had them believing they could expand, he wasn't sure they would be able to scale it the way they imagined. Greiner, too, was out because the market was too niche for her. John, too, took a step back, as he believed he had nothing to add. Cuban walked away, saying that he had nothing to add. This meant that Robert Herjavec was the last man standing. He refused to do it for 10%, stating that he would give them more money.
He made them an offer of $150k for 33.3%. They countered with 15% and then with 20%, both of which he refused. Finally, they offered 25%, saying that it was the highest they could go, but Herjavec refused to budge. Daymond John jumped in with an offer for 100k for 20%, but the duo countered with a 15% offer, leading him to take his initial offer off the table. Seeing that they were back to square one with Herjavec, he made a final offer for 28% for $150k, but the duo passed on the offer, seeing that they believed his 'heart was not in it', and they weren't willing to give up that much equity.
'Shark Tank' Season 13 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. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.