'Shark Tank': Quevos nabs $200,000 deal but why did Lori Greiner opt to be a customer instead of investing in it?
Lori Greiner's sweet reason for not investing in Quevos chips might leave you surprised
Even the most experienced entrepreneurs fumble when it is time for them to pitch their business to the sharks in 'Shark Tank'. The investors who are known as sharks ask some rather intimidating questions about the business, grill the entrepreneurs about their numbers, and of course, the nerve-wracking negotiations that follow, can give most people heebie-jeebies. But the 22-year-old entrepreneurs, Nick Hamburger and Zack Schreier, had no such trouble while they were pitching for their healthy chips made from egg-whites called Quevos on the show.
The youngsters explained how they came up with the idea after Zack, who suffers from type 1 diabetes had to watch every carb he put in his body due to his medical condition. Finding snacks that wouldn't require him to immediately take an insulin shot after its consumption, became a challenge for him. But one day, he realized how the egg whites that stuck to the pan were crispy like chips, and wanted to see if he could make a snack product out of it. Thus, Quevos was born. The duo did a fantastic job of pitching their product and explaining the nutrition profile of their product, that even Lori Greiner, who is very particular about the nutrition and ingredients in food products, was sold on it.
Nick and Zack came in seeking $200k for a 5% stake in their company. Robert Herjavec was the first shark to sit out of making a deal with them, as he didn't enjoy the taste of the chips. Kevin O'Leary then made an offer of $200k for a 2.5% stake in the company, alongside a royalty of 10 cents per bag until $400k is paid off. Nick and Zack didn't seem entirely convinced of the shark's offer, so began looking at the other sharks with hopes of hearing their counteroffers. Daniel Lubetzky made an offer of $200k, plus another additional $200k as a line of credit for a 10% stake in the company. Finally, Lori Greiner came forward and complimented the young entrepreneurs for how beautifully they pitched their company and product. She then declared that she would definitely be a customer of their product, but wouldn't be investing in the company because Daniel is the best fit for them and their company.
The young entrepreneurs finally closed the deal with Daniel and walked out of the tank with not only an offer from a shark but also another shark as a customer. Lori took to her Twitter and explained why she chose to be a customer of Quevos rather than an investor. She posted, "I’m a fan of egg whites so I’ll be a customer, but I think @DanielLubetzky is the perfect partner for them! #SharkTank @ABCSharkTank."
We have to agree with Lori, Nick and Zack couldn't have gotten a better deal. We can't wait to see the Quevos chips taking the snack market by storm. 'Shark Tank' Season 12 airs every Friday at 8/7c on ABC.