'Shark Tank': Why did Mark Cuban ditch Barbara Corcoran for Lori Greiner to close $450K deal with The Woobles
LOS ANGELES, CALIFORNIA: Who would have ever thought that a pitch for a crocheting kit would spark an intense bidding war amongst Sharks on 'Shark Tank'? Well, the founders of The Woobles managed to not only incite a bidding war in the tank but also strategically decided to ditch the joint offer they received from Barbara Corcoran and Mark Cuban, and instead requested that Lori Greiner take Barbara's place with Mark using the offer that the Queen of QVC made with Robert Herjavec!
The Woobles founders- Adrian Zhang and Justine Tiu's innovative pitch for their DIY animal toy crochet kits backed by their very impressive sales numbers and profit margins managed to hook the Sharks from the get-go. The entrepreneur's duo walked into the tank seeking a $250K investment for a 5% equity stake in their brand that has a valuation of $5 million. As soon as they were done with their pitch, the duo explained that they needed a Shark's help with getting licensing for selling Disney-themed toys, and also to pivot from online sales to retail sales. Kevin O'Leary took the bait and made the first offer by asking for a 10% equity stake in exchange for the $250K investment. Barbara upped the ante by making an offer of $300K for a 10% stake. To everybody's surprise, Lori Greiner too jumped into the action by making the same offer as Barbara. The real-estate mogul wasn't ready to give up just yet, so she further increased the investment amount to $350K for 10% equity. Lori was ready to go toe-to-toe with Barbara by making the same offer as her fellow Shark but dropped the equity stake to 8%.
Zhang and Tiu were understandably spoilt for choice, so to make things a little easier the duo openly wondered if Barbara would be willing to join teams with another Shark. To appease them, Barbara immediately roped in Mark into her deal and tweaked the offer to $350K for an 8% equity stake. Lori too adopted the same strategy and got Robert Herjavec in and the duo made a joint offer of $450K for a 6% equity stake. Zhang and Tiu stepped aside to make a decision on which Shark they wanted to close the deal with, The duo decided to take a very huge risk by declaring that they wanted to close a deal with Mark Cuban and Lori Greiner using the $450K offer that she made with Robert.
Robert immediately ditched Barbara and decided to team with Lori just the way The Woobles founders wanted for a $450K investment in exchange for a 6% equity stake. While Barbara looked shocked and offended, the duo explained that they felt they would get the most value from Mark and Lori, so they decided to take the risk and request a change in the offer. 'Shark Tank' fans too were shocked and amused by the unusual strategy that The Woobles founders adopted to close the deal.
A fan tweeted, "WOW FROM 10% TO 6% FROM ONE SHARK TO THE 2 THEY WANTED FOR A KNITTING KIT WTF #SHARKTANK." "Wow that was a cold, sharky move what @mcuban did to @BarbaraCorcoran! #SharkTank," wrote a fan. "Wow! That. Was. Crazy. That was a Shark move if I have ever seen one! #SharkTank," commented a fan.
WOW FROM 10% TO 6% FROM ONE SHARK TO THE 2 THEY WANTED FOR A KNITTING KIT WTF #SHARKTANK— ☂️The Pragmatic Party 🦬🌎⌛♻🎗🧬🐳🦉🐸🐝🌞🦅⚖ (@tim39941098) October 1, 2022
Wow! That. Was. Crazy. That was a Shark move if I have ever seen one! 😳 #SharkTank— Ryan Bartholomee (@RyanBartholomee) October 1, 2022
Another fan shared, "That was an incredible negotiation!! #sharktank." "That was really rude to Barbara #SharkTank," pointed out a fan. "Yo I’ve never seen a business get a deal like @thewoobles_ just got on @ABCSharkTank ! Well played ," expressed a fan.
That was really rude to Barbara #SharkTank— Heather Abbott (@HAbbott4) October 1, 2022
'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. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.
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