Todd Graves kicks off his 'Shark Tank' career with six-figure investment
LOS ANGELES, CALIFORNIA: On Friday, October 25, fans of the ABC reality show 'Shark Tank' were treated to a familiar scene. Businesswoman Danielle Mahon, the creator of Topsail Steamer, made her pitch to the investors on the popular series.
Topsail Steamer's South Jersey native put her chum buckets to the test in front of the Sharks. Danielle, the creator of the takeaway seafood shop, appeared on 'Shark Tank' hoping to secure a deal with two Sharks and obtain funding for her business.
With four locations around the Jersey Shore, Topsail Steamer offers steam pots filled with seafood that can be heated at home for a family meal. Danielle walked into the Tank seeking $350K for 8%. Guest Shark Todd Graves offered $350 for a whopping 20% in the business. Lori Greiner recognized the lucrative opportunity and expressed interest in partnering with Todd.
Besides seeing Todd as the successful restaurateur he is, Lori saw a direct-to-consumer (D2C) path for Danielle's business. However, the equity that both Sharks were seeking from Danielle proved to be too much for the founder to accept. However, after much negotiation, Todd agreed to come down to 18% and made his first 'Shark Tank' deal with Lori.
Guest Shark Todd Graves impressed with Topsail Steamer's sales
Todd, who debuted in the Friday, October 25 show, was pleased with Danielle's business performance. However, the Shark expressed his concern about the founder's plans to franchise her company. He noted that franchisees often struggle to operate restaurants or businesses as effectively as the founders do. While they may be enthusiastic, they often fail to follow through on that passion.
Raising Cane's (founded by Todd) is valued four times higher as a company-owned business compared to its franchise model. Todd stated that he would ensure that her restaurant's sales increased and that he would be delighted to assist her in this endeavor.
Todd Graves shared tips on how to keep restaurants profitable
Todd believes that having a crave-able product is crucial for success in the restaurant industry. It’s important for the offering to be enticing enough to encourage repeat customers while also keeping operational numbers manageable.
Your prime costs, which include food and labor, should be less than 60%. When they reach 55%, you will begin to make money. Todd was delighted with Danielle's company figures and her items.
Topsail Steamer delivers seafood boils to your home at $249
Founded by Danielle in 2017, the business specializes in takeout seafood boils featuring the company's signature Bay Buckets—single-use pots filled with seafood, corn, potatoes, and a unique spice blend. There are currently nine Topsail Steamer locations, including Wrightsville Beach and Charlotte, in addition to the original station on Topsail Island.
Additionally, the business uses the Goldbelly meal delivery service to ship the buckets across the nation. Topsail Steamer provides nine different types of prepared pots that blend seafood such as shrimp, crab, and clams with sausage, veggies, and seasonings. According to the directions, pour water or beer into the bucket and then heat it on the burner. Then it's time to dive in, and everyone gets to keep the pot. The pots' prices range from $139 to $249.
'Shark Tank' Season 16 airs on Fridays on ABC at 8 PM ET For those who miss the episode, it will be available on demand the following day and on Hulu. Additionally, viewers can explore past seasons and episodes on Amazon Prime Video and iTunes.