Couple who had $18 when they started their company – get a $400,000 deal on ‘Shark Tank’
Entrepreneur couple danced their way onto the ‘Shark Tank’ stage and walked away with an unexpected deal. James and Johanna Windon danced to a Latin song that got the Sharks excited, but it was their story that truly amazed them. They started their company, Buena Papa, by investing all their savings, worth $40,000. “When we first opened up, we had $18 in our bank account because we invested everything. We had invested our life savings,” James revealed. He added that the idea came during the pandemic, with a goal to bring authentic Mexican and Puerto Rican street flavors to the U.S.
That’s how they came up with flavor-packed twists on classic fries. During their pitch, they joked that potatoes never get the spotlight, they’re always the side dish, never the star. “As a couple from two very different cultures, we've learned to put two things together to create something even better,” Johanna said. “Our unique culinary experience combines the comfort of French fries with the irresistible Latin flavors from cultures around the world,” she added. They opened their first physical location in July 2021, after their previous business shut down during the pandemic.
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Despite having no prior experience in running a restaurant, the couple dove headfirst into this venture and never looked back. A few weeks in, a video of their fry bar went viral on TikTok and brought in a wave of new customers. “Our first year, we did $1.1 million. We took all the profits from that and invested it in [our second] store … Combined, this year, we’re going to finish at about $2 million,” James revealed. “I saw people just coming and eating those potatoes, and I said, ‘Oh my god, it's working,’” he added.
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The Windons sought $400,000 in exchange for 7% equity in their company. They wanted to use the money to open more stores – one every year for the next five years. They wanted to avoid using profits to fund new stores, saying bootstrapping was “sucking up all the cash flow.” They’d already sold franchise rights for four upcoming locations. The cost to make each dish is about $3.50, and it sells for $13.50. James said they were also looking for a strategic partner to help them scale. Barbara Corcoran refused to invest, insisting that they didn’t need it.
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Lori Greiner felt rushing growth would invite competitors, so she passed on the deal. For this reason, she opted out of the deal. Kevin O’Leary passed, saying the fried food didn’t align with his new healthy lifestyle. Mark Cuban was interested until they brought up their franchising plans. He explained that running a restaurant and a franchise are two different businesses before opting out. Robert Herjavec was inspired by the couple's journey from scratch and offered $400,000 for a 20% stake. They negotiated his offer down to 19%, and the Buena Papa founders happily accepted!
