Couple started selling ice cream in a roadside tent, nearly got rejected on ‘Shark Tank’ — now it’s a $2M biz
'Shark Tank' has to be one of the few TV shows that not only offers monetary help to the budding entrepreneurs but also gives them the much-needed exposure. In one such instance, a business that used to operate in a roadside tent saw its fate changed after its 'Shark Tank' appearance. While most sharks were not convinced by the vision of the founders, still, they exited the tank with a deal. Contrary to what the Sharks believed, their plan worked, and the company's lifetime sales exceeded $2 million.
Founded by Jeremy and Kaitlyn Carlson, Crispy Cones made an appearance on the show 'Shark Tank' Season 14. Notably, the founder of the business, Jeremy, was inspired to start his ice cream business after a church mission in the Czech Republic, where he discovered street vendors making ice cream cones out of dough, per QSR Magazine. "I thought, 'This is incredible. I need to share this love for the product in the US," Jeremy said. After returning to the States, he studied at BYU-Idaho by day and practiced recipes in his aunt’s kitchen at night, even flying back to the Czech Republic to perfect the cone.
Jeremy launched Crispy Cone in 2018 from a roadside tent in Rexburg, Idaho, earning $21,000 in four months. The next year, with a custom trailer from China, he made $70,000 in five months. Even amid Covid in 2020, he grossed $80,000. He opened his first store in Logan, Utah, in 2021, followed by another in Rexburg in 2022. Confident in their growing business and franchising success, the Carlsons applied to 'Shark Tank.' "We jumped on the website and applied. It was like three questions," Jeremy recalls. "Didn't think we'd hear back... and then we got a call from the producers."
After six months of prep, they pitched in September 2022 to the Sharks. Although the televised segment was only 15 minutes, they spent an hour in the tank. Seeking $200,000 for 10% equity. Notably, each cone costs about $1.50 to make and sells for over $7.50, but despite strong margins, most of the Sharks backed out over concerns about the business vision. In the end, Barbara Corcoran was the only one left and offered $200,000 for 20% equity, which the Carlsons accepted after a few counteroffers, per Shark Tank Recap.
In an interview, Jeremy and Kaitlyn shared that Crispy Cones had made over $2 million in lifetime sales. They introduced a new express model, smaller, with no indoor seating, and kiosk technology that boosts revenue by 60% through upselling. This second appearance also led to hundreds of new franchise applications. Reportedly, Crispy Cones now operates six locations in Utah, Idaho, and Arizona, aiming for 11 by year's end and 50 by 2024. They've sold 30 franchise units so far and expect to reach 100 by the end of 2024, focusing on warm states like Texas and Florida. Their business is fast-growing, all thanks to their stores, which are built quickly, sometimes in just six weeks. In addition, a deal with Sysco supports nationwide distribution also adds to their expanding brand value.