Tears flow as ‘Shark Tank’ founder says he can’t marry without success — moving pitch wins him $150K deal
Phillip Lapuz and Eric Williams set foot on ‘Shark Tank’ as regular contestants, having the energy to grab a deal and the enthusiasm that thrilled the judges. However, what stood out during their pitch was not just their flawless and sleek product, but a story that left the judges on the highly acclaimed show visibly shaken and touched.
The duo had brought along an indie putter company, Kronos Golf, that manufactures some of “the most precise putters in the world.” The entrepreneurs were seeking $150,000 for a 15% in their company during their appearance on season six of the show, according to Shark Tank Blog. Explaining the process of creating the detailed golf instrument, Lapuz and Williams showcased their three-step process. In the first stage, a simple solid block of steel is milled for over two hours, followed by stage two, which involves a more roughly milled putter. In the third and final stage, the putter is in its more refined form. Calling it a “slow and labour-intensive process,” Lapuz explained that it is the right way to make a well-balanced putter.
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Williams then added that after the third stage, another delicate process begins, which includes intensified polishing and painting. During their pitch, the contestant demonstrated how balanced their putter truly is. The duo asked Kevin O’Leary to come on stage and give it a try. The Shark enthusiastically played a round of golf on the podium of 'Shark Tank'; however, he failed to make a solid putt. When asked about the market, the two contestants explained that their product was more appreciated in Japan and Scotland than in the U.S. To have their putters more marketable in the States, the company needed backing from pros like Tiger Woods and others, according to the founders. Talking about sales, the two shared that a year prior, they generated $260,000 in revenue, but 95% of it came from Japan.
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While the entrepreneurs were still pitching, Mark Cuban interrupted and told them that even though he had a membership to Dallas National, a golf course, he had never set foot there. Admitting that he is not interested in golf, he backed out. Next was Barbara Corcoran, who followed Cuban's suit, and so did O’Leary. Lori Greiner believed Japan was the perfect market for the company, and she opted out of the deal as well. That left Robert Herjavec as the only Shark who was still in.
The investor asked what motivated the duo to start this venture. That's when Lapuz started crying and explained that he is engaged to a woman in Japan, but couldn't marry her or bring her to the US until the business is settled. He shared that his fiancée's family was supportive when he had a 9-5 job, but they are now against the relationship due to their conservative mindset. As Lapuz started sobbing on the stage, it made everyone emotional. Corcoran appeared extremely distressed, and O’Leary even wiped tears off his face. Moved by his story, Herjavec offered them $150,000 for a 35% stake in the company. Lapuz and Williams took a few minutes to discuss in Japanese and countered with 25%. Herjacvec revised his offer to 30%, and the duo accepted the offer.
