Kevin O’Leary gets sidelined in awkward ‘Shark Tank’ moment as salad jar startup lands a three‑Shark deal
Kevin O’Leary has had his fair share of ups and downs while holding his tough guy image on the judging panel of ‘Shark Tank.’ He has faced the heat from his fellow judges often—from Lori Greiner refusing to work with him, and Mark Cuban calling him names, to an episode where these two Sharks teamed up against him. This particular episode featured Jared Cannon showcasing his company, Simply Good Jars, where he acquired a multi-Shark deal, which isn't very common.
Cannon stepped onto the stage in season 12 with his product, seeking $500,000 for 7% of his business, according to Food Republic. While sharing his story with the judges, the contestant stated that he had left his 18-year career as a chef in 2017 to create Simply Good Jars, a company that sold jars of layered salads for a healthy on-the-go meal. The entrepreneur also said that he started this venture with a $1,000 loan and a vision to spark a revolution. “All our jars are returnable, so for every jar that we get back, we not only reuse it, but also donate one meal to feed someone in need," Cannon added.
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Cannon shared that a jar of salad cost him $2.50 to $3.60 to make, and they sold for $8.99 to $10.99, according to Market Realist. The company was also making good money, having generated $750,000 in revenue in the current year, and was aiming for more profits in the future. The entrepreneur impressed the Sharks by letting them know that his product was available in over 170 convenience stores and some local Walgreens. He also delivered the jars using Grub Hub.
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Even though the entrepreneur had no profits to show, multiple judges expressed their interest in partnering with him. It was Mr. Wonderful who offered Cannon $500,000 as a loan at 9.5% interest for 7% equity. He was also interested in raising more funds. However, Cuban jumped in, saying that raising more money wouldn't be a good idea at that point, and that the company needed to focus on more sales. “I would not be a billionaire if I just kept on raising money over and over again,” Cuban told Cannon.
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Next, Robert Herjavec and Daymond John dropped out of making any investments in the company. However, Greiner decided to partner with O'Leary on his deal. But Cuban jumped in again, making an offer of $500,000 for just 8% equity. This intrigued Greiner, who pivoted to Cuban. “I like to get so many sales and do it so fast that you’re not going to have to do a whole bunch of raising," she mentioned. Ultimately, Greiner and Cuban then collectively offered $500,000 for 10% equity, and Cannon accepted their deal. Following the appearance on the show, Simply Good Jars experienced massive demand in the health market, and the company's revenue reached $4 million within a couple of years, according to Shark Tank Recap.
