Cedric Cobb came onto
Shark Tank Best Pocket Square Holder Update
- Entrepreneurs: Cedric Cobb
- Business: Men’s Fashion & Clothing
- Ask: $200,000 for 15% equity
- Result: $200,000 for 0% equity + $1.00 royalty per unit in perpetuity.
- Sharks: Daymond John
A single product costs $19.99, according to Cedric. It costs approximately $3.40 to manufacture and make it. Cedric also told the sharks that he had 52,000 units sold over the lifetime of the company. Recent sales numbers included nearly $400,000 in sales during the most recent year with all of those sales coming from the company’s website or the Amazon marketplace.
The Best Pocket Square Holder is a light weight durable product designed to HOLD THE FOLD of any pocket square or handkerchief permanently inside the breast pocket of a suit, tuxedo, sport coat or vest for work or a one time occasion. It is an essential for every man to have in his closet.
Mark Cuban quickly expressed that he wasn’t really interested in making an investment, so he dropped out first. Before any additional sharks dropped out, Cedric tried to explain to the sharks that he had intentions of using the money to cut down the manufacturing costs and improve the product margins. Robert Herjavec ultimately decided to make the same decision as Mark and dropped out because he believed the company wasn’t the right investment for him.
Kevin O’Leary was about to make a very interesting offer to Cedric and his company. He decided to offer the $200,000 for a royalty agreement of $1.50 in perpetuity. Kevin would endorse and support the product. In addition, Kevin wouldn’t acquire a single percentage point of equity. Daymond John wanted to make an offer but didn’t feel like he could really add any value to Cedric’s business, so he dropped out as well. Lori Greiner felt the exact same as Daymond, so she dropped out too.
Cedric had to decide whether or not to accept Kevin’s offer. In a shocking turn of events, Daymond jumped back in and stole Kevin’s offer, except he only asked for $1.00 in perpetuity per unit sold.
Now that we know how the negotiations turned out, let’s get a Best Pocket Square Holder update to see how the product has performed. Since airing on
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!