There’s nothing worse than spilling your drink while hanging out in the pool. That’s why Kevin Waltermire wanted to come up with a solution. His floating cup holder is perfect for holding beverages and preventing spills on hot summer days in the water. Will the sharks offer him a deal on
Shark Tank BeverageBoy Update
- Entrepreneurs: Kevin Waltermire
- Business: Floating cup holders
- Ask: $50,000 for 15% equity
- Result: $50,000 for 35% equity
- Sharks: Daymond John
Entrepreneur Kevin entered the tank with a buddy who took a dip in the pool with a drink. After being distracted by a beach ball, his friend spilled his drink, proving the need for a Bev Boy floating cup holder. Kevin’s company BeverageBoy, was solving what he claimed to be a common problem. The sharks were amused with the concept but liked the design of his product.
When asked about sales, he shared that he had sold 2,500 units, with just $10,000 in gross revenue in the coming from the 6 months prior to filming. The sharks were unimpressed with these numbers. He went on to share that a single unit is made for about $2.00, wholesales for $5.00 and retails for $9.99. These margins were concerning to say the least.
When Lori Greiner asked Kevin if he had been to any trade shows and he had recently sold his cup holders at the Promotional Products Show in Chicago. When he was asked which stores he got orders with, he admitted that he failed to bring order forms with him. At this point Mark Cuban, Kevin O’Leary and Robert Herjavec dropped out. Lori liked the product but felt she’d have to do a lot of work. She offered Kevin $50,000 for 40% equity, contingent on getting a purchase order from a big box store.
Believing that the cup holder would fit perfectly within his product line, Daymond John made an identical offer to Lori’s but without the contingency. Kevin then countered the interested sharks with with 30% equity and Lori said she’d do it, with the contingency. Kevin countered Daymond with 35% equity and Daymond agreed to the deal. What happened next this company? Keep reading our BeverageBoy update to find out!
Unfortunately, we have bad news to report in our BeverageBoy update. The deal with Daymond never finalized and the company was forced to go out of business in 2014. That’s too bad for Kevin and his Bev Boy. This will be our final BeverageBoy update.
Would you like to learn about the other companies featured on Season 6 Episode 18? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 6 Products Page!
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!