Billy Dim of Blendtique Wine Company got a chance to pitch his company during
Shark Tank Blendtique Update
- Entrepreneur: Billy Dim
- Business: Custom wine blending kits
- Ask: $250,000 for 10% equity
- Result: $250,000 loan at 8% interest, plus 10% equity
- Shark: Lori Greiner
Creating and designing custom wines isn’t easy. However, Billy Dim is looking to simplify this process and make it accessible to the average joe. Blendtique Wine Company sells blending kits that cost $109.95 with other products costing anywhere between $19.95 up to $500.
Naturally, because he is a wine connoisseur, Kevin O’Leary stepped up to try out the blending kit with Barbara Corcoran as his competition. After some blending and blind taste testing, the sharks chose Barbara’s blend, much to Kevin’s disappointment.
Following the demonstration, Billy revealed that the company has done $200,000 in sales in two years. This isn’t nearly enough to make the sharks jump at the prospect of investing in the business, but isn’t bad nonetheless.
Mark Cuban and Robert Herjavec were the first to go out because they just didn’t see where Billy wanted to take the business. Both Barbara and Kevin followed soon after. Lori Greiner was the last shark remaining.
According to Lori, the experience was great, but she didn’t agree with the price. She then decided to offer Dim the $250,000 he was asking for but for 30% equity. Dim countered back with 15% as Lori replied that she could only go as low as 25%. Dim tried to counter at 20% but Lori won’t budge. After a while, Lori decided to offer the $250,000 as a loan instead. Billy immediately accepted.
After shaking on a deal for a $250,000 loan at 8% interest and 10% equity, Billy Dim walked away having accomplished something big. Wondering what happened next? Don’t worry, because our Blendtique update will get you caught up.
Turns out Lori and Billy never got to close their deal, but Billy later shared that he found the
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