Dave Goodman found himself eating a lot of Thai coconuts, but there was just one problem. These coconuts are opened with a giant cleaver. That’s why he came up with an easier and safer way to open coconuts using the tools he created. Will the sharks cut him a deal on
Shark Tank Coco Jack Update
- Entrepreneurs: Dave Goodman
- Business: Coconut opening tools
- Ask: $125,000 for 10% equity.
- Result: $125,000 for 25% equity (convertible debt).
- Sharks: Mark Cuban
Dave brought a display of Thai coconuts with him to the tank, and demonstrated how most people open them. As he chopped one open with a giant cleaver, the sharks looked frightened that he may chop off a hand! Then he brought out his Coco Jack tools and opened the next coconut easily and safely, which impressed the sharks.
In the nine months prior to filming, Dave had sold $325,000 in revenue directly through his own website. A single unit costs him $26.00 to manufacture and sells for $60.00. While the financial numbers were acceptable, Barbara Corcoran still believed that the company wasn’t well-organized and decided to drop out first. Lori Greiner also dropped out, because she felt the product was too niche. Robert Herjavec loved the product, but felt the same way, dropping out next.
Kevin O’Leary was interested and decided to offer $125,000 50% equity. Mark Cuban made a convertible debt offer of $125,000 at 7% interest, in exchange for 25% equity upon conversion. After a little back and forth, Dave ultimately decided to accept Mark’s. What happened next for his company? Keep reading our Coco Jack update to find out!
We have some sad news to share in our Coco Jack update. It appears that the company has gone out of business, even though Dave managed to generate more than $4 million in lifetime sales before shutting down. It is also worth noting that the deal with Mark Cuban appeared to never be finalized after the filming of the episode was completed. This will be our final Coco Jack update.
Would you like to find out about the other companies featured on Season 6 Episode 21? Follow the links below for our other company updates from the episode.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!