Cousins Sabin Lomac and Jim Tselikis pitch their lobster company during
If you’re short on time, here’s a quick overview of what happened to Cousins Maine Lobster after
Sabin Lomac and Jim Tselikis appeared on
|Accepted deal for $55,000 for 15% equity
Shark Tank Cousins Maine Lobster Update
- Entrepreneurs: Sabin Lomac and Jim Tselikis
- Business: Food truck business selling lobster
- Ask: $55,000 for 5% equity
- Result: $55,000 for 15% equity
- Shark: Barbara Corcoran
Cousins Maine Lobster, despite the name, is not located in Maine, but is in fact a food truck business located in California, where Sabin and Jim live. Or at least it was California-based until Barbara Corcoran got her hands on it during this historical pitch.
As with most food-based pitches, Sabin and Jim kicked things off by providing fresh samples. They passed out their famous lobster rolls to the shark’s delight and everyone was pleased with the food.
Although, Kevin O’Leary and Daymond John were quick to focus on the $1.1 million valuation.
The cousins shared that their sales in the past two months had reached $150,000, positioning them for good growth. However, the true value of this figure came from their relationships with the Maine fisherman who shipped fresh lobster daily to them in Los Angeles.
Mark Cuban asked the cousins to share the economics of each truck. However, the cousins were sidetracked by the other sharks who did not believe that their relationships with the Maine fishermen earned them such an inflated valuation.
Mark eventually went out, while Mr. Wonderful refocused the conversation back to the deal at hand. Kevin eventually called Cousins Maine Lobster “outrageous” and went out.
Daymond, on the other hand, divulged that he was a commercial fisherman for a year, and also worked many years at Red Lobster. As such, he was interested in coming in, but not at the absurd valuation.
Then, Daymond challenged the cousins to give him their best offer, to which Sabin replied that he would consider parting with 7-8%. This elicited laughter from all, and Daymond ultimately went out.
Robert Herjavec applauded the cousins, stating he really loved working with hard workers and hustlers like them. As such, he offered the $55,000 but for 25% equity.
However, the cousins were not very eager to accept this offer, because they felt that it actually undervalued their company.
Barbara, to undercut Robert, offered $55,000 for 17% equity, and in response, Robert increased his offer to $100,000 for 25% equity.
When the cousins finally asked Barbara and Robert about their vision for the company, Robert said he didn’t have to prove anything. He then unfortunately pulled his offer.
With no other offers left, Sabin and Jim asked Barbara if she would consider 12%. Barbara refused, although she decided to meet them in the middle at 15% equity.
With that, they made a deal. If you’re an avid
Our Cousins Maine Lobster update is an amazing one! By 2016, the cousins began franchising, raking in even more money by collecting an 8% royalty on all sales by the franchisees.
At this juncture, sales reached $15 million per year while continuing to steadily climb. By March 2022, the company grew even more with 42 total trucks and 7 restaurants.
Years later, Cousins Maine Lobster has an annual revenue of over $53 million and has reached over $585 million in lifetime revenue. In turn, this is one of the most successful
In 2023, the company has locations in 25 states and continues to grow. With growth like this, there is no telling where our next Cousins Maine Lobster update will take us.
Before you go, be sure to check out our other company updates from Season 4 Episode 6, by following the links below!
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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!