Shark Tank Doc Spartan Update
- Entrepreneur: Dale King and Renee Wallace
- Business: All-natural first-aid ointment
- Ask: $75,000 for 15% equity
- Result: $75,000 for 25% equity
- Shark: Robert Herjavec
Dale King was a military intelligence officer with the 10th Special Forces Group. After two deployments, he decided to come home to Portsmouth, Ohio. It was there where he started a gym and eventually met his soon-to-be business partner, Renee Wallace. Together, they founded Doc Spartan, an all-natural first aid ointment.
Dale was inspired to create Doc Spoartan after seeing how much damage drug abuse had done to his hometown. His exact phrase was that the first aid ointment could be trusted by anyone from the “members of the special operations community all the way to neighborhood moms.” This was a bold claim, but one that actually impressed the sharks.
However, Mark Cuban was a bit worried about the bold claims and dropped out, but the duo reassured the sharks that they will use the investment to fund tests to back up their claims.
Lori Greiner wasn’t a huge fan of the product. She thought that the branding and name weren’t good so she sdng out, followed by Daymond John. This left Kevin O’Leary and Robert Herjavec.
Unfortunately, Kevin didn’t think that the business was investible, so even if he was a fan, he wouldn’t be an investor.
Luckily for the two, Robert Herjavec liked what he saw and thought it was an opportunity to create a new category. He offered $75,000 but for 25% equity, which the two ultimately accepted after trying but failing to negotiate for a 20% equity deal. So where are they now? Keep reading our Doc Spartan update to find out.
At the time of their appearance, Doc Spartan had only done $56,000 in sales with only a few products available. Fast forward to 2021: a Doc Spartan update that was aired in Season 12 revealed that the company had done $1.7 million in sales since, and counting!
So, it looks like Robert’s deal paid off. Hopefully, we will get another Doc Spartan update one day with even more great news.
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