Jana and Zac McDaniel and Jessica Jacobs pitched their natural insect repellant during
If you’re short on time, here’s a quick overview of what happened to First Saturday Lime after
Entrepreneurs Jana and Zac McDaniel and Jessica Jacobs appeared on
|Accepted deal for $100,000 for 25% equity
|Lori Greiner and Daniel Lubetzky
|$100,000 for 25% equity, plus funding for future purchase order’s
Shark Tank First Saturday Lime Update
- Entrepreneurs: Jana and Zac McDaniel and Jessica Jacobs
- Business: Safe, eco-friendly pest repellent
- Ask: $100,000 for 10% equity
- Result: $100,000 for 25% equity
- Shark: Kevin O’Leary
Founders of First Saturday Lime, Jessica Jacobs, her sister Jana, and brother-in-law Zac McDaniel, created an alternative to dangerous insecticides. While traditional products can harm your pets and kids, First Saturday Lime uses limestone and citric acid.
Additionally, it’s eco-friendly and easy to apply once a month. The team ultimately worked together to transform their dad’s proprietary formula into a business.
Further, they have a patent on the factory and the proprietary method for using the lime, but not on the product itself. They have great profit margins as well because it costs $1.60 to make and it sells for $19.99 retail.
Their annual sales so far are $150,000, though they project that they’ll end the year at $350,000. While this is great news, they need a strategic partner that can help them grow the brand.
The sharks like the product and the idea, however, there are some issues.
While they have huge profit margins, they offer free shipping. The 20-pound bag costs $10 to ship, so it’s drastically reducing the profits.
Robert Herjavec is the first to chime in. He thinks that they have a lot left to do, so he drops out.
Similarly, Kevin O’Leary thinks there is a lot of education involved with the product. Because he doesn’t want to go on that journey, he is also out.
Mark Cuban doesn’t know the industry, so he drops out too.
Lori Greiner is interested because of how safe it is, but she needs to be a partner to make it work. She offers $100,000 for 33% equity, the entrepreneurs immediately want to meet in the middle.
Guest shark Daniel Lubetzky chimes in and says he’s out unless Lori wants to go in together. Lori agrees with him, so they’ll split the 33% equity between them.
The entrepreneurs counter for 20% equity. Lori says no, but she will instead fund all purchase orders going forward.
They counter again for 25%, and Lori says no. At this point, Kevin interjects.
Despite his earlier misgivings, he agrees to do the deal that is currently on the table, $100,000 for 25% equity. The entrepreneurs accept, allowing Kevin to snatch the deal away from Lori and Daniel at the last moment.
Was this a great option for this family business? Keep reading our
We have great news to share in our First Saturday Lime update. The company is still in business and has grown to around $1 million in annual revenue.
Unfortunately, it looks like the deal with Kevin didn’t close, but that hasn’t slowed them down. First Saturday Lime can be found in over 600 garden centers nationwide, including stores like Home Depot and Walmart, as well as the First Saturday Lime website.
The brand has also received some great exposure, being featured in Pets+, Better Homes and Gardens, and USA Today.
You can find the other company updates from Season 11 Episode 19 here:
For even more on companies and products, be sure to stop by our Season 11 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!