Jake Sullivan and Don Wildman headed into the
Shark Tank Hand Out Gloves Update
- Entrepreneur: Jake Sullivan and Don Wildman
- Business: Mittens and gloves with strategically-placed waterproof zippers
- Ask: $150,000 for 20% equity
- Result: $300,000 line of credit for 25% equity
- Shark: Barbara Corcoran
Before even heading into the
After some talking, things got down to business. The two explained that Hand Out Gloves had sold more than $100,000 so far by the time of their pitch. Hand Out Gloves also had patents pending on its designs for the waterproof zipper and elastic strap that made it more convenient to use compared to its competition.
Of the sharks present in the tank, Barbara Corcoran was the first to make an offer. She asked for just 12.5% equity in exchange for half the money that the two went in to ask for. However, her offer had a catch. It was contingent on another shark partnering up with her on the deal. Unfortunately, the other sharks weren’t fans of the company.
Robert Herjavec, Mark Cuban, and Kevin O’Leary all went out in quick succession because they weren’t really interested in the market. Meanwhile, Lori Greiner went out as well. She felt that there was too much competition in the space and she did not want to get into it.
As the lone shark with an offer, Barbara updated her deal to offer $300,000 as a line of credit in exchange for 25% equity. Don also offered to put up $300,000 as an investment as part of the deal. Jake agreed and was able to leave
Now, for our Hands Out Gloves update. We’ve got some good news and some bad news.
The bad news is that it appears that the company never closed the deal with Barbara. Also, Don passed away in 2018 due to cancer. The good news is that Hand Out Gloves is doing well despite this. In 2019, the company announced that it was adding a new line of work gloves and hunting gloves. By 2021, Hand Out Gloves had already started selling hunting, work, and fishing gloves on its website.
Hand Out Gloves still has to roll out nationally. Most of its sales still come from independent retail stores and smaller shops, as well as ski areas.
As of 2021, Hand Out Gloves is reportedly doing $1 million in annual sales revenue.
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