Are you in love with all things country and looking to show it? Mike Abbaticchio and Shon Lees have created a country lifestyle brand full of clothing options for country lovers. Will they get a deal on
If you’re short on time, here’s a quick overview of what happened to HillBilly Brand after
HillBilly Brand appeared on
|Robert Herjavec, Jeff Foxworthy, Daymond John
|Accepted deal of $75,000 for 100% of the company and 7% royalty
Shark Tank HillBilly Brand Update
- Entrepreneurs: Mike Abbaticchio and Shon Lees
- Business: Country lifestyle brand
- Ask: $50,000 for 25% equity
- Result: $75,000 for 100% of the company and 7% royalty
- Shark: Robert Herjavec, Jeff Foxworthy, Daymond John
Mike and Shon brought HillBilly Brand to
To kick things off, Robert Herjavec asks the guys if they have any sales.
In the previous year, they sold around $50,000, and are looking to end the year with $60,000. They have also recently established deals with a retail distributors, plus they just got a purchase order from Sports Authority.
Further, they say they have three trademarks.
Back to the numbers, Robert wonders how they plan to advertise their brand with only $50,000.
Mike and Shon say they frequently sell their wares at country concerts, which brings them anywhere from $100-$1,000 per event.
Guest shark Jeff Foxworthy eventually asks what they will use the money for if they get an investment. Mike and Shon say they want to attend trade shows and expand their trademarks into other countries.
Daymond John is not convinced by the valuation, especially considering their lack of profit. Then, Jeff asks why they aren’t licensing and the business partners say they are actually considering that.
Kevin O’Leary says they didn’t make the proposal interesting to him, due to the retail vision during their pitch. He thinks they should have just sold the sharks the trademark, so for that reason, he is out.
Jeff agrees with Kevin that licensing would be the best way to go. With that, Barbara Corcoran says she doesn’t have the licensing contacts, so she is out next.
Robert asks Jeff if he will license the trademark. He then goes on to tell Mike and Shon that if they can convince Jeff to come in, he’ll take 100% of the name and pay them a royalty.
Jeff asks Robert what kind of royalty he’s suggesting. Robert suggests a 7% royalty on the name.
Finally Jeff agrees to go in on the deal with Robert, but also asks Daymond if he will consider joining too, and he too agrees to go in.
Robert puts the offer on the table: $50,000 from himself, Daymond, and Jeff, plus 100% stake in HillBilly Brand. It would additionally include a 7% royalty paid to Mike and Shon.
The business partners counter by asking for $100,000, and 10% royalty, along with a guarantee that they could buy it back.
Daymond counters with $75,000 for 7% royalty to Mike and Shon, and 100% stake.
Mike and Shon accept the offer from the three sharks, and leave the tank with a deal for HillBilly Brand.
Keep reading our HillBilly Brand update to find out what happened following
Our HillBilly Brand update shows that the deal with the sharks did not go through. Despite this, Mike and Shon got to communicate a lot with Daymond, and have grown the company to around $1 million in annual sales.
HillBilly Brand has continued to expand it’s product line since
You can find everything the company offers on the HillBilly Brand website.
If we get any more news on a HillBilly Brand update, we will let you know!
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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!