Entrepreneurs Dallas Robinson and Mike Buonomo, pitched their lip balm company during
If you’re short on time, here’s a quick overview of what happened to Kisstixx after
Dallas Robinson and Mike Buonomo appeared on
|Mark Cuban||Accepted deal for $200,000 for 40%|
|Kevin O’Leary||No offer|
|Barbara Corcoran||No offer|
|Robert Herjavec||No offer|
|Daymond John||No offer|
Shark Tank Kisstixx Update
- Entrepreneur: Dallas Robinson and Mike Buonomo
- Business: Mix and match lip balm
- Ask: $200,000 for 20% equity
- Result: $200,000 for 40% equity
- Shark: Mark Cuban
Founders of Kisstixx, Dallas and Mike, walked into the tank and introduced their lip balms to the sharks. Their products were initially created by Dallas, who needed to solve his own problem with lip balms.
He struggled to find a product that kept his lips properly moisturized, while also tasting good. That’s when Kisstixx was ultimately born!
The business partners met in college, and have worked hard to develop their brand of lip products. However, now they’re needing a shark to help them accomplish all of their business dreams.
Kisstixx products are high quality, and come packaged with two compatible flavors. Some of the flavor combinations include Strawberry Daiquiri & Piña Colada, Raspberry & Lemonade, Peaches & Cream, and Fire & Ice.
Kevin immediately wanted to learn about sales. Dallas said they’d only been doing it for a year, and had reached $80,000 total in sales.
Based on this information, Kevin questioned the valuation. Dallas said the valuation was backed up by the company’s new deal with Walgreens.
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Mark Cuban wanted to know how much it cost to make the product. Dallas told him that, depending on volume, it cost between $0.86 and $1 to make the package.
Further, the wholesale price was $3 per unit, and retailed for $5.99. Dallas expected to make $337,000 from the Walgreens order.
Robert Herjavec wanted to know how they got Walgreens, and Dallas said it was through connections. He also said they were selling the product online, and in over 100 retailers.
Additionally, besides the lip balm products, they were also planning to create a mist and a gum. This caught Mark’s attention.
However, this didn’t sit right with Barbara Corcoran. For this reason, she went out.
Kevin also went out, basically because he couldn’t accept the valuation.
Robert said he was on the fence, and wanted to be pushed one way or the other.
Dallas eventually highlighted how hardworking they were, and how committed they were to the success and growth of the business.
Mark said the valuation was ultimately too high, but he liked what they were doing. He finally offered $200,000 for 40% equity, but with the plus of being there for them as they grew without asking for more equity.
At this point in the pitch, Daymond John went out because he thought Mark’s offer was better.
Then, Robert followed out for the same reason.
Mark asked Dallas and Mike to make a decision, and they quickly accepted the offer of $200,000 for 40% equity.
They left the tank with a deal, but what happened following
Our Kisstixx update reveals that despite some initial hiccups, Mark ended up thinking of this as one of his best deals on the show. The company grew and achieved international distribution.
Since then, Mike left the business and Dallas ended up closing it in 2018 to move on to other career opportunities. It’s unclear what they’re up to now, but hopefully whatever it is, they’re just as passionate about it as they were about Kisstixx.
However, this will be our final Kisstixx company update.
Would you like to find out more about what else was featured on Season 3 Episode 7? Follow the links below for more details.
For even more on companies and products, be sure to stop by our Season 3 Products Page before you go!
Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!