Tripp Phillips marched into the
Shark Tank LeGlue Update
- Entrepreneurs: Tripp Phillips and Lee Phillips
- Business: Glue Adhesive for Kids
- Ask: $80,000 for 15% equity
- Result: $80,000 for 20% equity
- Shark: Kevin O’ Leary
The sharks were immediately impressed with the utility patent that Tripp Phillips had for his product, but there were still questions to be answered. Only time would tell if he would be able to defend himself in front of each of the five sharks.
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The sharks were certainly interested in the lifetime sales numbers that LeGlue had to date. Tripp shared that he had already sold more than $120,000 in lifetime sales and more than $30,000 in the last five months.
In addition to the reasonable sales numbers, they were also pleased to hear that the product has great margins. While it took less than fifty cents to make, they were currently selling it online on their own website for $9.00 per unit of LeGlue.
Kevin O’Leary started out by making an offer to LeGlue, suggesting that he’d put up the $80,000 and help the company get off the ground. With licensing as the primary objective, Tripp Phillips had himself his first offer from a shark in the tank. In addition to the $80,000 in cash, LeGlue would have to offer 20% in equity to Kevin.
Daymond was the second shark to make an offer to LeGlue, suggesting that he would do a deal for $80,000 in cash while also taking a solid 25% of the company. Lori Greiner and Mark Cuban felt like they couldn’t make a competitive offer to LeGlue, so they ultimately went out after Kevin and Daymond made their offers. A deal would be made with Kevin O’Leary when Tripp Phillips agreed to partner with him.
In this exciting
The company continues to hit revenue milestones and rightfully earned its place on the
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