Entrepreneur Patrick McCarthy pitched his unique fragrance company during
If you’re short on time, here’s a quick overview of what happened to Liquid Money after
Long-time salesman Patrick McCarthy appeared on
|Daymond John||$100,000 for 80% equity|
|Kevin O’Leary||No offer|
|Robert Herjavec||No offer|
|Barbara Corcoran||No offer|
|Mark Cuban||No offer|
Shark Tank Liquid Money Update
- Entrepreneur: Patrick McCarthy
- Business: Money-scented fragrance
- Ask: $100,000 for 5% equity
- Result: No deal
- Shark: None
Patrick McCarthy walked into the tank accompanied by two models, and introduced the sharks to his line of fragrances that smell like money. He talked about the advantages offered by the Liquid Money scent, and immediately got the attention of the sharks, especially Robert Herjavec, Daymond John, and Kevin O’Leary.
The fragrance came in two versions, His Money for men, and Her Money, for women. Additionally, it’s made up of the same three ingredients found in cash; cotton, silk, and linen.
Although money can’t buy happiness, Patrick is convinced that people want to smell like a million bucks. He has his models pass around samples so the sharks can try out the scents.
Robert surprisingly says that it does smell good. Patrick adds that the names of the fragrances are trademarked, and the sharks are impressed to learn this.
Daymond asked about annual sales, and Patrick said he’d made $52,000 in the year to date. Kevin asked about retailers, and Patrick said it was one of his challenges.
Mark Cuban was interested in the effect of the fragrance when used as an air freshener. The sharks were not impressed with the sales, with Daymond saying the business depended on advertising.
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Patrick said that he did one advertisement run, and sales exploded in easter Europe. Mark disagreed that $52,000 in sales equated to an ‘explosion’.
The entrepreneur argued that people buy the product because of the name, and will come back because of the fragrance.
That said, Mark actually thought Patrick didn’t have enough confidence in his product, and that the valuation was too big. He eventually went out.
Barbara wanted to know how much more money Patrick planned to invest, after he shared that he’d already put in $50,000. He says that he doesn’t want to invest anything more, and is relying on a shark’s investment.
Kevin ultimately followed Mark out, despite his love for the money branding.
Daymond offered $100,000 for 80% equity. That said, Patrick considered the equity was too high.
Barbara Corcoran thought the packaging was great, but that the fragrance didn’t actually smell like money. She was the next shark to go out.
Patrick said he wanted to control the company, but Robert said he was concerned that he hadn’t come up with the licensing path by himself. He ended up going out, leaving only Daymond’s offer on the table.
Although, Patrick said he couldn’t agree to 80%, and so, because of this, Daymond went out. Since he turned down Daymond’s offer, and didn’t receive any others, Patrick ultimately had to leave without a deal.
What do you think happened following
Our Liquid Money update reveals that, despite the sharks’ wariness, the company enjoyed great success after its appearance on the show. The fragrance became connected with Las Vegas, and national pageants.
It also continues to have great sales today. Liquid Money is currently getting an annual revenue of $4 million.
The Today Show, Men’s Health, Huffington Post, Business Insider, and more have also featured the product.
Find the fragrance on the Liquid Money website.
If we learn anything new about this company, we’ll be sure to let you know. However, in the meantime, you can check out our other company updates from Season 3 Episode 3 here:
For even more on companies and products, be sure to stop by our Season 3 Products Page!
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!