Sisters, Gwen and Christine, came onto
Shark Tank Mavens Creamery Update
- Entrepreneurs: Gwen Nguyen and Christine Nguyen
- Business: Creamery
- Ask: $400,000 for 10% equity
- Result: $400,000 for 25% equity
- Sharks: Barbara Corcoran
The first thing that Gwen and Christine told the sharks is that they needed a strategic partner to help scale the business. They touted the demand for their company’s products and told the sharks that the money would be used to help keep up with the ongoing demand from customers.
Kevin O’Leary raised concerns about the shelf life of the product, suggesting that it could spoil quickly. Gwen and Christine quickly reassured Kevin that the taste and flavor of the product doesn’t spoil for up to six months or longer.
The sharks finally wanted to hear about the company’s financial sales numbers. During the current calendar at the time of the pitch, Maven’s Creamery had managed to generate more than a million dollars in sales. They assured the sharks that their company would reach the $2 million mark by the conclusion of the calendar year. Let’s see how the negotiations went with the sharks and the entrepreneurs.
Mark Cuban didn’t believe the company’s financial numbers and margins were enough to make a profit, so he dropped out. Lori Greiner, Kevin O’Leary, and Daymond John decided to drop out for similar reasons.
With Barbara Corcoran as the last remaining shark who hasn’t dropped out, she told Gwen and Christine that she was interested in making an offer. They ultimately agreed to a deal of $400,000 for 25% equity.
Now that we know how the negotiations turned out, let’s get a Maven’s Creamery update to see how the company is doing right now.
The deal between Maven’s Creamery and Barbara never finalized after the
You can find the other company updates from Season 10 Episode 20 here:
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