Sean Adler called himself the king of banana preservation as he entered
Shark Tank Nana Hats Update
- Entrepreneurs: Sean Adler
- Business: Banana Preservation
- Ask: $150,000 for 10% equity
- Result: $150,000 for 20% equity
- Sharks: Lori Greiner and Peter Jones
The standard packaging that Nana Hats uses includes two units and retails for about $13 per package. A single unit costs about $2 to manufacture. The margins are definitely reasonable, but the sharks seemed unsure about whether they could invest in a business like this.
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After generating more than $400,000 in gross revenue during the 2021 calendar year, the sharks were even more impressed when they heard that those numbers were expected to increase again in 2022. Sean shared that his company projected to do at least $600,000 in revenue with a net profit of about 33%, which would come out to $200,000 in net profits.
Almost 60% of the company’s sales come from direct-to-consumer approaches. Mark Cuban was really respectful towards the entrepreneur and the company, but he wasn’t willing to invest, so he dropped out.
Peter Jones wanted to make a deal, but he wasn’t willing to make an offer by himself. He told Sean that he would only put up half of the money and that at least one other shark would be needed to get the rest of the money.
Lori Greiner and guest shark Peter Jones joined up and offered $150,000 for 20% equity. Kevin O’Leary also offered $150,000 for 10% equity and a $1 royalty in perpetuity.
After hearing the offers, Sean Adler accepted the deal from Peter Jones and Lori Greiner. Let’s jump ahead and get a Nana Hats update now that we’ve recapped the negotiations.
We got the chance to chat with Sean after the episode aired to get some accurate information for our Nana Hats update. He shared that the deal with Lori and Peter, was still in active discussion and that he wasn’t allowed to comment quite yet.
However, he did share a lot about his experience on
He went on to provide us with an official Nana Hats update, saying, “Our sales after
Sean also dropped a hint that he has lots of exciting updates coming in the near future, so we can’t wait to see what our next Nana Hats update has in store!
In the meantime, be sure to check out the official website.
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Additionally, don’t forget to check out our Season 14 products page too!
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Jeremy is a regular contributor at Shark Tank recap. He has a ton of passion for the show and enjoys researching information about what all the companies are up to now. His favorite Shark Tank companies are The Cookie Dough Cafe and Kronos Golf!