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.
The presumptive deal between Nana Hats and the two sharks has yet to finalize, but the company received a major marketing boost from appearing on the show during Season 14.
As of now, Nana Hats should easily exceed its original projection of $600,000 in gross revenue for 2022, thanks to the marketing boost from
That’s all for this Nana Hats update, but we will let you know what happens next!
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Additionally, don’t forget to check out our Season 14 products page too!