Entrepreneur Sam Stephens pitched her oatmeal based company during
If you’re short on time, here’s a quick overview of what happened to OatMeals after
Sam Stephens appeared on
|Accepted deal for $500,000 for 33.3% equity
|$500,000 for 50% equity
Shark Tank OatMeals Update
- Entrepreneurs: Sam Stephens
- Business: Oatmeal restaurant
- Ask: $500,000 for 20% equity
- Result: $500,000 for 33.3% equity
- Sharks Lori Greiner
Owner of OatMeals, Sam Stephens, brought her oatmeal based restaurant business to
Her build-your-own oatmeal bar is the concept behind her restaurant. She basically serves steel-cut, hot oatmeal, with nearly 80 toppings to choose from.
Additionally, something that makes her business really stand out, is her menu of nearly 30 signature oatmeal bowls. They range from healthy, to sweet, and she also offers savory options, which is certainly unique.
From parmesan cheese, truffle oil, poached eggs, and bacon, she has plenty of non-traditional options for customers to choose from.
Sam’s primary objective with the investment that she was asking for was to expand from her current location in New York City to new Oatmeals locations. Further, her current store is only 380 square feet.
She explained her hopes to eventually open larger locations, with a little bit more space in the future if a deal was actually made.
This was especially clarified when Kevin O’Leary asked Sam about the reasoning for asking for such a large amount of money. However, she went on to tell the sharks that her company had made $2.5 million in sales over the last six years.
Further, her projections for revenue during the current year at the time of the pitch, was just under $500,000. All of these financial numbers seemed to be acceptable to the sharks, however they certainly had some individual concerns relating to the scalability of the business.
Kevin was actually not a fan of the financial numbers for Sam’s company. Because of this, he was the first to ultimately drop out from the negotiations.
Secondly, Daymond John also dropped out. This was essentially because he didn’t see a quick way to get his money back after making his investment.
Lori Greiner was the first shark to make Sam an offer for her company. She offered $500,000 for 33.3% equity, and also pledged that she would try to get her oatmeal into companies like Starbucks.
Barbara Corcoran wanted to take Sam’s company and expand it into a cart business for companies across North America.
Barbara’s offer was $500,000 for 50% equity in the cart business, although the money had to exclusively be used for expanding to the cart business.
However, after some back and forth, Sam finally decided to accept Lori’s offer of $500,000 for 33.3% of the company’s equity.
Do you think the two were eventually able to take OatMeals to new heights? Keep reading our OatMeals update to find out!
Unfortunately, our OatMeals update brings some bad news for Sam and her oatmeal based business. That’s because in doing research, we found that the deal was never finalized with Lori.
Perhaps this led to the next piece of bad news that we have to share. Sadly, the company went out of business due to COVID-19 in 2021.
It’s always a bummer when a promising business is forced to cease operations, but there’s no doubt that her nutritional oatmeal foods were a popular selection for each of the sharks.
Maybe Sam’s company will return one day and we will be able to offer a better OatMeals update. However, in the meantime, you can still buy OatMeals Signature Granola through the OatMeals website.
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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!