Sam Stephens came onto
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
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. Her current store is only 380 square feet, but she explained her hopes to open larger locations with a little bit more space in the future if a deal was made. This was clarified when Kevin O’Leary asked Sam about the reasoning for asking for such a large amount of money.
She went on to tell the sharks that her company has made $2.5 million in sales over the last six years. 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, but they had some individual concerns relating to the scalability of the business.
Kevin was actually not a fan of the financial numbers of Sam’s company, he was the first to drop out and didn’t seem the slightest bit interested in even thinking about presenting an offer to her. Daymond John also dropped out 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 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, but the money had to exclusively be used for expanding to the cart business. Sam decided to accept Lori’s offer of $500,000 for 33.3% of the company’s equity.
In doing research for our Oatmeals update, we found that the deal was never finalized with Lori and the company went out of business due to COVID-19 in 2021. It’s always sad 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. In the meantime, you can still buy OatMeals Signature Granola through its website.
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