Backyard chicken keeping is one of America’s favorite pastimes. To help facilitate this, Chet Beiler created a modular chicken coop design that is simple to put together. Now the whole family can enjoy chicken keeping! Did Chet manage to win over the sharks during
Shark Tank OverEZ Chicken Coop Update
- Entrepreneur: Chet Beiler
- Business: Custom, easy-assemble chicken coops
- Ask: $1 million for 4% equity
- Result: No Deal
- Shark: None
Before we give you an OverEZ Chicken Coop update, we’ve got to talk about the coops themselves. These coops are easy to put together, modular, and come in a variety of different sizes. It’s everything you need for a safe, secure backyard chicken operation.
Chet Beiler revealed that OverEZ Chicken Coops had $9 million in year-to-date sales, which immediately impressed the sharks. Chet, however, was unable to follow the impressive sales with a solid performance.
The sharks continued to ask questions about the business, but Chet’s answers were all over the place. The sharks noticed that he was inconsistent and couldn’t give them straight answers to some of their simple questions. Though the coops were great, many of the sharks were concerned with Chet himself.
Lori Greiner was the first to drop out. She couldn’t see where the coops were different enough from other offerings on the market. Robert Herjavec was next. He said that it would take him longer than the lifespan of a chicken to learn anything about the business, so he went out.
Kevin O’Leary, on the other hand, decided to make an offer. He offered $1 million in debt for 4% equity. The loan would be paid back over three years at 11.5% interest.
Mark Cuban had a few thoughts about the business. Chet mentioned numerous times that he wanted to expand to Europe, but Mark wasn’t having it. If he couldn’t keep up with demand here, how could he do it in Europe? Mark went out for those reasons.
Daymond John thought the margins would shrink over time and didn’t like the valuation. Regardless, he made an offer of $1 million for 25% equity.
Instead of addressing his current offers, Chet tried to bring Robert back into the deal. He then asked Kevin if he would fund further purchase orders past the $1 million in debt, which Kevin essentially agreed to.
Ultimately, Chet failed to focus on the offers he had, so Daymond went out. This left Kevin as the only shark with an offer on the table.
Chet briefly agreed to Kevin’s offer and kept trying to pull Robert into the deal too. Because he wasn’t taking the deal seriously, Kevin dropped out. OverEZ Chicken Coops walked away without a deal. Now let’s look at our OverEZ Chicken Coops update.
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