PetPaint Update | Shark Tank Season 5
Abe Geary’s dog, Billie wouldn’t wear pet clothes, so he decided to create a non-toxic paint to give her a fashionable look without the hassle. Will his product earn him a deal on
Shark Tank PetPaint Update
- Entrepreneurs: Abe Geary
- Business: Fashion paint for dogs
- Ask: $200,000 in exchange for 20% equity
- Result: No deal
- Sharks: None
Abe brought his pet hair coloring products, known as PetPaint to the tank. He offered a fun palette of spray colors and stencil patterns.
He invested $240,000 of his own money into the company and was hoping for an investment from a shark. When asked what he spent all of his own money on, he revealed that most of it went to inventory that was still sitting in the warehouse– $200,000 worth, to be exact. That earned him side-eye from Lori Grenier, who doesn’t like unsold inventory.
Barbara Corcoran wanted to hear about PetPaint’s sales numbers, given the relatively high ask from Abe. He told them that in the roughly seven months prior, when he got his first shipment of goods, he had sold about $70,000 worth of product. The paint sold to the customers for $9.99. Abe said he had just gotten a yet-to-be-shipped $12,000 order from Petsmart, which was also interested in using it in their grooming salons.
Robert Herjavec sked Abe what his sales projections were for the next 12 months, and Abe predicted $120,000 in sales by the end of the year, for a total of $200,000. He based these numbers off orders from the grooming industry, from whom Abe said he had already received several repeat orders. Robert agreed that it was a great tool for groomers.
Barbara wasn’t sold. She told Abe that it seemed like a one-time novelty purchase for most people, given the $10 price tag. She wasn’t interested, and went out. Kevin was next to exit the deal, unconvinced that Abe’s product was worth investing in.
Mark Cuban asked Abe what his online sales were like, to which he said he hadn’t done any sales online. Later on, Mark said that Abe missed a big marketing chance by not utilizing social media, then ordering smaller batches of inventory as viral interest in the product grew. For that reason, Mark went out.
Lori circled back to Abe’s excess inventory, telling him he shouldn’t have bought a lot of inventory until he knew for sure that it would move. She agreed with Barbara’s assessment that for many, PetPaint would be a one-time thing, so she too went out. There was only one shark left– Robert, who said he wasn’t seeing the million-dollar value. Abe asked Robert what it would take, when Barbara jumped in, and said she was going to give him an offer.
Barbara offered Abe $200,000 in exchange for 60% of his business. More than the money, though, Barbara offered to take over Abe’s social media and give him a decent website. By the time Barbara finished her counteroffer, Robert had decided he was out, leaving Barbara as Abe’s only hope. Abe declined Barbara’s offering, saying it was an equity grab. He told the sharks that PetPaint was going to be a huge success, and he would take their advice and sell on the internet.
What happened next for his company? Keep reading our PetPaint update to find out!
We have good news to share in our PetPaint update! The company is still actively selling their products, which are now exclusively available from the PetPaint website, and not from any other retailers.
Would you like to learn about the other companies featured on Season 5 Episode 8? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 5 Products Page!
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!