Summer and Bill Pierce, along with family relative Kayla, were the first to enter the S
Shark Tank Pop It Pal Update
- Entrepreneurs: Summer Pierce, Bill Pierce, and Kayla Roof
- Business: Pimple Popping Simulator
- Ask: $250,000 for 10% equity
- Result: $250,000 for 5% equity + $1.50 per unit until $750,000 is paid back
- Sharks: Kevin O’Leary
One of the first topics of discussion was related to the sales numbers of the company. The sharks were stunned to hear that Pop It Pal had generated more than $300,000 in gross revenue in the last four months. Margins weren’t very good though, since a unit would sell at $20 and would be produced for just about half that amount.
The three entrepreneurs admitted that their biggest problem was managing their demand and reducing manufacturing costs. Kevin O’Leary expressed similar concerns but was not quite ready to drop out of negotiations. Up to this point in the pitch and negotiations, all sharks were still in. Kevin was the first to make an offer and, of course, it would be one of his interesting royalty deals.
Kevin’s offer was $250,000 for $1.50 in royalty per unit until he received three times his initial investment back. He also wanted 5% equity of the business as a whole. Mark Cuban also decided to make an offer of $250,000 for 25% equity. In the meantime, the remaining sharks dropped out of the negotiations. It didn’t take very long for the entrepreneurs to accept Kevin’s offer, they seemed very happy with his royalty deal.
Let’s get a Pop It Pal update and see how the company is performing after
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