Press Waffle Co. is a family-owned business that is established in Dallas, Texas. Brian Lewis and Caleb Lewis came onto
Shark Tank Press Waffle Co. Update
- Entrepreneurs: Brian Lewis and Caleb Lewis
- Business: Waffle Company
- Ask: $200,000 for 8% equity
- Result: $300,000 for 15% equity
- Sharks: Barbara Corcoran
Waffles can be customized with over 16 different toppings. There are also best-seller preset waffle meals available that can be ordered. The company’s most popular waffle costs $8 dollars and is produced with extremely fresh ingredients and pairs well with freshly-cut strawberries.
The sharks were extremely pleased with the taste of their waffles, but it was going to take more than a positive taste in the food to convince them to invest $200,000 of their own money.
Caleb and Brian told the sharks that their singular location is operating at a positive margin of roughly 14% and gross revenues are projected to reach about $900,000 dollars. They are confident that expanding to new locations would cost about $150,000 dollars and that could be one of the primary uses for the investment that they receive.
Now that they’ve pitched their company, let’s see if Press Waffle Company was destined to receive a deal on
Barbara Corcoran decided to offer $200,000 for 15% equity, while Kevin O’Leary offered $200,000 as a loan for just 3% equity, but there would be a loan interest rate of about 10%. Due to the multiple competitive offers that were already offered, Lori Greiner decided to drop out. Robert Herjavec almost dropped out but decided to offer $400,000 for 20% equity.
After intense negotiations, Caleb and Brian managed to secure a deal with Barbara of $300,000 for 15% equity. Let’s quick transition to get a Press Waffle Co. update after
Things look bright for our next Press Waffle Co. update!
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