Lee Dahlberg has created a brand that he says has people not only looking good, but feeling good too! His line of wristbands features stones that he claims have healing elements. Will he earn a deal on
Shark Tank Rock Bands Update
- Entrepreneur: Lee Dahlberg
- Business: Bracelets with stones
- Ask: $100,000 for 20% equity
- Result: $100,000 for 40% equity
- Sharks: Daymond John and Mark Cuban
The pitch became extra lively when Lee brought in Lifestyles of the Rich and the Famous host Robin Leach to share that Rock Bands were a commodity, worn by icons like Bono, Johnny Depp, Brad Pitt, Angelina Jolie, Britney Spears, Lindsey Logan, and Bill Clinton.
During the sharks’ questioning, Lee shared that the brand had earned $300,000 in sales over the course of five and a half years.
While the sales were low, Lee revealed that he had a trademark on the name “Rock Bands” and that any other company, including an Italian designer that planned to launch later that year, would have to pay a percentage of net sales to him if using the name.
The sharks saw potential here and were excited to learn about the trademark.
Robert Herjavec inquired about how Lee planned to use the investment. Lee said that he would like to use approximately 30% of the funds to optimize his website, while another 30% would go to trademark lawyers.
Kevin O’Leary jumped right in and said he has lawyers aplenty, and if Lee wanted to unburden himself then he’d be willing to offer $100,000 for 100% of the business.
To sweeten the deal, Mr. Wonderful threw in his famous royalty and said he’d award Lee a 7% royalty on any sales from the commercialization of all Rock Bands products.
Barbara Corcoran spoke up, calling Lee “unlucky”, and said that she would be interested in joining Kevin in his deal. Kevin agreed to take Barbara in and the deal then became $100,000 for 100% with the 7% royalty, except that now two sharks would be at the helm.
Daymond John shut Kevin and Barbara down, stating that it was a greedy offer and that a better offer would be with him and Mark Cuban for $100,000 and 40% equity.
This would allow Lee to retain 60% of the company and still have the benefit of two sharks aboard.
Without much deliberation, Lee accepted the deal from Daymond and Mark. What happened next for the company? Keep reading our Rock Bands update to find out!
Unfortunately, our Rock Bands update isn’t totally positive. After the show aired, the deal never closed, and Lee eventually retired the Rock Bands website.
During our Rock Bands update research, we found that his bracelets are still sold on the Lee Dahlberg website, where he also sells a line of custom, refurbished furniture called “Son of a Bench.”
Between Rock Bands, Son of a Bench, his work as a comedian, and a modeling career, Lee Dahlberg is estimated to be worth approximately $17 million.
Would you like to learn about the other companies featured on Season 4 Episode 3? Follow the links below!
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!