Sometimes the best ideas are born between a couple of friends who just want a way to relax. This is exactly what Mikey Bashawaty and Jeremy Quillico had in mind when the two of them created a floating grill. Will their company float away with a deal on
If you’re short on time, here’s a quick overview of what happened to Float ‘N’ Grill after
Float ‘N’ Grill appeared on
|Daniel Lubetzky||Accepted deal of $100,000 for 22.5% equity and a $100,000 loan at 7% interest and a 50% licensing deal|
|Robert Herjavec||No Offer|
|Mark Cuban||No Offer|
|Kevin O’Leary||No Offer|
|Lori Greiner||No Offer|
Shark Tank Float ‘N’ Grill Update
- Entrepreneur: Mikey Bashawaty and Jeremy Quillico
- Business: Floating grill
- Ask: $200,000 for 20% equity
- Result: $100,000 investment for 22.5% equity and $100,000 loan at 7% interest and a 50% licensing deal
- Shark: Daniel Lubetzky
Mikey and Jeremy brought their company and product Float ‘N’ Grill to
Mikey came up with the idea when boating life found him eating too many soggy subs while spending the day on the sandbar. Because of this, he knew there had to be a better way to eat on the water.
However, as Mikey and Jeremy found out, the execution was not as simple as it sounds. Further, the two found it difficult to get funding, as they were only able to raise less than $1,000 (of a $200,000 goal) on their failed Kickstarter campaign.
Not to be deterred, they went ahead and had their final product made. Then, by July 17, 2018, the two had a social media post go viral, with nearly 5 million views.
In February 2019, the two officially launched Float ‘N’ Grill at the Detroit Boat Show, even going as far as to appear on local TV with their ingenious product.
The grill retails for $229 and costs $126.88 to make. Additionally, they also offer the customer free shipping.
Unfortunately, the sharks are less than impressed with their sales numbers, which add up to less than $20,000. Further, the sharks aren’t too enthusiastic about their product.
Kevin O’Leary comments that “nobody in the sandbar community gives a poo poo about this thing.”
Despite some concerns from the other sharks, guest shark Daniel Lubetzky offers $200,000 offer 50% of the company. In addition to this, he says he’s good friends with the Weber grill people, and he will work out a licensing deal with them.
Mikey counters Daniel asking for a $100,000 loan, with a 7% interest rate. He would also like an additional $100,000 investment, for 20% equity, plus a $2 dollar per unit royalty until the loan is paid back.
At this point, Mark Cuban, Lori Greiner, and Robert Herjavec drop out due to their valuation and lack of sales.
Daniel says he’s sticking to his original offer, but the guys say they can’t part with more than 22.5% of the company.
Daniel comes back with a final offer of a $100,000 investment for 22.5% of the business, plus a $100,000 loan at 7% interest and a 50% licensing deal. Mikey and Jeremy accept the offer and leave with a deal with Float ‘N’ Grill.
Keep reading our Float ‘N’ Grill update to find out what happens following
As for our Float ‘N’ Grill update, the company is no longer in business. We could not locate a company website, and the product is no longer available on Amazon. In fact, their social media accounts have seemingly vanished as well.
In our Float ‘N’ Grill update research, we found that Mikey initially revealed in interviews that securing the deal with Daniel was a great move.
It led to Float ‘N’ Grill securing a deal with a major grilling company and the sales were pouring in.
The product, as well as its two owners, appeared on shows like The Guy Gordon Show, the Today Show, and more.
It’s unclear what happened, but sadly all signs point to Float ‘N’ Grill being out of business.
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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!