Entrepreneurs Steve Nakisher and Shane Talbott pitched their tea company during
If you’re short on time, here’s a quick overview of what happened to Talbott Teas after
Steve Nakisher and Shane Talbott appeared on
Shark Tank Talbott Teas Update
- Entrepreneurs: Steve Nakisher and Shane Talbott
- Business: Designer whole-leaf teas and accessories
- Ask: $250,000 for 20% equity
- Result: $250,000 for 35% equity
- Shark: Kevin O’Leary
Founders of Talbott Teas, Steve and Shane walk into the tank, and immediately present their range of luxury glamorous teas to the sharks. They say they are reinventing tea, with 23 designer tea blends, while still keeping them affordable.
The business duo passes carefully selected brewed tea samples to all of the sharks. Robert Herjavec remark on the lovely smell of the blend.
Robert asks about sales, and Steve says that in 2009 they had $100,000 in sales, followed by $350,000 in 2010. This catches Daymond John’s interest.
In the current year, Steve says they had purchase orders and sales amounting to $500,000, but with their busiest season still left to go.
Lori Greiner asks what causes their sales to spike, and Shane tells the sharks about making it to Oprah’s list of favorite things in 2010. This ultimately attracted the attention of distributors and QVC.
Mark Cuban wants to know why they were there, considering their existing success. Shane says they want to capitalize on their growth.
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Additionally, the company is at around 50% profit margin, with the tea tins ranging in retail price from $10 to 15.
Kevin O’Leary wants to know if they have tested the price point with views to raise it. Shane says he wants the price to be higher, but Steve is not sure.
The business partners say they’ve invested $300,000 of their own money into the company, and they are the only investors. Kevin wants to know the future plans, and Shane says he wants to create a lifestyle brand, with accessories and potential licensing.
Kevin is very intrigued by their plans, and especially their understanding of the business.
Daymond says he is conflicted because he already has an investment in the same business, so he goes out, with regret.
Mark says he is a big fan of their approach, but he isn’t interested in the product.
Kevin likes the story and the approach, but doesn’t like the valuation. He then offers them $250,000 for 40% equity.
Mark tells them to negotiate, but Robert agrees with Kevin’s valuation, and finally goes out, followed by Lori.
Then, Steve says that they want to partner with Kevin, but counters with $250,000 for 30% equity of Talbott Teas. Kevin claims that he never changes his mind after making an offer, however, he does on this occasion.
Despite this, he offers $250,000 for 35%, and the business duo accept the deal. What do you think happened following
Keep reading our Talbott Teas update to find out.
Our Talbott Teas update reveals a surprise: Daymond ultimately got out of his conflicting business, and eventually partnered up with Kevin and Barbara.
Then, the company secured a plan to get a distribution deal with Jamba Juice. This deal with Jamba Juice was successful, and the company went on to aquire Talbott Teas in 2012.
However it seems that Shane is still involved with the company, holding the role of Vice President. You can check out the available blends on the Talbott Teas website.
If we learn anything more about this company, we will certainly let you know. However, in the meantime, you can check out the other companies appearing on Season 3 Episode 5, by following the links below.
There, you’ll find all the information you might be seeking.
For even more on companies and products, be sure to stop by our Season 3 Products Page before you go!
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!