Moms and business partners Juliet Boydstun and Lucinda Lent, came up with an alternative to the indoor play places that so many parents dread. Will their premium play place business earn them a deal on
Shark Tank The Coop Update
- Entrepreneurs: Juliet Boydstun and Lucinda Lent
- Business: Premium play place
- Ask: $150,000 for 15% equity
- Result: $150,000 for 15% equity with a 2-year money-back guarantee
- Shark: Barbara Corcoran
The Coop founders Juliet and Lucinda stepped into the tank to share their story of common mom woes. They both lived in the Los Angeles area with children, but found all the indoor play places to be inadequate and unappealing. Together, they created The Coop to offer a high end party place for children that also appealed to the parents as well.
The company was successful enough in LA that US Weekly named it the “Hot Tot Party Spot,” and it earned Juliet and Lucinda $350,000 in gross revenue the year prior to filming. Kevin O’Leary asked how many parties they were cramming into a weekend and learned that, in one weekend, The Coop could accommodate six to nine parties, which provided two hours playtime with up to fifteen guests.
Mark Cuban asked how much The Coop charged for these parties, to find out they ranged from $595 to $4,000. While Barbara Corcoran commented that the price seemed high, the two founders countered that the price was in line with other establishments in LA.
After finding out that Juliet and Lucinda were able to open their location with a loan for only $125,000 from the bank, Mark asked them why they didn’t just open another location and continue expanding throughout LA. The two answered that they were thinking bigger and wanted to open 300 franchises instead of just one self-owned, self-operated second location.
Kevin took this as a cue to educate the entrepreneurs and shared that typically business owners will create five to fifteen locations before exploring franchising options. Despite his outspoken love of their numbers, he said he did not find The Coop investable and went out.
Daymond John spoke next to confirm that Juliet and Lucinda were looking for more than just money. The entrepreneurs confirmed that they did indeed want the expertise of a shark, as well as their guidance, input, and time. For this reason, Daymond conceded that he could offer nothing more than money, so he went out.
Robert Herjavec went out next, echoing Kevin’s sentiments regarding opening at least another location before exploring franchising. Mark felt that there were too many inexpensive alternatives that would make The Coop a flop in middle America, so he too went out.
Barbara Corcoran asked for a clarification, as Juliet and Lucinda alleged to Kevin a few beats prior that he would have his money back within two years if he were to invest. She asked for a guarantee on this two year timetable, and the two founders said they would guarantee it.
With that, Barbara offered the exact ask of $150,000 for 15%, but with an added guarantee that she would receive her money back completely within two years time.
Juliet and Lucinda decided to discuss things in the hallway. They returned with one question– was Barbara willing to provide expertise and guidance in regard to scaling The Coop? Barbara said yes, and the ladies accepted her offer. What happened next? Keep reading The Coop update to find out!
We have great news to share in The Coop update! By 2016, The Coop was ready for franchising and, along with new partner Adine Le, they began opening locations throughout California and one in Texas as well. As of 2023, The Coop is still going strong, and annual revenue across all streams is estimated at approximately $3.4 million.
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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!