The last to present in Episode 18 of
Shark Tank Elephant Pants Update
- Entrepreneur: Nathan Coleman and James Brooks
- Business: Comfortable elephant-themed apparel
- Ask: $500,000 for 10% equity
- Result: $500,000 for 15% equity with 2.5% in advisory shares
- Shark: Daymond John
Brooklyn natives Nathan and James went into the
The sharks weren’t impressed with the designs at first. However, they changed their tune after Nathan and James revealed sales numbers. The company had $7 million in sales over two years. The sharks were hooked.
Robert Herjavec was fascinated by how the company came to be. Ultimately, he went out because he wasn’t a fan of the product. Mark Cuban went out next. He congratulated the two on their cause and success.
Ever the orchestrator, Kevin O’Leary gave the duo two choices: $500,000 as a line of credit for 5% equity or $500,000 for 20% equity. Daymond John then piggybacked off of Kevin’s offer and decided to give them $500,000 for 20%. Afterward, Lori Greiner joined in on Kevin’s line of credit offer, upping the equity ask from 5% to 10%.
The two decided to counter and asked all three sharks to join together for the same deal at $500,000 for 15%. Daymond politely declined, and the two tried to counter for $500,000 for 12%, which only led to Kevin and Lori going out. Finally, Daymond offered 17.5% while also promising to fund purchasing orders.
With only one shark left, Nathan and James decided to offer Daymond 15% equity with 2.5% in advisory shares on top, which he gladly accepted. Now that you know what happened in the
Unfortunately, it appears that Elephant Pants is nowhere near in sight. Their social media pages have been dormant since December 2018. Meanwhile, James Brooks, the co-founder, left Elephant Pants in late 2017. He currently owns JB Financial.
Meanwhile, Nathan Coleman’s LinkedIn profile says that he was the CEO and founder of Elephant Pants from September 2014 to December 2014.
That said, it appears that the Elephant Pants was not able to sustain its initial success.
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