Shark Tank The WISP Update
- Entrepreneurs: Eben Dobson
- Business: Broom/dustpan combo
- Ask: $500,000 for 10% equity
- Result: No deal
- Sharks: None
Eben Dobson quickly answered the sharks about lifetime sales, proudly announcing that more than 100,000 units have already been sold, bringing in a total revenue greater than $3 million. However, his company was struggling to find profits annually. He told the sharks that he lost more than $600,000 over the past years in losses due to his own personal financial decisions relating to the company.
As the sharks quickly dug through the mathematics of Eben’s business, they realized that he had major money troubles. It became clear that he had lost more than $2 million in recent years, adding up to a mountainous collection of cumulative losses for his company over the last decade. After coming to this conclusion, Barbara Corcoran decided to announce that she was dropping out first. Mark Cuban dropped out quickly after for similar reasons.
Despite the financial troubles, Kevin O’Leary decided to make an offer to Eben for his company, offering him $500,000 for 50% equity in the company. It appeared that they had struck a deal when Eben initially agreed to it, before stuttering a few times and trying to speak to Lori Greiner. That was enough for Kevin O’Leary because he dropped out immediately and expressed his frustration to Eben.
After such a controversial ending for Eben Dobson in the tank, let’s take a look at how his company is doing now in our the WISP update.
At the time of writing, Eben’s broom/dustpan combo is still in business and it seems that Lori Greiner reached out to Eben to help spread the word about the broom. While no financial deal was ever made, it appears that Lori went above and beyond to help promote the product for Eben and his company. The company can still be found online at its website, where its products can also be purchased with ease.
While we don’t have any financial records for our the WISP update, it seems things are still moving along for Eben!
You can find the other company updates from Season 10 Episode 5 here:
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