"I want to stick to 33%"- When Shark Tank's Robert Herjavec became the only Investor to offer a deal to 'Stretchlace'

Shark Tank US Season 12 featured Stretchlace, founded by the couple Jamie and David Montz. During episode 24 of that season, the founder couple came up with an intriguing footwear accessory, an elastic shoelace, which can convert any shoe into a slip-on.

The brand offered convenience, affordability, and alleviated functionality to any normal shoe and asked for $100k for a 15% stake in their company, The Original Stretchlace. The sharks tried on the product and were impressed by the firm grip of the lace and its functionality. Robert Herjavec cheerfully shouted, "Oh, it works!" as she tried on the lace.

Jamie, who left her full-time job to pursue her entrepreneurial passion, created the product out of a personal struggle of tying the untidy laces of her three boys every morning. While Sharks appreciated the hard work she had put into the brand, the numbers did not look "amazing". Initially, all five sharks, Mark Cuban, Kevin O'Leary, Lori Greiner, Daniel Lubetzky, and Robert Herjavec, opted out.

However, after all the sharks had dropped the deal, Robert Herjavec had a change of heart, and he decided to offer Jamie and David Montz a deal. He offered $100k for 33% of the equity, but Jamie and David wanted to negotiate. Robert promptly said that there was no room for a counteroffer and remarked:

"we're nickel and diming each other. If you believe in the vision that I see in you, I want to stick to the 33%. "

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Did Stretchlace founders Jamie and David lock the deal with Shark Tank investor Robert Herjavec?

Shark Tank investor Robert Herjavec changed his mind at the last moment and proposed a deal to Jamie and David Montz. The couple breathed a sigh of relief, however, they counteroffered Robert to take 25% equity instead of 33%. While Robert was not open to negotiation, Mark Cuban told the founder couple not to be "desperate," claiming 33% equity was a big number.

The founder couple, as much as they wanted to negotiate, was in a dilemma. The sharks, Robert and Mark, continued to argue. Robert remarked that he saw no desperation and he believed in the couple's potential. David Montz asked Robert whether he believed in the product or not, and Robert remarked:

"I believe in the shoelaces don't get me wrong let's get that to 3 million but while we're getting there let's unlock the potential of this incredible woman and figure out what the next product."

The couple tried one last time and asked Robert to settle on 30% equity, and their stubbornness worked, and Shark Tank investor Robert locked the deal at 30% equity.

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Shark Tank airs on ABC Network.