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Shark Tank has been a hub of endearing ideas and ingenious pitches. The sharks always have their teeth out when they see lucrative deals. The show is just not about pivoting budding entrepreneurs but also a way for investors to add a venture to their portfolio.
On Season 8 of Shark Tank, Harriet and Patrick Mills came up with an intriguing pitch, presenting their art studio, Wine & Design, with a thrilling briefing. The briefing excited all the sharks which included Barbara, Lori, Mark, Kevin, and Robert. The sharks enjoyed the concept of emerging into fun art activities while slightly getting tipsy.
However, 3 out of 5 sharks dropped out, not seeing a potential for growth in the future, leaving Robert Herjavec and Kevin O'Leary fighting for the deal. The founders of Wine & Design asked for $500,000 for 10% equity but both sharks had a counteroffer. Kevin was confident with his line of credit structure, providing $500,000 for 10% with $350,000 as a line of credit at 12% interest.
Meanwhile, Robert presented a better offer of $500,000 for 33.33% stakes in the company. Before deciding, Harriet asked Kevin what he could offer, if they joined in with him, and Kevin said:
"I would turn my social media cannon on this and push a tremendous amount of data out into the market about our relationship."
Who did the Wine & Design founders choose in the Shark Tank Season 8?
While Shark Tank investors topped each other with better offers, Wine & Design founders Harriet and Patrick Mills found it challenging to choose one. To get clarity on which shark to go with, the founders heard what both the sharks had to offer.
While Kevin O'Leary was confident with his cooperative deal, citing his own $10 million worth of wine business, Herjavec emphasized:
"I think the real goal is to sign up 100 people. It's a second income. That's the story, get that out there. You're going to have people signing up all the time that's the story and that's what my team can build."
Kevin warned the founders about how much equity they were willing to let go, considering Robert Herjavec asked for one-third stakes in their company. After listening to both the sharks and a bit of deliberation, the couple made up their mind. Wine & Design founders decided to take Kevin O'Leary's offer.
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Shark Tank Season 16 is available on ABC Network to watch.
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