Shark Tank is one of the most beloved reality TV shows which has had millions of fans hooked on their television screens for the past 15 seasons. And now, the show is back with yet another season, a lot more interesting products, catfights between sharks, and fun stories.
In the latest episode which went live on November 22, 2024, two Irish friends, Enda Crowley and Paul Convey represented their innovation, 'Taverns-to-go.' They offer a complete patio bar set up in different sizes and designs for several occasions across the nation and have been in business for 4 years.
In addition to their bar scene, they also offer additional accessories to tie things together, including barstools, bottle openers, connection boxes, and an overhead wine glass rack.
The founders presented their set up on the stage of Shark Tank before the sharks with the motive to gain investment and expertise from the biggest players in the industry.
Dive in to find out if they end up getting any sharks on board with their business.
Taverns-to-go on Shark Tank Season 16 Episode 6
Enda and Paul made an interesting entrance on the stage with beers in their hands and an ask was for $400,000 in exchange for 10% equity in their company, to take the product across the globe. While explaining their product and its value, the entrepreneurs talked about how their product helps in cherishing friendships with the comfort of being at home,
"Or simply toast those cherished friendships and celebrate life. But what if you don't feel like going anywhere and you simply want the party to come to you?"
As for the specifications of the product, the founders said that they have 25 different models for their customers to choose from and the entire setup can be assembled in less than 90 minutes.
Lori Greiner got really invested in the product and asked about the cost of each setup. The entrepreneurs answered that the cost was $3,795, excluding delivery charges, which could go up to $590 depending on different locations.
When asked about the cost, they said that it can go about $2,200 and the current sales of the company were $2.2 million, with a profit margin of 30 to 40%.
Who invested in 'tavern-to-go' on Shark Tank Season 16
The stats wowed the sharks but Todd Graves, Daymond John, and Mark Cuban decided to not invest in the venture.
Lori was the only shark on Shark Tank episode 6 who decided to make an offer. She made an offer of $400,000 for a 15% stake in the company. Additionally, she also asked for a royalty of $30 up until $400,000 is paid back.
The entrepreneurs got interested and made a counteroffer - $400,000 for 12.5% equity and $30 royalty until they paid the sum. However, Lori decided to stand by her offer and eventually shook hands with the founders.
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Taverns-to-go shook hands with Lori Greiner and signed a deal for $400,000 for a 15% stake in the company and $30 loyalty till the amount is repaid. Stream all the episodes of Shark Tank only on ABC and Hulu every Friday at 8 pm.
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