Shark Tank Season 16 Episode 5 on November 15, 2024 on ABC. The recent episode featured many exciting products from various enthusiasts. One of the amazing products was Y'all Sweet Tea from Darien Craig and Brandon Echols. The Alabama entrepreneurs pitch their idea of the "tea" that, as they describe it, is not "presweetened" but is merely the name.
The duo had been busy with their tea brand, founded in 2015, and the Sharks were impressed. Darien and Brandon initially asked for $500,000 for 5% equity, for which multiple Sharks offered deals.
Y'all Sweet Tea received two joint deals from the Sharks, Lori Greiner and Rashaun Williams, a guest investor on the show. Their offer was $500,000 for 15% in the brand. Another offer was for 20% equity from Kevin O'Leary and Rashaun Williams.
"Rashaun is an awesome businessman and Lori has so much experience in retail. It couldn't have been a better deal," shared Brandon after securing the first deal.
Shark Tank Season 16: Y'all Sweet Tea from Darien Craig and Brandon Echols
As featured on Shark Tank Season 16 Episode 5, two childhood friends, Darien Craig and Brandon Echols, pitched their "tea" brand - Y'all Sweet Tea. It was founded by Darien back in 2015, and it was later turned into a blend of "Black teas" in 2020, along with his childhood friend Brandon Echols.
In April 2021, the duo launched Y'all Sweet Tea, offered in "gallon-sized bags," which interested individuals can purchase and make themselves. While starting the tea brand, Craig was fired from his job when he shared:
"The week I got fired, I had $7 to my name. With the last paycheck I received, I used the $300 from that check to purchase the first jars, sugar, and tea that would eventually catapult this idea."
Currently, Y'all Sweet Tea is available in more than 600 grocery stores in various locations across the United States. As they shared in their pitch, they made $4 million in revenue and $800,000 in profits last year.
They also opened up about how their "Georgia Peach" ice tea flavor was sold in under 35 minutes, with over 10,000 units sold. In the first eight minutes, they made $100,000.
Witnessing such impressive numbers, Sharks were impressed as Kevin O'Leary shared:
"When you're dropping that amount in that short period on your own site, that's rare."
Another Shark, Barbara Corcoran, added:
"Do you know how few entrepreneurs can make that claim?"
Initially, Darien and Brandon pitched their Y'all Sweet Tea with an ask for $500,000 for 5% equity in their company on Shark Tank Season 16. Venture capitalist Rashaun Williams, a guest investor on the show, offered the asked amount with a 10% stake in their company.
While making the offer, the guest shark shared:
"I'll let you figure out if you want to go to Walmart if you want to stay direct-to-consumer, or what balance of both. You don't need me to tell you how to run this business ... I think you guys are a rocket ship."
Two Sharks, Mark Cuban and Barbara Corcoran, were out. Another Shark, Kevin O'Leary, was interested in investing in the tea brand. He offered a joint deal with Rashaun Williams: $500,000 for 20% equity in Y'all Sweet Tea.
Along with them, Lori Greiner and Rashaun Williams offered $500,000 for 15% equity. Brandon and Craig agreed with Greiner and Williams' offer of 15% of their company. While confirming the deal on Shark Tank Season 16, Brandon shared how they would collaborate with both Sharks because of their experience in "retail" and their "business" acumen.
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Viewers can stream the latest episodes of Shark Tank Season 16 on ABC.
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