“They're not buying it:” When Shark Tank investor Kevin O’Leary questioned Float N’ Grill’s $1 Million valuation

On Shark Tank Season 12 Episode 24, Float 'N' Grill founders, Mark Bashawaty and Jeremy Quillico, sought $200k for a 20% equity in their company. Their product was a grill that floats which got viral in 2018. During their pitch, the sharks were impressed by the idea but questioned the valuation when Mark and Jeremy revealed they had made $19,000 in total lifetime sales.

Kevin O'Leary was the first shark to question the million-dollar valuation declaring that the majority of their target market wasn't interested in buying a Float 'N' Grill product. He said:

"Listen the word out in the street within the community is nobody gives a pooo poo about this thing that's why they're not buying it."

---

Shark Tank investor Daniel Lubetzky made an offer to Float N’ Grill founders

Initially, the Shark Tank investors were curious about the product and liked the overall idea. However, when the founders told them how much sales they had made, sharks including Kevin O'Leary were disappointed as they had more expectations. The founders emphasized that they had a strong belief in their product and were looking to seek guidance to scale their business.

They mentioned that their product had gone viral in 2018 and knew that their business idea was innovative. However, sharks disagreed after it was revealed that Float 'N' Grill's total lifetime sales were $19,000. The grill cost $229 and $126.88 to make. O'Leary called out the founders, he said:

"The sand bar community has rejected you. All I know is nobody is using this in the sandbar."

According to the Shark Tank investor, the million-dollar valuation didn't make much sense with the small amount of sales their business had. O'Leary concluded that no one cared about buying Float 'N' Grill which is why the products weren't selling. He continued:

"I just want to step on one thing for a second because it's important. You want twenty percent that imputed and I'm trying to be serious a million-dollar valuation with basically no one in the sandbar community gives a poo poo about this thing."

Despite O'Leary's criticism, the founders managed to receive an offer from guest shark, Daniel Lubetzky, who was impressed by the patents. Daniel offered $200,000 offer 50% of the company, to which Mikey countered with a $100,000 loan, with a 7% interest rate, alongside a $100,000 investment, for 20% equity, as well as a $2 per unit royalty until the loan is paid back.

Upon hearing this counteroffer, Shark Tank investor O'leary said:

"At $2 a unit he will die of old age before he gets his loan back. Guys don't let this opportunity float away."

After back-and-forth negotiations, Float 'N' Grill founders agreed to Daniel's offer of $100,000 for 22.5% equity alongside a $100,000 loan at 7% interest and a 50% licensing deal.

As of 2023, there has been no update about the business on their social media accounts or the website. It was revealed that Float 'N' Grill is no longer in business, but the Shark Tank deal helped it grow. Both the founders even appeared on shows such as The Guy Gordon Show, and the Today Show to market their products.

---

All episodes of Shark Tank are available to watch on ABC.