“Walk away from both deals": When Shark Tank investor Barbara shared an important advice with Little Burros founders

On Shark Tank Season 11 Episode 21, Little Burros founders Mollie and Bob Thorsen appeared on the show seeking $250,000 for 10% equity. Their goal was to introduce more gardening tools and build a brand name. The founders shared that they had invested $1 million in their business and also had utility and design patents.

Mollie mentioned that Little Burros was available at Target, Menards, Duluth Trading Co., Ace Hardware, and True Value. The founders told the Sharks that they had been selling 2,500 units per month and would be able to make $400,000. Shark Tank investors Kevin and Lori gave them two separate offers but Barbara advised the founders to not take them, she said:

"May I give you some unbiased advice? I'm going to give them advice to walk away from both deals."

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Shark Tank investor Barbara explained why she wanted Little Burros founders not to take a royalty deal

The Shark Tank investors were impressed by the father-daughter duo when they got to know about the sales and that they had invested $1 million in the business. The founders also shared that they already had multiple patents for their product. Barbara, alongside Daymond John, backed out from placing an offer as they could not "relate" to the product. Mark Cuban also said he wasn't interested in gardening but praised the founders for their sales.

Shark Tank investor Barbara explained that she was used to gardening often but didn't feel the necessity to own a wheelbarrow. She said:

"I'm having a hard time though because I have been gardening my whole life but I never thought to buy a wheelbarrow honest to God what I do is I just take a bucket and I fill it with soil and I jam all my instruments in it and I carry it around. "

Corcoran continued, sharing the main reason she backed out from placing an offer:

"I think your sales are remarkable but for me, I just can't imagine using it therefore I can't really relate to it myself and so for that reason only I am out."

Then, Kevin placed a $250,000 offer with a royalty of $7/unit until he made $500,000 and 7% equity. After that, Lori gave her offer as well, she was ready to give $250,000 as a loan, with a $5/unit royalty until the loan was paid back, along with 3% equity and 6% interest. Upon hearing these two offers, Shark Tank investor Barbara advised both the founders to not take those "greedy offers," she said:

"What a nice guy. Both greedy offers. I'll tell you why, you already put your million dollars in, you already did the heavy lifting, you're already getting traction within the stores, it's like you climb this huge hill a painful hill you cam over the top and it's getting easy and then you're going to let these guys run up to you."

According to Barbara, the difficult part of the business was already handled by the founders, hence agreeing to a royalty deal wasn't in their best interest. Bob and Mollie Thorsen decided to walk away, stating a royalty deal wasn't what they were looking for. As of 2023, the business had made over $1 million in sales.

Shark Tank is available to stream on ABC.