Sunday, October 2, 2022

“Shark Tank” Season 14: Barbara Corcoran promises the founders of Oogiebear to return half of the shares as part of the deal

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Shark Barbara Corcoran has struck a shocking deal with Robert Herjavec, promising to increase sales in two years or give back their shares

LOS ANGELES, CALIFORNIA: What Happens When a Shark Investor Offers You a Deal That Exceeds Your Expectations? For starters, take it and realize your ambition to be number one in the market.

Shark Tank Season 14 returned with a bang, making history in front of a live studio audience. When Sina and Nina Farzin, a couple from Potomac, Maryland, launched their product, they knew they had something to offer not only for the sharks, but for the crowd who might be able to convince them. The couple were looking for $400,000 for a 5% stake in their company, Oogiebear, a simple solution to a difficult problem to solve. The couple revealed how they struggled with their babies’ booger issues, which led to their invention.

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As interested as the Sharks were in the “family of smart baby products,” they were even more so when they learned the products cost only $2 to $4 to make, but sell for $12.99 to $24.99. dollars was sold. The margin piqued every investor’s curiosity about the deal. Shark Kevin O’Leary, who was more interested in the numbers than booger talk, was stunned when he learned of Oogiebear’s lifetime sales. Nina reports that since 2015 they have sold over a million units with combined sales of more than $15 million. They project a profit of $1 million in 2022. Oogiebear’s revenue for the year is expected to be $5.4 million.

Kevin was the first to bid, bidding $400,000 for 10% stock and no royalties. While Shark Daymond John was blown away by the numbers, he looked up given his lack of expertise in the field. With a utility and design patent, Oogiebear is defeating the copycat companies by selling its items at Buy Buy Baby, Walmart, and other retailers, but what they’re most excited about is the Sharks’ support to make it big online. In response to Shark Mark Cuban’s question, Nina states that they sell around 76% of their items online through sites like Amazon. They now hunt sharks to diversify their revenue. Lori Greiner, intrigued by Oogiebear’s line of products, offers $400,000 for 10% off, but wants Mark to join her in the deal. Mark, who already has interests in other baby products companies, stated that he would be willing to invest in Oogiebear alongside Lori for a 12% stake. Kevin pushes his offer further and advises the couple not to give up more of their equity.

Shark Barbara Corcoran, who Nina has had her eye on since the beginning, informs the entrepreneurs that she has previously made companies with nothing that make $400 million in sales in two years because she understands how to do marketing and that she can work wonders for Oogiebear. As a result, she makes an offer of $400,000 for 10%, but promises to increase those numbers or give them half their shares back! Nina reminds the Sharks that they would be the first investors in the company because she started it with just $22,000 out of her own pocket. Knowing how much that is in Barbara’s wheelhouse, Hai Robert Herjavec wanted to get in on the action too. He told the couple he would help them market the product and get the sales they needed. He also says he will refund them if they don’t keep their promises.

With three deals at stake, Mark tries to sweeten the deal by telling them he’s so sure of his deal that he doesn’t have to promise them their money back. With the Sharks arguing, Nina puts his faith in Barbara again, hoping she’ll up the offer to $600,000 so she doesn’t invalidate her own company. Barbara counters with an extra $200,000 in credit, but the couple doesn’t need it! They say they have $1 million in cash and are looking for mentorship from the Sharks. Kevin challenges his offer by lowering his equity claim to 8%, but Nina accepts Barbara’s latest offer of $600,000 for a 10% stake alongside Robert.

Shark Tank season 14 airs every Friday at 8:7c on ABC. Missed an episode? Did you want to catch up? Episodes are also available for next-day viewing on demand and on Hulu. You can also watch old seasons and episodes on Amazon Prime Video and iTunes.

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