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00:00Shark Tank is for anyone who dares to dream.
00:04It's an addicting feeling you crave over and over again.
00:07You will have a mouth-watering feast.
00:10The team, we need your help bringing our innovative products to our customers.
00:13I love that entrepreneurial drive, and I live it every day.
00:17And tonight, Todd Graves, the founder of fast-dining phenomenon, Raising Canes, joins the tank.
00:23Little Mr. Wonderful here saying, do the deal.
00:25And the other guy says, what are you, an idiot?
00:26One of the most innovative things I've seen in my life.
00:28I'm ready to go to the moon.
00:29Bring the sails.
00:30Now you're the Sharks.
00:39First in the tank is a business with all the ingredients for a good time.
00:52Hi, Sharks.
00:53My name is Danielle Mann, and I'm from Topsail Island, North Carolina.
00:57And I am here today seeking $350,000 for an 8% stake in my company, Topsail Steamer.
01:04Sharks, think about that feeling that you get when you're sharing a meal with friends and family on vacation.
01:11The stories, the laughs, just enjoying great food together and having extra time around the table.
01:18I'm originally from New Jersey, and some of my favorite memories are going down the shore with friends and family and eating steamed seafood.
01:26We would roll the brown paper out on the table, dump the food, pick the crabs, peel the shrimp, and just have so much fun doing it.
01:34Well, with Topsail Steamer, you don't need to be on vacation, and you don't need to be at the beach to get that same experience.
01:40We offer our signature bay buckets in single-use pots, jam-packed with a variety of fresh seafood, andouille sausage, sweet corn, red bliss potatoes, and our proprietary homemade seasoning for you to take home and steam and eat.
01:58Now, cooking seafood might feel a little daunting to some, but we make it so simple with our bay buckets.
02:06You just add two cups of water, or beer if you like, to steam at home, at the beach, tailgate, campground, with our easy instructions, wherever you have a burner or a stovetop.
02:17And in 40 minutes, you will have a mouth-watering seafood feast to enjoy, just like this one.
02:27Oh, yeah.
02:27Oh, yeah.
02:28Look at that boil.
02:29Oh, yeah.
02:30Oh, yeah.
02:31So, Sharks, who's ready to dig in, get your hands a little dirty, and steam up a great growth investment with Topsail Steamer?
02:39Let's eat.
02:40Wow, man.
02:40Can you have some?
02:41So, right in front of you here, you have one of our most popular buckets.
02:45It's called the Wrightsville, but we've added a little lobster in there for you today with our Jimmy's Whey seasoning.
02:51Jimmy's Whey seasoning.
02:52Jimmy's Whey.
02:52Jimmy's my son.
02:53So, I just tried the sausage delicious.
02:56Andouille sausage, we call it in Louisiana.
02:58Andouille sausage.
02:59Andouille sausage.
03:00You know, we do crawfish boils down there.
03:01Yes.
03:02So, in front of us looks like a jalapeno cornbread?
03:05Yes.
03:05There are shrimp, crab, corn, potatoes, clams.
03:12Ham, ham, ham, ham, ham.
03:14Andouille sausage.
03:16Now, does all of that come to me frozen in the bucket with the spices?
03:21So, we have brick-and-mortar stores, and we ship.
03:24Okay.
03:25The way the menu works is there's seven signature pots, and they all come in the two sizes.
03:28And they really vary, and the way they differ is by their combination of ingredients, but you also can build your own.
03:34The average order price is $177.
03:36And what does it cost you to make it?
03:38We have a total cost of goods sold of 40%.
03:41How many brick-and-mortars do you have?
03:43We have eight.
03:44All in the same geographic region?
03:46No, New Jersey through Florida, but all on the East Coast.
03:48What are your sales?
03:49Last year, we did $4.5 million.
03:51This year, we'll do $5.7 million.
03:52Ooh, wow.
03:53Per restaurant is what?
03:54Our AUV for our full-time restaurants is $987.
03:58But then we also have many seasonal restaurants, so our seasonal, about four months open, is about $450.
04:03How many square feet per restaurant?
04:05Sweet spots, 700 to 800 square feet.
04:07We don't cook anything.
04:08Small, it's just to go.
04:10Right, so we don't cook anything.
04:10Is that a good per square foot?
04:12It's a good thing, especially for this concept, too.
04:14That per square foot is great sales.
04:16What does your food cost?
04:17Our food cost is 28%.
04:19That's good for seafood.
04:20What's your labor?
04:21About 17% with full-time medicine.
04:23Oh, man, your prime costs are good.
04:24Currently, our online sales are through Gold Belly.
04:27There's two models here, right?
04:28So one is a brick-and-mortar, and then the second is this mail home, cook it yourself, steam it yourself in the kitchen, which is a lot of fun.
04:35But it's expensive.
04:35Which way are you growing, and are you growing the same parallel?
04:40We're growing the franchise system.
04:41We feel like our total addressable market here is 400 units right by the time we get to it.
04:45400 units brick-and-mortar, got it.
04:46Brick-and-mortar, brick-and-mortar.
04:47Let me ask you a question.
04:48Why do you want to franchise?
04:50As I thought about ways for it to grow, it's me.
04:53I run the company myself.
04:54I thought, should I go raise capital?
04:56Do I need to bring investments?
04:57Right now, it's only me.
04:58I haven't brought in.
04:59I haven't given away any equity.
05:00Small business, you're wearing all the hats, you're doing all the jobs.
05:03No, it's just me, and I just love the idea of being able to align myself with other entrepreneurs like me to be able to bring Topsil Steamer and grow the brand.
05:12I got up to seven corporate stores and one franchise.
05:17It's quite impressive.
05:18You have done this all yourself.
05:20It's been an incredible journey.
05:21I mean, I'm a late-in-life entrepreneur.
05:24I was in corporate America in sales for most of my career.
05:27The last 10 years of my sales career was in life science and biotech.
05:30Danielle, you don't look that old.
05:32Yeah, I'm a grandmother.
05:34I have a two-year-old grandson.
05:35Congratulations.
05:36Yeah, yeah.
05:36His name is Bruin.
05:37Tell us your story, how you got into the food business.
05:39Yeah, so I would definitely consider myself someone who always had an entrepreneurial spirit.
05:45My friends and family will tell you, there's a lot of ideas over the years, and this particular one, I mean, I know exactly the moment that it happened.
05:52I was on a girl's trip with my mom and my sisters.
05:54We were at a full-service restaurant.
05:57They were making a low-country boil in the old black-and-white lobster pots.
06:01Customers were coming in, grabbing it, taking it home, and bringing it back.
06:04And for me, that's when the light bulb just went off, and I thought, I think this can be a business all on its own.
06:11That was March of 2016, and I was becoming an empty nester, so it just seemed like the right time to go on that journey.
06:18And one year later, I opened the doors.
06:21There you go.
06:21I love that.
06:22And I love the story.
06:24I love it, too.
06:24Yeah, and you're having great success.
06:26I started off just like you, thinking I needed to franchise, so let me tell you why I think you'll have trouble with franchising.
06:34Franchisees will never run restaurants or business as well as the founders do.
06:39Amen.
06:39Okay, you can get them excited about it, but they will not execute the same.
06:44Raising canes is worth four times as much being a company-owned model than it is being a franchise model.
06:50So, manager at one of your restaurants, what do they make?
06:53$55,000 to $60,000.
06:54$55,000 to $60,000.
06:54We need to get that up to six figures.
06:56You get that up to $100,000, and we can help you raise sales to do that.
06:59Once they can make a six-figure income, that's your partner, not your franchisee.
07:03That's your partner.
07:03They're going to work even harder, get more sales, be a representative of you.
07:07Can I ask you a couple of questions?
07:09I got one question.
07:09The reason I want to hear this from Todd is because this is the number one business that people go into, which is restaurants.
07:15And it's the number one business people fail at at a very high level.
07:18So, I would love to get a little bit of education on what are we looking at here from a numbers perspective.
07:24So, to be successful in the restaurant business, you have to have that craveable product, right?
07:27You have to have it to where people want to come back and back.
07:30And then you have to make the numbers work because they're very tight, right?
07:32And so, your prime cost, food and labor, need to be under 60%, right?
07:3755, you're starting to make money at that 55.
07:40Her numbers are solid.
07:41Products are great.
07:42I love it.
07:42But products can be copied.
07:44Somebody could be watching this show right now and say, hey, I can do that.
07:47But you can't copy a founder's passion.
07:52And that's really what I'm betting on.
07:53And so, look, I'm going to make you an offer.
07:55You said $350 for 8%.
07:57Look, I'm just going to come out, keep it saying $350 for 20%.
08:00Ouch.
08:02All sharks are still in, and Todd is interested in Danielle's seafood boil kit business, Topsail
08:20Steamer.
08:21You said $350 for 8%.
08:24Look, I'm just going to come out, keep it saying $350 for 20%.
08:27I don't know what you think of that.
08:33That's a little shellfish.
08:34But look, he's a shark now.
08:36Yeah, yeah.
08:37So, I think this is very cool.
08:39I think it's very fun.
08:40I'm a foodie.
08:42I would like to see if you possibly would entertain having a partner come in with you.
08:48Uh-oh.
08:49Because I would love to join you for a very strong reason.
08:53You're a genius in the area I don't know, which is all the restaurant and how to make
08:58this, blow this up in that route.
09:00But I think you have another phenomenal route, which is D2C, giftable, seasonal.
09:07Like, I did a deal with Bordery, which I don't know if you know it, but it was a cheese and
09:12charcuterie board.
09:13And in 18 months, we've done $50 million in sales.
09:16Wow.
09:17The combination's magic, right?
09:19Oh, I think it's magic.
09:20I would love to partner with you on this.
09:23What do you want to offer?
09:24What would you like to do?
09:26Because you offered $350 for 20%.
09:28I'd go in on that deal if you'd entertain it, and then we'd each get 10%.
09:34What do you think of that?
09:35I am fine with that.
09:36Yeah, I wouldn't want to take any more of your equity, but I think you're getting two
09:39sharks here, and we'll have some great synergies.
09:42Powerhouse.
09:43Powerhouse.
09:43Wow.
09:44Let's go.
09:45I just love the idea of both, too.
09:47I mean, I think you guys have the exact right experience for it, too.
09:52It's a little higher than I had anticipated.
09:54It always is.
09:55It always is.
09:56So I'll ask, would you consider $350 for 16%?
10:03Well, you know, here's the thing.
10:06We're going to take you to the moon, like, fast.
10:09I'm ready to go to the moon.
10:11So that's a nice way of saying no to your counter.
10:13She's saying no.
10:1420?
10:15No, Danielle, I think you're getting both of us, right?
10:16We're both doing just 10% equity in this deal.
10:21How about 18%?
10:22We got a deal.
10:23I'd do that deal.
10:26We have a deal.
10:28All right.
10:29Let's go.
10:31My first Shark Tank deal.
10:32Oh, dear.
10:33My, too.
10:36Awesome.
10:37Yours, too, Ray.
10:38Yay.
10:38Thank you so much.
10:39I'm so excited.
10:40Oh, so excited.
10:42Yes.
10:42Yes.
10:44Oh, my gosh.
10:45Thank you so much.
10:46I think you're going to do well.
10:49I think you're going to do well.
10:50I'll take a bucket.
10:50Yes, yes.
10:51It was delicious.
10:52Congratulations.
10:54Thank you so much.
10:55Fantastic.
10:55Oh, my gosh.
10:56I am so excited to have Todd and Lori as sharks on board.
11:01Oh, my gosh.
11:02To think that we went from one store in 2017 and an idea on Topsail Island to Shark Tank
11:07here and two sharks is just unbelievable.
11:14I'm Todd Graves, founder, CEO, fry cook, and cashier of Raisin Cane's Chicken Fingers from
11:20Baton Rouge, Louisiana.
11:21I grew up in my mother's kitchen, and that's where I fell in love with food.
11:24It was time that we could spend together to create a great meal to show our families and
11:28our friends that we love them.
11:30That was a big reason why I went into the food business.
11:32It was really my expression of love to people.
11:35It was very obvious for me when I was coming to graduate college that I'm like, I want to
11:40start my own restaurant.
11:41During my senior year of college, homeless chicken was getting really popular.
11:45Everywhere from large chains to moms and pops, it became a really big venue item, and
11:49I saw this trend going.
11:50So I had a good friend that was enrolled in a business planning class, and we spent that
11:54semester writing the business plan for Raisin Cane's.
11:57Turns out, the business plan gets the worst grade in the class.
12:00The professor said having a restaurant in South Louisiana only serving chicken finger meals
12:04will never work.
12:05But I'm a typical entrepreneur.
12:06You tell me I can't do something, I'm going to prove it to you that I can.
12:10I knew I needed to raise money myself for my dream, and I had a friend that was working
12:14as a bowler maker in a bowl refinery, and he told me he was making all kind of money
12:19because they were working over 90 hours a week.
12:21And he got me a job.
12:22One of those bowler makers was named Wild Bill Tolar.
12:25And Wild Bill told me, if you want to make some real money, you need to come up to Knack
12:29Neck, Alaska, and fish for sockeye salmon in Bristol Bay.
12:32During the peak of the season, we worked 20-hour days.
12:35Those two weeks, captains were making their income for the whole year.
12:39Commercial fishing in Alaska is a dangerous occupation.
12:42People were thrown out with the nets and drowned.
12:45People would hit their head, and they had brain damage.
12:47And I didn't even think about the danger at all.
12:49I had this fanatical vision to open raising canes, and nothing was going to stop me.
12:55So I reached my goal of hitting $50,000, head back to Baton Rouge, and I was actually
13:00able to talk a small group of investors into investing in me.
13:03I found an old, dilapidated building at the North Gates of LSU.
13:07Within the first two weeks, we became a really slammed restaurant.
13:10We have LSU game days.
13:12The business doesn't stop all day.
13:14Fast forward to Raising Cane's today, having over 800 locations, over 60,000 crew members.
13:21Today, Raising Cane's has done over $24 billion in sales.
13:26Being able to give back hundreds of millions of dollars to the communities we do business
13:30in, this is the dream.
13:31This is the American dream.
13:32Guys, this is shaping up to be one of our best years yet.
13:36I know how hard it is to start a business.
13:38I've lived it.
13:39I know what it feels like when people don't believe you.
13:41I've made so many mistakes, but I've learned from them, and I can help entrepreneurs along
13:45their journey to not make those same mistakes.
13:47I love Shark Tank's impact on the community.
13:50Growing business people like myself learn things from the show.
13:52That's what I really love is those teachable moments, learning from these amazing business
13:57minds about what makes business successful.
13:59Next into the tank is a special version of a favorite fried food.
14:18Hey, Sharks.
14:26We're Cynthia and John David, the wife and husband team behind Life Raft.
14:30Sharks, we're seeking a $250,000 investment for 5% equity in our company.
14:36Now, Todd, I know your fried chicken is amazing, but I have to tell you, we are the experts
14:46in fried chicken.
14:47Uh-oh.
14:47We're going to have a chicken off here.
14:49That's right, y'all.
14:51We make the most mouth-watering, crispiest, crunchiest, super bestest fried chicken in the
14:59world.
14:59Don't believe us?
15:04Taste for yourselves.
15:06Let's see.
15:06All right.
15:07I'll be the judge of this.
15:12Let's see here.
15:13I can't cut it.
15:16All right.
15:17It's frozen solid.
15:18It's frozen.
15:19That's a little bit different than the chicken I've had before.
15:30It's not bad.
15:30Let's see.
15:32Sharks, y'all have probably figured out by now that our fried chicken is actually ice
15:37cream.
15:38Oh, my God.
15:38Bring in the treats.
15:40Fried chicken ice cream.
15:42Oh, my God.
15:42Okay, that's just crazy.
15:44That's right.
15:44This is crazy.
15:45These ice cream treats are what we call not fried chicken.
15:50It's really good.
15:51It's really delicious.
15:52Sharks, in front of you, you have samples of our signature nine-piece chicken bucket and
15:58also our retail packaging.
16:00To make our not fried chicken ice cream, we take waffle ice cream, insert a chocolate
16:06pretzel bone, dip it in caramelized white chocolate, and roll it in cornflakes.
16:11I can't believe it's not chicken.
16:12Honestly, I thought it was, and it's just frozen.
16:15So, do you do other things as well?
16:18Yes.
16:18That is our dairy-free peach bomb, and then we also make...
16:22So, that's ice cream as well?
16:23It's peach sorbet.
16:24So, it's dairy-free for our dairy-free friends.
16:27Those are our not dogs.
16:28Holy crap.
16:29That's ice cream.
16:30It's totally all ice cream.
16:31The bun is mint chocolate chip ice cream.
16:33Really?
16:33And the hot dogs are chocolate ice cream.
16:34This is so healthy.
16:36Oh, my gosh.
16:37What else?
16:38Let's see.
16:38That's our Father's Day dinner.
16:40All that's ice cream?
16:41It's all ice cream.
16:42It's really clever.
16:43Not the tray, but are we going to see that other stuff out here?
16:46Today, we're really focused on the chicken because it's really our hero product.
16:51So, how and where do you sell these?
16:52We sell them in about 500 retail locations across the country.
16:57In the frozen goods section, obviously.
16:59Predominantly in the frozen goods section.
17:00Yes, sir.
17:01You doing anything direct-to-consumer with dry ice?
17:03The bucket we ship direct-to-consumer.
17:04How much is a bucket?
17:06The buckets are $109, and that's delivered.
17:09What are your sales?
17:11Last year, we did $1.2 million in sales.
17:14You making any money on that?
17:15We made about 5% net operating income on that.
17:20This year, we've sold $750,000 a year to date.
17:24We're going to hit $1.7 this year.
17:26Tell us about yourselves and how you got to this business.
17:31Well, the first thing you should know about me is that I'm the child of immigrants.
17:34You know, when they came here, it was the 70s, 80s.
17:37It was not a fun time to be an Asian immigrant in the Deep South.
17:42Where I was born in Charleston, at that time, the home they were living in,
17:45someone burned a cross in their front yard one night.
17:48Wow.
17:49And that didn't deter them.
17:50They gave us everything that we needed to make for ourselves.
17:54And that was the other thing that my parents gave me.
17:57Everything that I wanted, I had to work for.
18:01And not just work for, but work twice as hard, be twice as good.
18:05You know, I was a pastry chef in top-tier restaurants for years.
18:10Asian women in a male-dominated industry.
18:12And I didn't just hold my own.
18:14I was nominated for a James Beard Award at every single restaurant.
18:17I love it.
18:18Wow.
18:19So, my parents gave me that.
18:21They gave me my toughness and my grit.
18:22And being an entrepreneur is not for the faint of heart.
18:25But I love the grind.
18:27If someone tells me I can't do something,
18:29it's like waving a steak in front of a wild animal's face.
18:31I love to chew.
18:35I love it.
18:36So, tell us about you.
18:37After graduating the University of Georgia,
18:40go Dawgs!
18:41Go Dawgs!
18:42I earned my MBA, launched a career in retail.
18:46I worked for a large nationwide specialty grocer
18:50for about 10 years buying cheese and wine.
18:53How'd y'all come up with the name Life Raphs?
18:55Well, I was a pastry chef.
18:57Instead of spending 70 to 80 hours a week
18:59working for somebody else for their dream,
19:01I need to spend that time and energy on my dream.
19:06And so, in my mind, while I was still working,
19:09I built myself a life raft.
19:11And I was going to get on that raft.
19:12That's cool.
19:13That's cool.
19:13I was going to get my little family on there.
19:14We're going to paddle away.
19:16Something better than, you know.
19:17It looks like it worked out.
19:19I want to ask you about where this is placed in Frozen Goods.
19:21Are you paying to play for slotting in most stores?
19:25We haven't paid to play yet.
19:26But you're not in any major big boxes, right?
19:29We're in Mariano's in the Midwest,
19:31and we're in Central Market in Texas.
19:34And do you know what it's costing you to acquire a customer,
19:36your customer acquisition costs on the direct business?
19:39We don't because we work through a third party,
19:42and so we haven't spent any money on marketing.
19:44But they're taking 20% for that, right?
19:46Right.
19:46So part of what we want to do with this money
19:49is take the DTC in-house and revamp our website
19:53so that we're working that side of the business.
19:56Guys, look, what you've accomplished is amazing.
19:59I just don't like frozen foods.
20:02It's just an impossible business
20:03unless you really, really, really know it well,
20:05and I don't.
20:06So for those reasons, I'm out.
20:08But congrats.
20:09I mean, it's phenomenal.
20:11Thank you very much.
20:12Thank you, Mark.
20:12I don't know where I can add much value in frozen food.
20:16Can I help you with the DTC?
20:18Sure.
20:18But I just think there's more qualified sharks up here
20:22who love wine and cheese and various other things like that.
20:25So I love it.
20:26One of the most innovative things I've seen in my life.
20:29But I'm out.
20:30Okay.
20:31Well, thanks, Damon.
20:31I have entrepreneur in the refrigerated section,
20:36frozen farmer.
20:37We do ice creams and sorbets.
20:39I think you're kind of competitive with what we're doing there.
20:42So I'm going to take myself out.
20:45But I do wish you good luck,
20:46and I'll definitely be a customer.
20:49Thank you, Lori.
20:49Guys, I'm trying to figure where this fits into my portfolio.
20:53You got a great idea here,
20:55but you haven't blown it up.
20:58Every once in a while,
20:58there's a deal where this little Mr. Wonderful here
21:00saying, do the deal, do the deal.
21:02And the other guy says, what, are you an idiot?
21:04Like, it's sort of, that's where I'm at again.
21:06Well, if I can, if I can just add something here.
21:08We have spent no money on marketing whatsoever.
21:10This is all completely organic.
21:12That's the, listen, that's not good
21:13because I don't know what the metrics are.
21:15I love it, but it's, it's not deep fried enough yet
21:18to really invest in.
21:20That's the problem.
21:21I'm sorry, guys.
21:22I'm out.
21:23Okay.
21:28Are you going to do a deal?
21:31Guys, I love the story,
21:33and I love that entrepreneurial drive, right?
21:35And like you said,
21:35waving a piece of meat in front of a wild animal.
21:38You know, it's like when everybody told me
21:40that Raisin Cane's would never work.
21:42Serving just chicken finger meals,
21:43it won't work, right?
21:44Turned down about every bag.
21:46I was like, I'm going to show you.
21:48It's a fantastic product.
21:50And I think you're going to be very successful.
21:51I'm not into the frozen foods.
21:54It's, you know, Raisin Cane's is fresh chicken.
21:56This can't be on dessert.
21:57This doesn't work in your system.
21:59Here's the thing.
21:59So focusing on what you're good at, right?
22:01And so I've served the same menu for 28 years
22:04at Raisin Cane's.
22:05I've never changed anything with it because it's stuck.
22:07And that includes adding a dessert.
22:09So knowing what you're good at,
22:11not trying to be all things to all people.
22:13100%.
22:13Really makes you successful.
22:16But because of that, I am out.
22:20Thank you, guys.
22:20Wish you guys the best.
22:21Great product.
22:23Great product.
22:23You're going to do great.
22:26It would have been really fun
22:29if Todd had made us an offer.
22:31It would have been really great.
22:32But I also have so much respect for him
22:34and respect for the fact that he said,
22:36stick with one thing.
22:37That's my advice for you to stick with one thing.
22:39And so that's what we're going to do.
22:40I finished the whole bucket of the chicken.
22:41Oh, my God.
22:43Mark.
22:43Mark, can I offer you another one?
22:45Oh, no.
22:46No.
22:46No.
22:46No.
22:47No.
22:47No.
22:47No.
22:48No.
22:48No.
22:48No.
22:49No.
22:49No.
22:49No.
22:50No.
22:50No.
22:51No.
22:51No.
22:52No.
22:52No.
22:53No.
22:53No.
22:54No.
22:54No.
22:55No.
22:56No.
22:58Next up is a solution
22:59for a common hassle with outdoor gear.
23:10Hey, Sharks.
23:11I'm Zach.
23:12And I'm Steven.
23:13And we're seeking $300,000
23:14for 7.5% stake in our company, Rigstrips.
23:18Sharks, we both love to ski.
23:20We've been doing it since we've been kids,
23:22and I'm usually the one driving us to the mountain.
23:24After a great day of skiing,
23:25we're tired, and all we want to do is get in the car
23:28and drive home.
23:29Typically, you're getting back to your car.
23:31You have your skis in one hand and poles in the other.
23:33But wait, I've got to unlock the car door real quick.
23:36I have to lean these somewhere.
23:37Whoa, whoa, Zach, come on again.
23:40You always lean those sharp edges against my car
23:43and let them crash to the ground, leaving behind a huge scratch.
23:46Well, Sharks, we knew there had to be a better way.
23:49And that's why we created Snowstrip.
23:52No more scratching your paint with ski or snowboard edges.
23:56And no more throwing your skis or snowboards on the ground.
23:59Our Snowstrip has a patented design
24:01that applies magnetically to the outside of your vehicle.
24:04So you can lean your skis or snowboard worry-free.
24:08Now, let's fast forward to the summertime.
24:12We've got you covered on those fishing trips
24:13with the Sunstrip.
24:16No more scratches to your paint
24:19from your expensive falling rods.
24:21And no more snapping them
24:22and closing doors or tailgates.
24:24Sharks, we've saved a ton of outdoor gear
24:27and vehicles from getting scratched.
24:29But we need your help
24:30bringing our innovative products to our customers.
24:32So who's ready to hop on board
24:33for the ride of a lifetime
24:34as we make every adventure stress-free
24:36one epic day outside at a time?
24:39Sharks, you should have a sample
24:40of both the Sunstrip and the Snowstrip in front of you.
24:43Please take a look.
24:44So is this magnetic?
24:46How does this adhere?
24:47And then is there also,
24:48if I peel this off, there's sticky backing?
24:50So we have a magnetic one and an adhesive one.
24:53Our magnetic one is great for 90% of cars
24:56because they're magnetic.
24:57We also have an adhesive one
24:59because 10% of cars are aluminum.
25:01You know, really very clever.
25:02I mean, it's just the simplest little thing,
25:04but it's a pain point.
25:06What made you think of this?
25:08Yeah, so that exact thing
25:09actually happened to us in 2019.
25:11We were skiing in Colorado
25:12and later that year we were sitting at a bar
25:14and I was talking to Stephen
25:16about this idea I had
25:17for some kind of like a bumper sticker
25:18or something that could solve this problem.
25:21I ended up drawing it on the back of her seat
25:22at that bar, still have it with me.
25:24And then we ended up launching
25:26with the adhesive version,
25:28got immediate feedback from our customers
25:30that they wanted a magnetic version.
25:31So listened to them,
25:32really took off from there.
25:33And then a couple of years later,
25:35we heard more feedback saying,
25:37hey, you should make one for rods.
25:38So we've just been listening
25:39to our customers really
25:40and growing ever since.
25:41Yeah, so I'm both a skier
25:43and a fisherman
25:44and I see the need for this.
25:46Yeah, absolutely.
25:46I do both
25:47and have the same problem every time.
25:49And you're laying up against the side,
25:50they fall,
25:51sometimes you get rods broken,
25:52they're not cheap.
25:53And so I definitely see the need.
25:54Who else is doing this?
25:56So on the snow strip side,
25:57we really don't have
25:58any direct competitors
25:58on the sun strip for the rods.
26:01We do see a couple competitors on Amazon,
26:02but we're really
26:04the main name brand in the space.
26:05So to date,
26:07we've sold over 60,000 units.
26:09Wow.
26:09So what do they cost to make
26:10and what are you selling them for?
26:11So landed,
26:12the snow strip is $8.50
26:14and the sun strip is $7.
26:16We also handle shipping
26:18for our customers,
26:19which is around $8.50.
26:21We sell them for $50.
26:22So give us the whole breakdown
26:23on total sales,
26:24all that kind of stuff.
26:25Yeah, so we've done
26:26$3 million in sales.
26:28Woo!
26:29Hello.
26:29Wow.
26:30Not bad for a bar idea, huh?
26:32Pretty good bar idea, Mark.
26:33How many years?
26:34Over what period of time?
26:35Since 2020.
26:35And then more than half of that
26:36was actually last year,
26:37so we have that exponential growth.
26:38Yeah.
26:38What about this year?
26:39What are you going to do?
26:40We're planning on doing
26:41$2.7 million this year.
26:43And you're just doing paid social?
26:45The only thing we've done to date
26:46is meta ads.
26:48And so one of the reasons
26:49we think we can really hit
26:50that $2.7 million goal this year
26:52is by expanding our marketing
26:53into other, you know,
26:55D2C marketing opportunities.
26:57So you know your
26:57customer acquisition costs?
26:59It's $10.
27:00Something that's important to note
27:01is 62% of our sales
27:03happen in November and December.
27:05Really?
27:05Huge stocking stuffer.
27:07So it's the gift idea.
27:08It's a big gift idea.
27:10Has it changed your life yet?
27:11Have you made any money?
27:12Yeah.
27:12So from a profit perspective,
27:14our EBITDA last year
27:15was $450,000.
27:17That's damn good.
27:18Wow.
27:19Is it protected?
27:20Do you have patent on these?
27:21So we do have design patents
27:22on both the sunstrip
27:23and the snowstrip
27:24as well as the trademarks.
27:25We really think
27:26that our main barrier right now
27:27is just our brand name
27:29and recognition.
27:30Look, I see it more
27:31as a product than a company, right?
27:33And plus, I'm not
27:34the outdoorsy type,
27:35so it's not a fit for me,
27:36so for those reasons, I'm out.
27:38Thanks, Mark.
27:38All good.
27:39Thanks, Mark.
27:39Appreciate it.
27:40The $300,000
27:41scares me away.
27:42I mean, your valuation
27:43at $4.6,
27:44a little rich.
27:45$300,000 is a chunk of change.
27:47You know, it takes me a while
27:48to make $300,000,
27:49and I cry like a baby
27:50when I lose it,
27:51but I'm not saying
27:52I would with you.
27:53It's just,
27:54it's too much effort
27:55to squeeze you
27:56like teenage pimples
27:57to get what I want.
27:58Ew.
27:58So I'm gonna pass.
27:59I'm out.
28:01So what are you looking for
28:02in a shark,
28:03and what are you gonna do
28:03with the $300,000?
28:05Honestly, what we really
28:06are looking for from a shark
28:07is helping us
28:08with our marketing strategies.
28:10We want to focus
28:10on other direct
28:12online routes as well.
28:14The $300,000
28:15is going mostly
28:16to inventory,
28:18but we're gonna need
28:19to make even more product
28:20to hit that $2.7 million
28:21figure later this year
28:23that we're trying to hit.
28:24That also gives us
28:25about $50,000
28:26to play around
28:27with those other
28:28marketing channels.
28:29Well, look,
28:29I'm a user
28:30of a product like this.
28:32I do see the demand here,
28:33and the marketing end,
28:35I'm good at,
28:36and I got a whole team
28:37behind me that does it, right?
28:38So I started off,
28:39the first way I marketed
28:40Raising Cane's,
28:41first location
28:42was making copies
28:43of Kinko's
28:44and put it on
28:44everybody's windshield.
28:46Those cost me
28:46about a half a cent a piece,
28:47right?
28:48Get them out there,
28:49and so I don't like
28:49spending big dollars
28:50on media.
28:51We're really good at it,
28:52and the Cane's
28:52will have a whole team
28:53behind me that can do this.
28:55So you want $300,000
28:56or 7.5% of the company.
28:58I think you're doing great.
28:59I love that $450,000
29:01of EBITDA last year,
29:02but I think your valuation
29:03is a little high.
29:04So what I'll do
29:04is I'll offer you
29:05$300,000
29:06for 20% of the company.
29:10Boom.
29:12Well, that's an offer.
29:13It's better than nothing.
29:14Yeah.
29:15Let's get that excitement up,
29:16boys.
29:16We are very excited
29:17for that offer.
29:19Let's be clear.
29:20We're very excited about it.
29:21It definitely is
29:22a little bit high
29:23for what we were
29:23looking to do.
29:26I think he gave
29:28the right offer.
29:28I do.
29:29$300,000
29:30for 7.5%.
29:32It's just,
29:33I don't know.
29:34It doesn't excite me
29:35enough.
29:37So I wish you good luck,
29:38but for this one,
29:40I'm sorry I'm out.
29:42All good.
29:42Thanks, Larry.
29:43And just to go back
29:44to your offer,
29:46again,
29:46thanks so much for it.
29:47The one,
29:48I think it was
29:481.5 valuation
29:50does seem a little bit
29:50low for us.
29:51We came in with
29:52a $4 million valuation
29:53wondering if we can go
29:54to $300,000
29:56for 10% of the company,
29:57which would be
29:58at a $3 million valuation.
29:59Cool.
30:00How about $300,000
30:01for 15%?
30:03Yeah.
30:04Would you meet us
30:04somewhere in the middle
30:05between there
30:05just so we can
30:06shake your hand right now
30:07and have a great time
30:08running this company together?
30:09As opposed to what?
30:10Shaking it later
30:11after you're at 15%?
30:12He gave you
30:13a good offer.
30:18All right.
30:19Yeah.
30:19Well, let's take it.
30:20Go!
30:23Good job.
30:24Wow.
30:24Awesome, guys.
30:25This is great, man.
30:26Thank you so much.
30:27I believe in y'all.
30:29I love the product.
30:30I love it.
30:30I love your users
30:31and the whole business.
30:32Let's go fishing and skiing.
30:33I'm going to do both of you.
30:34That would be awesome.
30:34You tell me when.
30:35We can fish this summer
30:36or we're going to ski this winter.
30:37We love it.
30:38Great, guys.
30:38Thanks so much.
30:39Thanks, guys.
30:39Great job, guys.
30:40Appreciate it.
30:41Let's go, dude.
30:45So sick.
30:48Wow.
30:48So exciting.
30:49Let's go.
30:50Let's go.
30:50That's exactly what
30:51we were looking for.
30:52It's honestly a little bit
30:53surreal right now.
30:54I can't believe we just
30:55made a deal.
30:56A little bit in shock.
30:56I mean, we really wanted Todd.
30:58We really wanted Todd.
30:59I mean, he's a fisher.
31:00He's a hunter.
31:01Raising canes,
31:01doing one thing really well,
31:03blowing it up.
31:03That's exactly what we need.
31:04Next into the tank
31:16is the backyard version
31:18of a popular sport
31:19that anyone can play.
31:20Hey, sharks.
31:27My name is Tyler.
31:29I am a scratch golfer
31:30and I'm the founder
31:31and CEO of Bucket Golf.
31:33And I am Jenny,
31:34Tyler's younger sister.
31:35I'm a 40 handicap golfer
31:37and I'm the COO of Bucket Golf.
31:40We are seeking $1 million
31:42in exchange for 10%
31:44of our company.
31:45There you go.
31:47One of the best feelings
31:48in the world
31:49is when you get
31:50that pure, buttery contact
31:53and your ball lands
31:54one foot from the pin.
31:56It's an addicting feeling
31:58that you crave to find
31:59over and over again.
32:02Sharks,
32:02I don't know about you,
32:03but I have no idea
32:05what Tyler's talking about.
32:06I only play golf
32:08a couple times a year,
32:09but I love playing
32:10backyard games
32:11with my family and friends.
32:13Now, imagine if you could
32:14take that excitement
32:15of real golf
32:16and combine it
32:17with the ease
32:18of backyard games.
32:20That's why
32:21we created Bucket Golf.
32:23It's a portable
32:23par 3 golf game
32:25you can play anytime,
32:26anywhere,
32:27with anyone.
32:28And the best part is
32:30it never gets old
32:31due to the ability
32:32to custom design
32:33your course
32:34each time you play.
32:36Bucket Golf
32:36takes the entire
32:38game of golf
32:38and packs it down
32:40into that bag
32:41right there.
32:42And we know
32:42that some of you
32:43may not be
32:44the biggest fans
32:45of golf,
32:45but this isn't golf.
32:47This is Bucket Golf.
32:50Sharks,
32:51we've set up
32:51the first ever
32:53golf course
32:53inside the tank.
32:55Who's ready
32:56to tee off
32:57with us?
33:01Oh!
33:02Oh my God,
33:02that was so close!
33:03Lori, Todd,
33:06do you want to
33:06grab a club
33:07and come on up
33:08to the pool number one?
33:09Let's see if I can do it
33:11in these high heels.
33:11I am no scratch golfer.
33:13So the first step
33:14is when you play Bucket Golf
33:15would be to custom design
33:16your course,
33:17which is one of the best
33:17parts of the game.
33:18We already set it up
33:19out here.
33:20Each hole is a par 3,
33:22which means you have
33:22three shots to hit the bucket
33:23in order to get a par.
33:25Hitting any part of the bucket
33:27counts as scoring,
33:28but if you're able
33:29to sink it inside the bucket,
33:30you get to subtract
33:31that stroke off your score.
33:33And then the lowest score
33:35at the end of all the holes
33:35is the winner.
33:36So bottom line,
33:38try to hit the bucket.
33:39Yes, exactly.
33:40Hit the bucket.
33:41Okay.
33:41Lori, do you want to go first?
33:43All right.
33:45Okay.
33:48Oh!
33:49There you go!
33:51You're a hero, Lori!
33:53Unreal.
33:54Wow.
33:54No pressure, Todd.
33:58Oh!
34:01I didn't nicked it, right?
34:02I didn't nicked it.
34:02All right, we'll count it.
34:03We'll take that.
34:04That was fun.
34:04No problem.
34:05I got to tell you,
34:06I don't say I hate golf.
34:08I haven't tried it enough.
34:09I hate the concept of it,
34:10but this,
34:12I can actually see
34:13that I would like it,
34:15that I can say
34:16to my friends and family,
34:17come on over,
34:18we'll play that.
34:19So I love this whole new
34:21kind of concept
34:22or pivot on it.
34:23It makes it fun and easy.
34:25Like, you don't have
34:26to be a good golfer.
34:27You don't have to ever golf.
34:28It's fun.
34:29It's a fun game.
34:29I think we know
34:30how the game works.
34:32I really do.
34:32But I think I'm going
34:33to give you a mullet
34:34on your ass
34:34because you said
34:35one million bucks
34:36for 10%,
34:37imputing a $10 million
34:39valuation.
34:39See how he's so good
34:40at math.
34:41Wait a second.
34:41Well, maybe you sold
34:42$10 million.
34:43Tyler, honey, sweetie,
34:44poopsie, baby,
34:45bring the sales.
34:47When we first started,
34:48I knew absolutely nothing
34:50about, like,
34:51e-commerce business.
34:52And in the first
34:53three years,
34:54I did a whopping
34:55$5,000 in sales.
34:57Yeah.
34:57I couldn't figure it out
34:59whatsoever.
35:00One of the biggest problems
35:01I thought is that
35:02the set that we originally
35:04made is not like
35:05the one you guys
35:05see out here today.
35:06We started with these,
35:07like, this soft,
35:08flexible plastic buckets.
35:10And they were, like,
35:11they were pretty big.
35:11They were more expensive.
35:12It was tough to ship.
35:14And then, I'm not joking,
35:14I was walking
35:15by my roommate's room.
35:16He was throwing
35:17his dirty laundry
35:18into a pop-up laundry hamper.
35:19And it was kind of just,
35:20like, the light bulb went off.
35:21I was like,
35:22I don't know how
35:22I didn't think of this
35:23in three years,
35:23but, like,
35:24pop-up buckets instead
35:25kind of, like,
35:26would fix all the problems
35:27I was having
35:27as far as, like,
35:29the weight,
35:29the shipping,
35:30and everything like that.
35:31And then from there,
35:31it just, like,
35:32kept snowballing,
35:33snowballing, snowballing.
35:34And what year is that?
35:35That was in 2021.
35:37And then 2022,
35:38we did $2.5 million
35:40in sales.
35:42In 2023,
35:43we did $5.9.
35:44And then this year,
35:46we are on track
35:46to do over $12 million.
35:48Good for you.
35:48Yeah, good for you.
35:49How much are you going to make
35:50on the $12 million?
35:52So we are on track
35:53to make somewhere
35:54between 15% to 20%.
35:56How much does it cost you
35:57to make it,
35:57and what do you sell it for?
35:59So our best seller
36:00is our nine-hole bundle.
36:02That we sell for $199,
36:04and landed cost
36:05is $60 for that.
36:07So you're selling these direct.
36:08There's not enough margin
36:09for retail in this.
36:10So we're online sales,
36:11and Amazon,
36:12that covers about, like,
36:1385% of what we do.
36:14So the $199 cost
36:16on your product, right?
36:18How does that compare
36:19with other games like this?
36:20Spike Ball, for example.
36:22A former Shark Tank product.
36:25Great success.
36:26My deal.
36:28It's higher.
36:28Like, I think Spike Ball
36:29sells for around, like,
36:30$75,
36:31but that's their cheapest model.
36:32They have, like,
36:33they have a ton of different models
36:34that go up to, like,
36:35$300.
36:35Do you have any competitors
36:36in the space right now
36:37that are selling similar products?
36:39No, not really.
36:39Because it would be hard
36:40to knock it off.
36:41So, yeah,
36:41we've had a decent amount
36:42of people trying
36:43to knock us off already,
36:45and we do have,
36:45we have a design patent
36:46that's pending
36:47that hopefully when it goes through
36:49we'll be able to stop
36:49almost every one of them.
36:51What do you want
36:51the million bucks for?
36:53What do you need that for?
36:54So what we would use that for
36:56is bolstering up our inventory
36:58because, like,
36:59we have yet to make it
37:00through a busy season
37:01without running out
37:02of some of our best products.
37:04What are you looking for
37:05in a Shark?
37:06What we're looking for
37:07in a Shark
37:08is, like,
37:08the operational side of things
37:10that's been very tough
37:12for us to master
37:13and keep up with, like,
37:14our ability to market and sell.
37:16Like, the last six weeks
37:17we've pretty much had
37:18our entire team
37:19has been in the warehouse
37:20helping packing orders
37:22because, like,
37:22we can't really get it dialed.
37:24So you're saying...
37:24You need a Shark
37:25for logistics.
37:27Look,
37:27if you wanted to blow it up
37:29like a spike ball
37:30who figured out retail, too,
37:31they didn't just do direct.
37:33There's nothing wrong
37:33with what you're doing.
37:34If you actually hit 12 million,
37:36you pull out 2 million bucks
37:37free cash flow.
37:38That's a good business.
37:39What's wrong with that?
37:40But if you want to do
37:41$100 million worth of this,
37:43you're not going to do it that way.
37:44It's going to have to be done
37:45through distributors.
37:46It's a different game.
37:47I mean,
37:47if you are interested
37:48in doing that,
37:49I'll make you an offer.
37:51I'll give you the million bucks.
37:51I want 25%.
37:52And the reason I want that
37:54is the distributor
37:55is going to take a piece.
37:57Well,
37:57they don't take a piece.
37:58What they're going to want
37:59is a percentage
38:00of everything that's sold.
38:00Laura,
38:00you do your deal your way,
38:02I do my deal my way.
38:03Boy,
38:03you're a little frisky.
38:04The way I like to do it is
38:06you don't have enough money
38:07to finance inventory.
38:10That's an offer.
38:10It's a million bucks.
38:11I want 25%.
38:13All right,
38:15so listen,
38:16I like the deal.
38:17I think I can help
38:18grow this thing globally
38:19and you need that type of help.
38:22I'll match Kevin's offer.
38:23I think this could be
38:24$150 million annual company.
38:27That's where this can go.
38:29So that's my offer,
38:30$1 million for 25%.
38:33Same offer.
38:37Look,
38:37I love the two of you.
38:39But I want to be excited
38:40about everything I invest in.
38:42And I'm just not
38:42filling it with this business.
38:44And for that reason,
38:45I'm out.
38:46I think so.
38:47Wish you the best of luck.
38:49So,
38:50I'm going to make you an offer.
38:53I will give you
38:53the million dollars
38:54for 22 and a half percent.
38:56Oh, you're savage.
38:58But,
38:58I want preferred stock.
39:02So,
39:02when you give yourself
39:03distributions,
39:04you give me distribution too.
39:06Okay?
39:08Thank you for your offer.
39:09Are you a little surprised
39:10where these bids are coming in at?
39:11Because,
39:12you know,
39:13you're not worth
39:1410 million bucks.
39:15But...
39:15Well,
39:16you have some offers
39:16on the table.
39:17Three offers.
39:18Mark,
39:18are you still in?
39:18I think...
39:19Mark,
39:19are you still in?
39:29One shark is out.
39:31Tyler and Jenny
39:32have three offers
39:33on the table
39:33for their backyard golf product,
39:36Bucket Golf.
39:36Well,
39:38you have some offers
39:38on the table.
39:39I've got three offers.
39:40Mark,
39:40are you still in?
39:42Yeah,
39:43I'll make you guys an offer.
39:44A million dollars,
39:4515 percent.
39:46It's not really a stipulation,
39:47but when you do distributions,
39:48I get distributions, right?
39:50So,
39:50there's no preferences to you.
39:52A million for straight 15.
39:56He always undercuts us.
39:57He sits and waits
39:58for the last moment.
39:58I just do the math.
39:59What do you say
40:00to that offer?
40:02We love that offer.
40:04Would you go
40:05a million for 12 and a half?
40:09No.
40:10Come on.
40:11I'm going to bring enough value
40:12that it's going to be worthwhile.
40:13Just the fact that I hate golf
40:14and I'm going to do videos
40:16of doing this,
40:17you know,
40:17I mean,
40:18we can do demos
40:19at a PGA event
40:20or whatever.
40:21There's a lot of ways
40:22that we can build visibility.
40:23Well,
40:23I just think there's
40:24a bit of a warning
40:25when someone says,
40:26I hate golf,
40:27but you're selling golf.
40:28This isn't golf.
40:29But this isn't really golf.
40:30I'm going to do this too as well.
40:32Look,
40:32you got four offers
40:34on the table.
40:34What are you guys going to do?
40:46I've seen one of your news
40:48where you do talk about
40:49one of the biggest misses
40:50you had on Shark Tank,
40:51you said,
40:51was spike ball.
40:53Yep.
40:53And not grabbing spike ball.
40:54We truly think that, like,
40:56we are going to be
40:57the golf of spike ball.
40:58I agree.
40:59That's why I made the offer.
41:00And we put so much time
41:01and energy.
41:02You don't have to sell anymore
41:03than four offers.
41:04Is there any way
41:06that you can come down
41:07and meet us in the middle
41:08at 12.5% here
41:10with just, like,
41:11we have everything going.
41:13Like,
41:13our brand is great.
41:14Our customer service is great.
41:15I'm pretty great, too.
41:16Oh, I know.
41:17I'll do that deal.
41:18You put a whole lot
41:18to the table.
41:20I'll do that deal.
41:2212.5%.
41:23I'll do that deal, too.
41:3012.5%.
41:31You suckers.
41:33Now you're the sharks.
41:37Do we have a deal?
41:38All right.
41:41Mark, you got to go.
41:44Well, you saved them
41:452.5%, Laurie.
41:46No, you did, Laurie.
41:47Congratulations.
41:47Thank you so much.
41:48Great job, guys.
41:49Thank you so much.
41:50We're really good.
41:51Thank you, guys.
41:52Thank you, guys.
41:52Bye.
41:53Take care, guys.
41:55Woo!
41:57Yes!
41:58So we chose Mark's offer
42:00over Laurie's
42:00because we felt he had
42:01a little bit more
42:02of a sports background,
42:03which is kind of more
42:03in line with our game.
42:05He is the perfect partner
42:06for us to take this
42:07to a whole new level.
42:08Mark did that to me
42:10not so long ago.
42:10Oh, I knew that's
42:11why you did it.
42:11I knew that's why you did it.
42:12Payback's a pitch, Mark.
42:14Next time on Shark Tank,
42:16Kendra Scott,
42:17founder of billion-dollar
42:18jewelry sensation,
42:19Kendra Scott,
42:20joins the tank.
42:21I love your dare to dream.
42:22You have that tonight.
42:24Chucks, I'm asking
42:25for some serious dough.
42:27How much debt do you have?
42:28We're forecasting
42:29$2.1 million.
42:30Whoa!
42:31What do you need?
42:32I need a little bit of guidance.
42:33If you guys like Kobe,
42:34want to bet on Kobe.
42:35I dared to dream
42:36that it was possible
42:37to have big dreams.
42:38You should dream big.
42:40I don't want a job, okay?
42:41I'm the chef,
42:42Mr. Wonderful.
42:43I just need your money.
42:54We'll be right back in just a minute.
43:16No, no, no.