Next into the tank are Kevin Williams and Glenn Archer of Brush Hero, seeking $500,000 for 10 percent equity.
Brush Hero puts a new spin on a classic cleaning tool. The water-powered, spinning detail brush cleans tires, outdoor furniture and more. According to their website, the self-cleaning brush, which costs $34.99, is “powered by the simplicity of a garden hose” and aims to make cleaning more simple.
The sharks are impressed by their margins and even more so by their sales—$3 million this year. Kevin O’Leary, however, does not like the valuation, which was created with their projection of $12 million for next year in mind. They claim to have no competitors.
Robert Herjavec admits that he’s not a big “cleaning guy” and goes out, followed by Mark Cuban and O’Leary. Daymond John finds the valuation troubling but likes that he could help them. He offers $500,000 for 25 percent. Lori Greiner thinks the brush is “highly demonstrable” and offers $500,000 for 25 percent. They counter Greiner at 20 percent, which she declines. John would not be willing to take the counter either.
While Williams and Archer step out of the tank to discuss the offers, Herjavec informs Greiner and John that there are actually similar products on the market—causing John to go out. Greiner says she’s “freaked out” after they attempt to accept her offer. Greiner then updates her offer to $250,000 as a loan at seven percent and $250,000 for 25 percent equity. The duo ultimately walks away without accepting her offer.
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.
Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.
Would you use Brush Hero? Sound off in the comments section below!
VISIT THE SOURCE ARTICLE
Author: Erica Abbott