Cousins Maine Lobster Enters the ‘Shark Tank’
Product - Cousins Maine Lobster
Created By - Jim Tselikis and Sabin Lomac
Seeking - $55K for 5% Equity
These cousins want to capitalize on the food truck craze and are seeking another food truck to add to their mobile food empire. Their specialty is the lobster roll. The sharks tried the food and were positive about it’s taste.
The lobster is transported from Maine to California shipped every day, including the bread. The two cousins have suppliers that are connected via a “family” deal. This concerned Kevin because they valued the company at a million dollars. They had $150K in sales in only two months.
The cousins tried to convince the sharks that they were the only ones that dealt with Maine shippers; they are locked in with the same rates. They price the roll at $13 and it costs $5.85. The truck cost about $65k for the truck , $20k for employees for the truck. They had a general manager, because they didn’t know the trucking industry. Sabin was a successful realtor. They know of two competitors around them.
The sharks thought the evaluation of the company was too large. Daymond forced the cousins to change their offer. The cousins shot a 7 to 8% equity at him, forcing him out. Barbara tried to sell her Marketing aspect. Robert didn’t need to prove himself.
Offers - $55K for 25% stake from Robert, Revised $100K for 25% stake from Robert (pulled offer). $55K for 17% stake from Barbara, revised to 15%
Counter-Offer - 12% stake
Accepted Offer - Barbara
Find the entire ‘Shark Tank’ Recap: Season 4, Episode 6 <here>
Cousins Maine Lobster
Maine lobster sent fresh, straight to California, where it is served 24 hours later…Come meet Jim and Sabin, 2 Cousins with 1 amazing idea.