Looking back on Shark Tank
First and foremost, we do not regret doing Shark Tank. It was the experience of a lifetime! While watching yourself on TV is a little cringeworthy, we are for the most part happy with how we were portrayed. We would do it all over again in a nanosecond, but...
OF COURSE we have some regrets!
- I wish that I'd stood up to Robert more on the "this is nothing new" stuff. I think we could have been A LOT more aggressive and could have hammered through the point that this really is something different than a cheap flow-through brush. It has TORQUE, dang it! But frankly, I was caught off guard with this attack on our originality, which ended up becoming the through line of our story! We know that it's different but this is the first time that the Sharks had seen it. Had we successfully cleared that up right away, with force, Robert likely wouldn't have eroded Daymond and Lori's interest.
- I wish ALL the Sharks had gotten the chance to try the thing. Notice how we got offers from the only two Sharks who actually used the Brush Hero? To know our product is to love it. As Jen said in our previous blog about going to the Canadian Tire convention, first-time users have a hard time believing that the Brush Hero is NOT electric. It's POWERFUL! I wish there had been a way to get every Shark up there.
- I wasn't really thrilled with the valuation that they were offering before we left the tank (25% for $500k, a $2 MM valuation). In any objective sense, our company is worth quite a bit more than that. Also, we had discussed before filming that 20%/500k ($2.5 MM valuation) would be our limit, so we were already above our max. But it was tempting! Lori was 100% our target Shark and I'm sure she could have helped us take Brush Hero to the next level.
- OK, this is obvious...never leave the tank. And we KNEW that too! TV lights make you do crazy things! It gave them too much time to chew on the idea and rejigger the deal. I almost think that it's a rule of thumb at Shark Tank to punish a company for stepping out with a deal on the table. What we should have done is tried (hard) for a combined deal with Lori and Daymond. That would have been well worth the extra equity above our floor. Lori's deal ($250 debt, $250 equity) left us with a tiny valuation plus debt that we didn't want or need. Still, a big part of me wanted to take it and you could see it on my face. Glenn was the cool head; he kept muttering *no* in my direction until I took the hint and folded. That hurt.
All's well in the end. I'm sure I would have woken up with regrets either way - we didn't walk with a deal, but we didn't agree to a valuation we weren't comfortable with either. You never know how you're going to react to this kind of situation. Both Glenn and I collapsed onto the couch after taping and didn't say a word for about half an hour. It was a thrilling and exhausting experience.
You could go on and on about the what if's. At the end of the day, we're still a small, family-oriented team...and we have work to do! Onward and upward!
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