Shark Tank
The type of business that Jake is pitching to the sharks is a restaurant business that is a cultural blend of Asian (Korean) and Mexican food: Jake calls it Chi’Lantro and it serves Korean BBQ tacos out of food trucks and restaurants. The entrepreneur’s offer is 15% of his business for $600,000.
4 of the 5 sharks passed on the offer. One said that he was not into growth capital but rather was into helping to launch a new idea: he did not see Chi’Lantro as really being a new idea, so he passed. Another said he did not like investing in restaurants because of the constraints on the business model—such as location (if location is not good, the business suffers and that eats at the investment). Two others said they did not like investing in restaurants because there is too much risk, too much involvement that is required, and just not something they were into doing. Finally, the last shark—Barbara—had had some positive experiences with investing in restaurants and had helped franchise a successful restaurant in the past. She liked Jake’s attitude, his drive, his food, and his concept—so she invested and was the only one of the sharks to bite. She did, however, ask for 30% of the company.
Barbara was thanked by Jake for her offer, but 30% was too much for him to yield up, so he countered with 20%. Barbara thought about it for a minute and accepted. So Jake got his $600,000...
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