Connor Brooke
Kevin Waltermire is on Shark Tank seeking an investment in Beverage Boy, a product that keeps your drink close when you’re in the pool or hot tub. He says BevBoy will put an end to spills that can ruin a day in the pool.
Not only does the insulated beverage holder float, it has a weighted extension that makes a firm center of gravity, making the device difficult to tip.
—- is asking for an investment of $50k and offering a 15% equity in his company.
He has sold 2,500 units, making about $10,500 in revenue over the last 6 months, and he has the product in a variety of stores. They’re made for about $2, sold at wholesale for $5, and retailed for $9.99.
The Sharks wondered, though, why such an innovation hadn’t already taken off at a greater rate. Kevin admitted that he’d made some errors, like failing to take order forms to trade shows.
That was end game for Mark Cuban. “Anyone who refuses to take order forms to trade shows…I’m out.”
Kevin O’Leary, already on a role with insults, having told the previous entrepreneurs in the tank that they were ‘colorful cockroaches,’ called the Beverage Boy “…poo-poo on a stick.” He went on to say that the product was so bad, the inventor didn’t deserve to share his first name: “You are no longer Kevin. You are now Zonk.” Needless to say, Kevin was out.
Robert Herjavec was next to bow out, citing low sales.
Lori Greiner was willing to make an offer, though. She’d give the asked $50k, in return for 40% of the company.
Daymond John matched the offer, “…just to stick it to Lori.” He also said he had a ‘matching product’ and already had the infrastructure in place to market and sell this.
Waltermire made a counter-offer: would either of the two be willing to meet him at 30%?
Lori said she would, conditionally — only if she could get a purchase order from either Wal-Mart, Target, or Bed, Bath, and Beyond.
Daymond wouldn’t bend, though. Pointing out that he would be using his licensing firm for the product, and that this would cost him money, he stayed firm at 40%.
Focusing on Daymond, Waltermire continued to bargain. “Could you meet me at 35%?”
After a moment’s contemplation, Daymond agreed.
Final Deal: Daymond John invested $50k in Beverage Boy for a 35% stake.
Photo: Beverage Boy
Read more:
- Shark Tank: Somnifix Accepts $500,000 From Mark Cuban
- Shark Tank: sockTABs Fails To Impress Sharks At First, But Ultimately Gains Deal from Daymond John for $50,000
This article was written for Business 2 Community by Connor Brooke.
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Kevin has the moxy most of us only dream about. If not this product, he will make a splash with another.
You really nailed the essence of the Beverage Boy segment, excellent job.