With so many commercially available pesticides being dangerous for pets and children, siblings Zac and Jana McDaniel and Jessica Jacobs knew they had to carry on their late father’s legacy by bringing his natural home and garden pesticide, First Saturday Lime, to market. Because they are third-generation farmers, they have spent time perfecting their pesticide blend based on what they have found to be particularly effective on their own crops and in their own homes.
First Saturday Lime is a proprietary blend, made primarily of citric acid and is an eco-friendly way to repel pests. This product is designed to be sprinkled around the perimeter of your home and garden once a month to prevent pests from invading and destroying crops or getting into your home. In order to continue to grow their business, which has recently moved into retail, First Saturday Lime is looking to partner with a Shark who would financially invest $100,000 in exchange for 10% equity of their company.
This product repels insects, but will it attract sharks? #SharkTank
— Shark Tank (@ABCSharkTank) April 11, 2020
The Sharks are concerned that their margins are being eaten up in shipping costs and are worried about their ability to remain competitively priced with such high freight charges. They are also concerned about the marketing and branding of the product. They feel that consumers will be unable to draw parallels between the name and the function of the product. All of the Sharks decline to make offers, except for Lori Griener and Daniel Lubetzky who collectively offer First Saturday Lime $100,000 for a 33.3% equity share. The McDaniel and Jacobs siblings do not want to give up this much equity and counter to 25%. Lori and Daniel decline their counter saying that they will need to put a lot of work into growing their customer base and cleaning up their brand. At the last minute, Kevin O’Leary swooped back in and told them that he would take their counter offer. They agree and partner with Kevin for $100,000 in exchange for 25% equity.
Number one rule in #SharkTank is "You snooze you lose!" True for sharks, and the entrepreneurs pitching… If you don't bite on a deal the second you realize you love it, someone else will swoop in! Welcome to the family, First Saturday Lime! https://t.co/W3VvM96dl9 pic.twitter.com/VYT5KIi9Iu
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) April 11, 2020
— Robert Herjavec (@robertherjavec) April 11, 2020
— Barbara Corcoran (@BarbaraCorcoran) April 11, 2020
— Daniel Lubetzky (@DanielLubetzky) April 11, 2020
Do you think that Lori and Daniel made a wise decision in walking away from their counter? Were you surprised that Kevin O’Leary came back in at the very end to snag a partnership with First Saturday Lime? Do you think they made a wise decision giving up so much equity to Kevin? Start the dialog below!