Connor Brooke
This week, Tilman Fertitta meets with Paul Greive and Jeff McDaniel of Pasturebird.
Pasturebird is a pasture-raised chicken farm. According to their website, the company “is the gold standard for operators who believe that chicken should be raised ‘Always Outside’, on lush green grass, with fresh air and sunshine replacing the antibiotics and vaccines that are the standard in poultry grow-houses.” Their products are available for the wholesale market.
Last year, they did $1.2 million in revenue. Fertitta likes that the family-owned company is doing something different and is impressed with their story. He also tries his hand at herding chicken and learns that he’s a total natural. Fertitta thinks they need to raise more Cornish hens given that they currently have only 100 and worries about affordability. The duo’s main concern is taking a risk to scale.
He says they need to build their brand and get their name out there and eventually, get to 100 acres of land. He challenges them to bring their products in for a blind taste test with Catch chefs. In round one, Fertitta thinks both the Landry’s and Pasturebird cassoulet is “flavorful,” but the votes for the chicken bianca are divided in round two. The Pasturebird roasted chicken in the final round is chosen by everyone. The Pasturebird products, however, would cost $5 more than what Fertitta currently pays.
I mean, look at these baby chicks on the @PasturebirdInc farm! #BillionDollarBuyer pic.twitter.com/1hOUtEsxj2
— Tilman Fertitta (@TilmanJFertitta) February 1, 2018
Fertitta likes the chicken and encourages the duo to scale the business. He says they need to spend money on marketing to bring their company to the next level. Ultimately, the duo puts $10,000 into their marketing budget, allowing for high-quality photos on their website, and adds acres to the farm.
On deal day, Fertitta says he is impressed with the sacrifices they have made. He also likes their new graphics. Ultimately, they present him with a bid of 300 birds a week at $4 per pound. Fertitta hopes to get it to $3 and put their product in 25 restaurants, including Catch and Mastro’s. They update their price to $3.75 for 300 birds a week and Fertitta accepts—a $240,000 deal.
Social Media Reacts to Pasturebird’s Appearance on “Billion Dollar Buyer”
Those chicks are so cute. Makes me want to give up chicken too. #BillionDollarBuyer
— Lynn C Johnston (@lynncjohnston) February 1, 2018
I really think @PasturebirdInc is going to need a lot more chickens if they going to strike a deal with @TilmanJFertitta. When he comes knocking you have got to be ready. He is definitely a buyer. #BillionDollarBuyer
— Patrick Brown (@MrPatrickBrown) February 1, 2018
Crazy to me how much money can be spent on hospitality products like salad dressing and chicken in one year. #BillionDollarBuyer
— Mitch Weiler (@MitchWeiler) February 1, 2018
I'm not feeling hopeful for either company tonight. #BillionDollarBuyer That's a first for me!
— Carrie ♀️ (@carrieleelily) February 1, 2018
Great job to Pasturebird for making a deal on #BillionDollarBuyer
— Bradley Denault (@bradley_denault) February 1, 2018
Congratulations @PasturebirdInc in winning an opportunity to grow your brand with @TilmanJFertitta.#billiondollarbuyer https://t.co/WuQtbxAScI
— Randall Perry (@RandallPerry7) February 1, 2018
According to CNBC, the reality television show “introduces promising companies across the country to one of America’s most successful businessmen: billionaire hospitality mogul Tilman Fertitta, Chairman, CEO, and sole shareholder of Landry’s, Inc.” Featured entrepreneurs present their small business to Fertitta in the hopes that he will place a large purchase order. But before they make their pitch, they must prove to the hospitality mogul that their product is worth it through challenges and customer feedback.
What are your thoughts on Pasturebird? Did you like Fertitta’s offer? Sound off in the comments section below!
Read more:
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This article was written for Business 2 Community by Connor Brooke.
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Shame on you Tillman! These guys are trying to do the right thing here for the birds, the environment and make a living and you squeezed them for 25c … this is why factory farms are destroying our environment & making us all sick, not to mention the horrid conditions the animals live in. This is why good farmers are becoming extinct — raising animals for food is no longer sustainable but these guys are trying and you squeeze them for 25c so your margin is good while their margin suffers which will ultimately mean they have to cut corners and their integrity to scrape a living while the elite of LA can enjoy their overpriced roof top dining experience — shame on you and all corporations who are destroying this country — and dont give me bottom dollar rhetoric, no one made you take out an overpriced lease in an overpriced market in Los Angeles so you could charge inflated prices on food. Really disappointed in this episode — and don’t get me started on the salad dressing ( why did you not compare the ingredients of yours to theirs as I imagine yours have words no one can pronounce full of thickeners and flavor enhancers – I have worked in your restaurants ) — Shame on you :(