First into the tank is Three Jerks Jerky, a new kind of beef jerky, looking for $100,000 for 15 percent.
Their jerky is made from filet mignon and comes in a variety of flavors, including Memphis BBQ, Chipotle Adobo and Hamburger.
$350,000 has been made in the past year, with each pack going for $11.99. It costs $3.20 to make each package. They are looking to purchase inventory when cost is low.
— Alana Clark (@aclarkcountry) October 24, 2015
Kevin O’Leary questions where the “third jerk” is and they explain that the third person that was in their business no longer works with them.
He offers $100,000 for 33 percent, making him the third jerk.
But the other sharks are not ready to give up without a fight.
Mark Cuban likes their jerky but says the market is way too competitive, so he goes out. Robertn Herjavec likes it too and offers $100,000 for 20 percent. Daymond John makes the same offer.
— Marcus LANGFORD (@BodyBldrMarcus) October 24, 2015
Lori Greiner offers 100,000 for 20 percent as well. O’Leary increases his offer to $125,000 but will not match the other sharks’ valuation.
John goes frown to 17.5 percent but they question if he will still be incentivized for that percentage of equity.
O’Leary then increases again to $150,000 but remains at 33 percent. John decreases yet again to 15 percent, with option to buy another 15 percent for $100,000.
They are interested in having John partner with Greiner, but he declines. Herjavec offers to partner with her instead with John’s deal. In the end, however, they decide that John’s is the best offer and accept.
Final deal: Daymond John for $100,000 for 15 percent, with option to buy another 15 percent for $100,000.