Next is The Two Guys Bow Tie, which put a twist on classic accessories. They are seeking $150,000 for 10 percent.
Their company sells wooden bow ties, lapels and fedoras. They are only being sold online so far.
So far they have made nearly $1 million in two years. Upon order, they ship immediately.
Troy Carter does not see it as his niche, so he goes out.
— Christine Chen (@Christine_Chen6) October 10, 2015
Kevin O’Leary boasts his “Platform of Love” wedding services investments and wonders if their bow ties can fit into that space.
O’Leary is very interested and offers $150,000 for 15 percent. They are interested, but want another shark who knows the space. Daymond John, a pioneer of the fashion industry, offers $150,000 for 20 percent.
Mark Cuban goes out, as does Lori Greiner since she believes O’Leary and John would be better partners.
They are interested in having Carter and John partner and John sees that as valuable but raises the equity to 30 percent.
— BigCommerce (@BigCommerce) October 10, 2015
Carter accepts John’s proposition but they do not like the idea of 30 percent, but counter offer 20 percent for 5 percent royalty.
O’Leary jumps in and offers 10 percent for 7.5 royalty. Carter goes out. John again says $150,000 for 20 percent, 10 percent royalty until money is paid back. They counter 17.5 equity and accept.
— Shark Tank (@ABCSharkTank) October 10, 2015
— Keith Lam (晃太郎) (@baritonekeith) October 10, 2015
Final deal: Daymond John for $150,000 for 17.5 percent and 10 percent royalty until money is paid back.