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Shark Tank Wild Squirrel Nut Butter Company Owners Want $50K For 10% Equity - Best of Shark Tank TV
hi I'm Keeley and I'm Erika we founded our company wild squirrel nut butter
this january as sophomores at the university of oregon wild squirrel is
seeking a $50,000 investment in exchange for 10% equity in our company
Kaylee and I love peanut butter in fact we love peanut butter so much that one
rainy Friday afternoon in our college apartment as we're scraping the bottom
of yet another jar of generic peanut butter we realized that we had a brand
new food processor in a bag of peanuts so it wasn't long before we had created
our first batch of homemade peanut butter since Aaron and I both really
enjoy creating recipes we started adding new ingredients from around our house
we've seen how to come up with four exciting flavors and had way more peanut
butter than we knew what to do with so we started passing it out to our friends
there on campus today we wanted you all to have the same opportunity anyone yeah
thank you thank you so we have four flavors we have sneaky cinnamon sour
cinnamon raisin right and bushy-tailed which is our chocolate expresso peanut
butter curious coconut which is our chocolate coconut peanut butter and we
have pretzel pizzazz our honey pretzel peanut butter it's good yeah that's
right girls great that's awesome great fantastic we have sold thousands of jars
of peanut butter on our website at farmer's markets and on campus street
fairs and the next month will be on shelves at grocery stores throughout
Oregon and we're confident with the right funding where I'll throw peanut
butter can become a national brand so you sold thousands in what time period
and how many we have been selling since February and we have sold 3,500 jars
how many dollars have you sold we have grossed fourteen thousand dollars in
profit at 7,000 what's the peanut butter sell for we
make them for three install them to the stores for four and they retail for
$5.99 you only make a dollar profit for per jar right now since we're just
beginning we haven't found the perfect sourcing for all of our products yet
tell me about you guys first before we get too far into the details what you're
in school you said your sophomore Stiller's we're about to be juniors
about the you Junior what do you majoring in I am an environmental
studies and Spanish major I'm Journal than an art so we kind of fell into this
we call it our honorary business major what kind of help have you got from the
outside and due to each own 50% or who else is involved right now we each want
50% my parents have backed us for $50,000
why do you know 50,000 stirs we need $40,000 because the 50,000 we're getting
from her parents will only cover the first run ladies just a quick question
about your business model because we're selling them for 4 dollars a unit the
cost to make them is 3 the profits only $1 you have to reverse that you have to
make it 4 dollar and make $3 well the bigger the wrong we do with a co-packer
the life that cost how big does it have to be that I could make $3 on every one
that you sell instead of one we can come I'm confident we can cut our cost by $1
I know I want you to cut your cost by $3 we can I'm sure we could do it I'm
confident we could do it meanwhile how are you balancing that how do you remain
a student and inventor a business person do it all at once
well the great thing about being in college is we have so many resources we
have an incredible entrepreneurship program that's helped us a lot so if our
College has helped us but I'm concerned with is is who's gonna run it I mean
there are there are very successful people Bill Gates Steve Jobs who quit
University because they started their business and said hey this is better I'm
learning more running this business damn at school and we've said that a million
times and I think we're going to fall term classes and we're gonna feel it out
and see what's happening so Kelly and Erica so great peanut butter thank you I
love your energy but you know being new to this space I can't learn this
business with you I need my money to work for me and not be working for my
money I'm thank you so let's get down to business
you've said that you will sell me 10% of this company for $50,000 so you're
valuing the company today half a million dollars do you see any problem with that
nope our values and future sales not in present sales but do you want me to pay
for the future now right that's what you have to do look it here's the difference
between going to school and the real world in the real world when you fail
you don't get a bad grade from your professor and go to another class the
next day you lose money somebody needs to do this full-time otherwise it's a
hobby so who's gonna do it full-time tomorrow if I give you my money we
believe that with both of us working that equates to one person we are that
doesn't count guys that doesn't count because there's somebody out there
competing with you that's trying to kick your ass and they're not going they're
not going to class saying two equals one and because I know that it's gonna be a
huge amount of work I have to say I'm out
we are determined to succeed we are both extremely hard workers we are dedicated
we put our time into things and we dated but I think what everybody sees as a
major fault is in the competitive world of peanut butter there are teams like
you that get up at 5:00 in the morning and work til 10:00 at night to keep that
shelf space and to grow it look that time we have a wait a second this is the
cold reality of business when I see you again you're gonna be a lot more I know
that because the world is gonna kick the living crap out of you ha ha and that is
not a bad thing that is not a bad thing I know the world of hurt you're gonna go
into when you start retailing peanut butter I wish you the best but I'm out
three sharks are out Erika and Keeley only have two more chances to get a deal
we have never cared about anything as much as this peanut butter we want to
work with you guys so when you guys have so much time for us and I think we could
make this a national brand and that's what we plan to do and we would love to
have your help well I just want to say 12 credits of class is 12 hours a week I
can spend the rest of hours working on peanut butter and we have we have our
company's value is the value the way it is because it deserves it because we
deserve it we've worked really hard and we will continue to work hard no no no
Keeley no no no no no no life doesn't work that way you don't get in life what
you deserve you get in life what you make of it valuing your company because
you're good people you deserve it is almost like expecting a bull not to
attack you because you're a vegetarian it's not gonna work it's focused its
dedication it's all that stuff and I think you're gonna get there but you're
not there yet for that reason I know
Barbara Barbara please before you start that little squirrel is going to be a
rodent rabies - you give these girls 50,000 - saying I'm giving the money
mind your business you're out and I could argue either side I have to tell
you because I own now three businesses as a result of shark tank in the food
area so I've had I've had very good success but you know one has surprised
me the amount of money that it has taken to make a success of that and it sure
was a heck of a lot more than $50,000 so I think it's foolish that you come in
here and ask for $50,000 just to take care of the next stage and that worries
me you know what I'll give you an offer but
I hope I don't regret it I'm counting on but bear in mind when I give it to you
it's just an eye toward really knowing what's gonna be needed down the world
six months out you're out when you have a huge success my days of cake business
went from ten thousand dollars a year to 150 thousand dollars a month okay that's
a lot of product to fund yes so I'm gonna give you an offer for $50,000 for
40% yeah think about that 35 we'd be happy with 35
thirty-five none of them
there's only one offer and your 5% apart are you out of your minds this isn't
just about the money this is about access
Barbara we would love to sup your offer great and I'm gonna make you rich my
pleasure
she has so much expertise she's gonna really take our business to the next
level and we're just thrilled right now
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