Shark Tank is a very popular programme where we get to see businessmen and women perform the pitch of their lives as they try to bag an investment into their businesses from one of the impressive sharks.
This week we saw Josh Conway and Adam Chaudy try their luck with their innovative business idea, Handy Pan. The episode turned out to be very interesting as most of the sharks mocked the men’s business idea due to their low sales margins, but Lori Greiner showed them who was boss and she ended up closing a deal with them.
Reality Titbit has all the details on the business as well as what went down during the close. Check it out.
- RELATED: Shark Tank product that sparked bidding frenzy is now worth $200 million
We all know that Lori Greiner has a keen eye for household products and she has closed deals on some of the, now, most popular household cleaning products like Scrub Daddy and Squatty Potty, so it’s no surprise that her eyes lit up when she heard about Handy Pan.
Josh and Adam came in with their “one of a kind” frying pan that comes with a built-in strainer. There was nothing specifically mind-blowing about the product and the majority of the sharks laughed at the business duo as they wondered if there would even be a demand for the product.
However, the sharks also had this reaction to Scrub Daddy, and now those products are being sold globally and being used by many households. Lori sat back observing and was quietly impressed.
The sharks were shocked by the sales numbers
When it got to the part of the pitch where they began discussing numbers, the sharks were shocked to find out that they had only made $7,000 in sales. The team only came in expecting a small investment of $10,000 in exchange for a 20% equity stake in their brand.
It appears that Lori has an intuition about things like this and just knows when products will be successful. As the other sharks mocked and laughed at the developers of Handy Pan, Lori snubbed them all by announcing that she would give all the money and close the deal immediately, no questions asked.
Lori said that considering how low the investment amount was, she pointed out that she had “nothing to lose” from closing the deal.
Fans are impressed with Lori
Fans were very impressed by watching how quickly and easily Lori closed the deal without any negotiations or getting into any bidding wars. Some tweets included:
See this is why we love Lori. She just gets to the point and knows what she wants and when she wants it. That woman is a boss.Twitter
Watch Handy Pan be a global success now. Lori has her head screwed on and she knows what she is doing!Twitter
Lori is the only reason I watch Shark Tank. She is so straight to the point and knows exactly what she wants.Twitter
WATCH SHARK TANK ON ABC EVERY FRIDAY AT 8/7c