With $5.6M in sales and $300K in net income, Overall is plowing almost 20% of sales back into research and development. He’s a competitor and no one is getting ahead of him.
ABC Shark Tank Offers
Mr. Wonderful opts out early. He thinks it poo poo.
Mark Cuban meets Jeff’s demands; he’s in. He offers $500K for 10%, but Jeff didn’t bite right away. He was very cool waiting for other offers.
I’m not sure I wouldn’t have jumped at that great offer from a tech mogul and counted my blessings.
Daymond John offer $500K for 15%. Not as rich an offer as Mark’s. He valued the business at a little over $3M. He’s trying to get a bargain.
Lori matches Mark; $500K for 10%. Now the race is on.
Robert Herjavec joins the frey. He says Overall is “killing it”. He is.
He also said, “I think you need more money to get to where you’re going. I’ll offer you $500K for 10% along with Mark’s $500K for 10%.
Ooh baby. Jeff Overall is now offered twice what he asked for, of $1M at the same valuation, 20% or $5M. This is a beautiful thing.
When was the last time you saw an entrepreneur get MORE money than they asked for at the valuation they set?
Daymond John Counter-offers
Daymond John can’t be outdone. He offers a better deal: $1M for 17.5% equity stake.
Jeff knows what he’s got. He says “yes” to the dress with Robert Herjavec AND Mark Cuban.
Pinch yourself buddy. It’s not everyday you sign two of the most sophisticated and successful tech moguls in the world in the same deal.
And it all happened so fast, the Polar Pro amazing deal almost made my head spin.
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