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Shark Tankis a reality TV series that has aired for 15 seasons that showcases budding entrepreneurs pitching their business ideas, products, or services to a panel of sharks. The sharks’ on-screen personalities, combined with their real-world business expertise, make the show both entertaining and insightful.
The show that has improved the lives of business owners and consumers of new and unique products. Many successful business owners need a mentor to take the final leap and grow their profits to massive numbers. However, some of them only require the exposure that the show provides. Let’s look into how the first-ever deal onShark Tankplayed out.
What happened to Tod Wilson’s deal with the sharks?
Tod Wilson made the first-ever pitch on thefirst episode of season 1onShark Tank. He pitched his business, Mr. Tod’s Pies, at a staggering valuation of $4.6 million. He asked for $460,000 for 10% of his business while only making $150,000 per year. Even though he overvalued his business so much, the sharks wanted a piece of the pie.Barbara CorcoranandDaymond Johnoffered $230,000 each for a total of 50% of the business which Wilson accepted.
However, it was later revealed that the deal never went through. It isn’t confirmed who backed out of the deal. Tod Wilson later revealed that he only said yes to the sharks to get on the show.
He wasn’t happy with the valuation of the business and that may have been the reason the deal never went through. In aninterview, Wilson said,
My number was $1.2 million. They said it was too high for TV. So, I knew it wasn’t in line with the valuation of my company. But on the flip side, I knew that if I said no, I might not even get on TV.
Kevin O’Learylikes to say he doesn’t get emotional about money, he just wants to make more of it. Tod Wilson follows that philosophy and tries to do what’s best for his business, get exposure by airing on TV.
How is Mr. Tod’s Pies performing now?
The physical store of Mr. Tod’s Pies thrived after airing onShark Tank. The business is booming and is estimated to have its valuation at around $10 million according toShark Tank Insights. Although the store struggled and ultimately had to close during the COVID-19 crisis, Tod Wilson quickly adapted to the online delivery market and got theirwebsiterunning in no time.
“I’m the only shark that tells the truth”: Kevin O’Leary Hates the One Thing Shark Tank Fans Use to Spread Unnecessary Hatred Against Him
Fans say that Tod Wilson was the winner in the end getting to keep his whole business and gaining free exposure for his product. However, since it was the first-ever deal made onShark Tank, it also gave the sharks, the producers and the viewers a better idea of what to expect.
Shark Tankis streaming on Hulu.
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Ojas Goel is not just a writer by profession but one by heart His love for Marvel, DC, Star Wars, LOTR, Game of Thrones, and the intriguing world of anime is unmatched. This burning passion urged him to voice his opinions on the such topics and remain connected to the developments that follow. He particularly resonates with Tyrion Lannister as he likes the way he thinks and gets out of tricky situations. Ojas is a BCA graduate and loves to dive into the tech intricacies in his free time.
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