#BLACKEXCELLENCE : Entrepreneur Couple Turns Down $400 Thousand Shark Tank Deal & Flips Business Into Millions!
A entrepreneur couple that appeared on ABC’s #SharkTank a while back; is living proof that when it comes down to the art of business and your dreams it is important to make chess moves and not checkers!
According to #WiresWoo ; it was roughly 6 months ago when married couple Kim and Tim Lewis pitched their business plan for natural hair care products named CurlMix. Sources have confirmed that the couple was initially offered a $400 thousand dollar deal and shocked viewers as they ultimately turned it down. However within a matter of months the couple managed to grow their company’s worth into a total of $ 12 million dollars.
The Lewises originally created CurlMix in 2015, previously listed as a “ do it yourself “ brand for curls. As time progressed the couple decided to scrap the original idea and create a new formula for their product. They then successfully constructed a full pledged line of hair care products in 2018. 12 months after their brand shift, the Lewises were able to pull in a total of $ 1 million dollars in profit and build a community of beloved supporters. Soon after the couple decided to take their talents to Shark Tank. Sources have confirmed that the couple prepared for months to plan and strategize for the show.
“We prepped like crazy people! In fact, we treated it like finals week in college and binge-watched episodes of Shark Tank, writing down every question they asked, then we turned those into flashcards with answers and follow-ups and drilled each other constantly. On top of that, we must have rewritten, our pitch eight times and drilled it until we could say it in our sleep,” says the couple.
After successfully delivering their pitch the couple was ultimately offered $400,000 from Robert Herjaveck for 20% of the company. The couple was only only willing to offer %15 and decided to declined the offer.
“CurlMix would be huge one day and we treated each percent like a million dollars. We have absolute confidence in ourselves and our vision for our company, so having a Shark on the side would have just been icing on top of the cake. Going into the negotiations we had already discounted our value in order to be more appealing to the Sharks but to have Robert cut that in half after saying he didn’t know anything about the industry made the decision a no-brainer,” says Tim.
Shortly after the Shark Tank ordeal the couple raised a $1.2 million investment deal with the CEO Of LinkedIn, alongside other investors. The couple has reached an exceedingly high increase in business and sales; they are currently aiming to produce revenue of over $10 million dollars by the end of the year.
“We knew that we were the secret sauce,” Lewis stated. “Getting a deal would have garnered more temporary sales, but we knew that we would be the drivers for growth in the long run.”