Transcript

00:00 Next up is a way to carry America's favorite dessert on the go hi sharks. My name is Jordan and I'm here today asking for one hundred thousand dollars in exchange for five percent equity in my company the ice cream canteen sharks. This is the pint of ice cream this the most delicious and most popular dessert in the country. The problem is ice cream melts so quickly that you can't take this anywhere. That's why I created the ice cream canteen the world's first double walled vacuum inside a container for the pint of ice cream so you can keep your ice cream cold and enjoy ice cream anywhere just drop in your favorite ice cream screw on the cap and the ice cream canteen will keep it frozen for hours. No freezer no problem if it sounds too good to be true. Let's put it to a test sure. Let's go ahead and get our safety gear on okay. So I would like you to do your best to melt this pint of ice cream are you ready. I'm ready all right nuke it.

01:29 You're wonderful all right get in there. Mark. It's not it's not gonna melt itself off all right. We're gonna burn. The table step hang on back for a second all right already at 425 degrees. Wow all right thanks Mark let's check it out. Let's see how we're doing let's see if we got some ice cream oh my gosh open okay that is very hot but we still have an ice cold. Frozen pint of ice cream wow easy as you can see the ice cream canteen stands up to the Heat and what that means is that now ice cream can be enjoyed at the beach at picnics barbecues or birthday parties or really anywhere so sharks don't let this deal. Melt Away Jordan I want to ask a couple guys first of all. I think you're solving a huge need. This seems genius I love the idea how long will it last before it melts and also do you need to freeze the container beforehand. So the ice cream canteen does not need to be pre-chilled. It works a little better if you do pre-show but it's not necessary. The ice cream canteen will keep it frozen for up to four hours on its own or if you put it in a cooler with other food drinks it'll work for up to eight hours.

03:01 Nobody come up with it before no one came up with that before me uh. That is the way you 've said no one came up with it me. What did they do after you. If I came here two months ago I would have been able to say I was the very only ice cream canteen on the market. As of the last two months I have had two very much inferior but similar products come to Market. Do you have a patent I do I still have a design pattern that's still pending and I have three registered trademarks break down. The numbers tell us what you sell them for what they cost you to make I sell the ice cream canteen right now for 44.99 oh wow and what's your cost to make it. My Landing cost is 7.50 well. There you go that's good margins. I'll direct a consumer. No not all direct consumer. I think the huge potential here is retail and one of my largest Retail Partners right now is the ice cream industry so we look across the country. There's 80 000 ice cream gelato or frozen yogurt shops in the country. They all sell pints of ice cream but customers cannot take that pint of ice cream from the store to their home from their store to the beach Jordan.

04:09 What's your uh Revenue I sold 98 000 in 2021. How about this year and this year uh sales are going great. I've done 185 000 a day so you should have made a boatload of money off of that what were your profits. I'm netting over 50 right now so you've put in 99 000 give or take in your pocket already correct yeah. This year we're expected to do over 400 000 in revenue and net over fifty percent. That's awesome that's how much of your own money have you put into this to get started. I was fifteen thousand dollars uh in credit card debt and what do you need more than anything more than anything right. Now I am Capital constrained and I'm having to leave a lot of opportunities on the table because I don't have the inventory and I don't have the money to purchase large purchase orders. So listen you need a hundred thousand dollars basically for inventory. That's your you don't have enough product all right. I like this deal it's very simple to understand. I'll give you the hundred thousand dollars on thirty percent.

05:05 I think you're worth two million bucks. But I think you've got a really interesting idea and the chef wonderful I can blow this up huge for you thank you Kevin I appreciate the offer I appreciate the feedback. Oh. That's what that's what Kevin Leary did to your evaluation. Look I really do feel that this business is worth two million dollars. I've done four hundred fifty thousand dollars in lifetime sales like your business you're advertising. I like your business. But what he knows that we're all going to say and why he's doing his slam things. We were all going to say five percent is not well. You knew we were when I say that well. When was the last time someone came in and said 20 left with 20. You come in and say 20 or even you guys. I've seen the show so let me let me let me.

05:50 Let me tell you but let me tell you thesis really quick. My thesis really quick all right. It's not about the amount of money most likely you're not only asking for funding. You're asking for help and you're asking for a two million evaluation. But we've done this time and time again you don't value the participation of the shark. I understand you go low we go hard. It's just frustrating because the foundation of the show when I first started when all first started said banks are not loaning money. There's no other place to go. You don't go to some place and go. There's no other place to go. I'll give you five percent.

06:25 I'm out David no thank you I do. I really do appreciate the feedback Jordan right listen to me. I'm very excited about you. I just want to understand what you're looking for if what you need is to grow. I have the relationships with every retailer in the nation and every manufacturer in the Navy absolutely. But if what you need is inventory financing. Then you should go to a bank so what is it that you need from a shark all right. What I would like help with from a shark is getting into retail distribution. I'm looking for a strategic partner that understands when 9 out of 10 households in the United States have ice cream in their freezer at any given time and they cannot take it anywhere. I'm gonna Jordan. I just want to be able to talk for a minute. So I understand your mission completely. I got it the minute you said hello right. It's obvious. It's a very intuitive product to me. I see this everywhere but here's the thing I also get. I did the deal with frozen farmer. I know ice cream inside out. We're closing in on 15 million in sales and that's in just two and a half years is there. An offer in the future knows how to run this business for you. So Mark was talking to me because he does also ice Shaker and other products yeah.

07:52 We're going to offer you a hundred thousand dollars. A front in cash a hundred thousand as a line of credit. The two of us as partners together. But we would like 25 percent by the way Jordan that one of the low end is five times what you were asking for and this is six times. Daniel's trying to make it off or I really appreciate your offer and uh I'm gonna counter now or yes please counter now because we may not be there. I would like that you don't want to hear my offer. I'm just gonna. I'm gonna finish with this one and then I would love to hear your offering. That's bad negotiation. Uh I would love to work with both of you so thank you very much for the offer.Uh I do believe that this company does have a two million dollar or close to it valuation. Let me tell you why this year alone we're on attracting you four hundred thousand dollars in sales. If I had more inventory this year I would have done maybe double so wait think about your ownership percentage now think about how much money goes into your pocket. If you want 100 now think 10x that yeah and then it doesn't come down to the percentage of ownership. It comes down to how big you can be. That's the difference you need to do and that's what we can do for you exactly can I ask you a question anytime. Somebody makes you an offer that you can't refuse. You need to learn that you can you have to wait don't don't let people bully you if they have a good offer. They're gonna wait okay. It's a good offer but to take one step further what I'm doing with the ice cream. Canteen is right now what you're seeing is one product. But what I'm creating is stop selling Jordan. We're trying to get the offers out. You don't need to. I'm trying to justify the two million valuation. So the problem Jordan is.If you want to stick to five percent. You can't. I don't want to say five percent okay. So you have to come back. You've got a counter or listen to him. Uh we do it for 15. Thousand dollar line of credit would you go up to twenty percent. I definitely think that we are worth 20 for sure I'll do uh I do want to I'm sorry. Daniel I came all this way I want to hear your offer. But I uh you know Daniel owns ice cream company. Can I leave this on the table or no Jordan no in any time in business any time in business. This is good I'll take your deal oh appreciate it thanks a lot. It's gonna be awesome. I'm excited thank you thank you thank you sorry I would have loved here Daniel's offer but at the end of the day I'm really happy to have a deal with Mark and Lori so how to make the deal.