Claire Corlett

Fish Food, Fish Tanks, and More
Baubles + Soles’s Founder Landed a Shark Tank Deal By Refusing to Take ‘No’ For an Answer | Inc.

Baubles + Soles’s Founder Landed a Shark Tank Deal By Refusing to Take ‘No’ For an Answer | Inc.

– Hi, I’m Emily Canal. I’m Inc.’s resident Shark Tank expert and this is Tips From the Tank. (upbeat music) Today we’re talking about season eleven, episode seven and the
picture of Baubles and Soles which is a line of interchangeable children’s footwear. Duke and Lisa Nuwen, a
husband and wife duo, were seeking $100,000 for
15% of their business. – We thought what if we
could invent one shoe that could be styled with every single outfit in the wardrobe. – The shoe itself is machine
washable and recyclable. It costs about $49 and the company sells
about 20 other bobbles that you can add to decorate
on the toe of the shoe. In the last 12 months, the company has booked
about $150,000 in sales both through their website and through wholesalers. The Sharks really liked this pitch and they were very interested in the product that they had. They were solving a problem that they, as parents, had faced, so they were really passionate about it. Damon John really touted the fact that he loved Lisa’s story as a refugee, you know, he said that was maybe the first refugee they had on Shark Tank and noted that that
means she’s going to work very hard as an entrepreneur, but he had some concerns about the shoe business. – In my business, the thing that have killed more people than the plague has been inventory. I really love your story, but unfortunately I’m out. – Oh Damon. – Mark, Robert, and Laurie all had kind of similar concerns about inventory. So at this point all the Sharks are out. It looks like they’re going to leave the tank without a deal. And then Lisa has this genius idea. – Could we de-risk it? – What? – Can I de-risk it? – How do you de-risk it? – For $100,000 how about if we pay you that back in two years from the revenue that we make from the
profits that we make. I know that this company is going to work. – And this is when Damon
John is completely hooked. – Listen, you’re not gonna bail, I’ll give you $100,000 for 25%. – Wow. – I gotta be in business
with you, straight deal. – Damon, you got a deal. (cheering) – The three takeaways from this pitch are fight respectfully,
show while you’re there, and never take no for an answer. Number one, fight respectfully. Anytime the investors wade
in with some criticism or a question about the business, both founders had really
good responses to them. They were poised, they were polite, and they addressed each concern as they came up. They weren’t afraid to challenge the investors on their opinions, but they were respectful about it. Any time that a Shark said, you know, I don’t think this is the
right business for me, Lisa kinda pleaded with them. She’s like wait, no, this is for you. Let me show you how, let me address the criticisms that you have about the business because I think I can change your mind. But they weren’t pushy. They were kind and they were calm. They did a wonderful
job of balancing that, of answering the questions
that they needed to and pushing back on them, but being polite about it. Number two, show while you’re there. Both Duke and Lisa kept
reiterating to the Sharks that they were here for them. They weren’t just seeking
a generic investment. They were here on Shark
Tank to get a Shark and they kept saying that they wanted a strategic partnership, that’s what they were looking for. We see this a lot on Shark Tank. That founders will come in,
talk about their business, talk about their sales, but they don’t stress why they’re here on Shark Tank specifically and I think that they made it hard to say no to them. And number three, never
take no for an answer. Lisa and Duke really, really wanted a deal on Shark Tank. It was very clear how hard they worked, what they were seeking, and that they weren’t
really willing to give up, so after all the Sharks were out and it was looking like all hope was lost, Lisa responds to what
the Sharks are saying. The investment is a little too risky for them right now. So she says let me
de-risk the deal for you. Lisa showed that she
was not gonna give up. She has been through so much in her life that prove that but now on Shark Tank, she was showing the investors she wasn’t leaving without a deal. She wanted a strategic partner, she wanted a Shark specifically, and Damon John saw that. He said she’s not gonna give up and she’s not gonna fail because Lisa’s determination proved that. She would not let her business sink. She was gonna do whatever it took to take it to the next level. I’m Emily Canal, Inc.’s resident Shark Tank expert, and this was Tips From the Tank. Remember on Shark Tank no
doesn’t always mean no.

6 comments on “Baubles + Soles’s Founder Landed a Shark Tank Deal By Refusing to Take ‘No’ For an Answer | Inc.

Leave a Reply

Your email address will not be published. Required fields are marked *