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| Source: https://twitter.com/collegefoxespb |
College Foxes Packing Boxes
Entrepreneurs: Nick Friedman & Omar Soliman
The Pitch: College Foxes Packing Boxes is a packing and moving service that utilizes enthusiastic young women to move things.
Asking: $250,000 for 25% equity.
Summary: These two entrepreneurs already have a successful business in College Hunks Hauling Junk. They were trying to keep the two businesses separate.
The sharks are offended that they aren't packaging both businesses. College Hunks has net $500,000, profit margin of 20%. Nothing on Foxes yet.
Kevin thinks it's insulting that they don't offer both businesses. After he's out, one of the entrepreneurs says, "Then you can stop talking." Kevin is displeased.
Everyone is out as no one is comfortable with a strong future valuation without the business seeing proof of concept. Robert liked that they stood up for themselves, but did not like them insulting Kevin. He makes an offer.
The Deal: Robert offers $250,000 for 50% ownership of Foxes and 10% of Hunks. Nick and Omar decline, saying they worked too hard on College Hunks Hauling Junk to give any of it up. After Nick and Omar leave, the Sharks discuss among themselves how they felt Robert's deal was very good for them, yet they failed to see just how generous it was. I agree!
Website: www.collegefoxes.com
Update: College Foxes has become the Two Maids Franchise. It is still in business and has some impressive coverage in Yahoo, Better Homes, and Business Journal.
It seems that the sharks didn't know what they were missing out on. Also, why would they be offended that they don't offer both businesses? They are two separate businesses, the sharks sound like they were being completely unreasonable.
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