Minnesota Mom Turns Down Offer On “Shark Tank” But Sales Surge
I don't know if you watch Shark Tank on a regular basis or not. I tend to view it most Friday nights, mostly because it comes on right after Wheel of Fortune. Yep, that's how exciting my life has become.
This past Friday, a woman and mom from Minnesota appeared in a segment of Shark Tank and presented her product to the panel of potential investors.
Beth Fynbo of Oronoco, came up with the idea for BUSY BABY a few years ago. She noticed that babies played with toys and the toys would eventually end up everywhere in the room except within the baby's reach.
This would mean that the parent would have to round up all the stray toys and bring them to the baby. If you have had kids, you know that this is a never ending cycle. Fybo's product solves that problem by having the toys tethered to suction cups where the baby can just reel in the out of reach toys.
Fynbo owns 100% of her company and was looking to get a Shark Tank shark to invest $250,000 for 5% stake in her company. Shark, Lori Greiner made her an offer of $250,000 for an 18% stake in the company.
Well, the 2 ladies couldn't quite agree on a deal. Shark Lori would not go for less than 18% and Fynbo was pretty stuck on not giving up more than 15% of her company.
"I just wasn’t willing to give up 18% of a company I’ve worked my butt off to build and give it to someone who was just going to set up a couple meetings," Fynbo wrote on Facebook. "So glad I stuck to my guns and still have full control of my company with my brother Eric."
One would think that would be the end of it, but nope. Last weekend, after the show aired, over 6000 orders came in. Fynbo told the Star Tribune that adds up to 6 weeks worth of sales in just one weekend.
Really, whether you make a deal with the sharks or not, just being on the show is like a 10 minute commercial for your product. So good for Beth Fynbo of Minnesota for sticking to her guns and still coming out ahead on the deal.
I wouldn't be surprised if a viewer of Friday's show comes forward and offers Fynbo a deal she can live with.
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