Lil Fairy Door
Sally gave a great presentation and having a 7 year old little girl who would LOVE this idea, made me pay attention. Her sales were very impressive with over 1,000 stockists.
The concept is simple- your child puts questions into the Fairy letter box that they want answered and the fairy (i.e. mum and dad) answers them. The fairy also shares with the tooth fairy, who can also use this letter box
Her sales were very impressive, and Steve jumped at the idea before she had barely finished the presentation. Her expansion into the USA looked like it was about to take off with a $5.1M order with predicted profit of $900K. When investing, we look for growth and Sally said that she did $700K last year, $800K for 6 months and was predicting $5.1M the following year, this is impressive growth.
Sally was in a great position as all the Sharks wanted to invest so it was up to Sally to work out who she wanted to work with and who is the right person was to assist her getting her business to the next level. Which I’d have to say is the most important factor.
So what does everyone offer; Naomi is in Sydney and that face-to-face help is actually really important.
Steve: Tech savvy and has a team of people to assist in finance and commercially.
Andrew: His contacts in the USA are very wide-reaching and would be very helpful.
Glen: strong in retail and logistics which can save a businesses thousands
Me: Strong in brand building and ensuring you have a solid foundation to grow in to the future.
But the most important thing is that she gets along with the new partners and vice-versa
Naomi and Glenn was less equity, but Andrew, Janine and Steve put forward more cash.
Great that Sally got a deal. Think she made the wrong call ….;)… just saying.
I loved this idea. I have seriously brown thumbs, so I thought wow, finally a solution to possibly help me grow a herb garden. Matt is in 144 retail outlets and the product looked great.
The margins were actually quite good and he had a strong vision. A vision for the business is really important as without that, you are basically driving blind.
His sales were strong with strong margins, so it was a pretty good business. One other thing that the sharks bring are their contacts, and Andrew mentioned he had contacts with Home Depo.
People are the most important thing for me when investing, and the CEO is the one that calls the shots, so it was a concern that he was not there to give his view (which may have been very different to Matt’s).
During the pitch, Matt discussed his structure (which did not go to air)and it did seem quite complicated, and for me the major concern was that the CEO was not there in person and without this critical piece of the puzzle, the business was not an investment for me.
Everyone loved the business, but due to complexities it was just too hard to invest.
Great that Naomi made an offer.
Congratulations to Vegepod.
Vanessa and Luke
They did a great job on the presentation and I loved that they were working hard towards creating a product that would make a massive difference to safety in the work place using this type of equipment.
They still have a long way to go with the development, and I know nothing about this industry, so I could help with the business but not the product.
Thrilled they got a deal with the boys who actually knew something about this product.
Greg and Kate
I had never heard of OneWorld before they appeared on Shark Tank, but unbeknownst to me, I actually had a number of their products in my house! They supply high end, quality retailers with stylish and on trend furniture.
Their product is more like a fashion product than a standard furnishing and with over 300 new products coming in every three months, my mind boggled on how the logistics could work with this many products.
They have top designers working for them like Jamie Durie and I have to say I really love the product, but my concerns were based on the fact that they had not grown their top line sales nor their profit over the past few years. However, Greg had set up the business to launch into the USA. I understand what Greg was saying about the USA, but more Australian businesses fail in the US than succeed, so I was not sure.
I went back to my fundamentals. Did I think I could work with Greg? – yes, I thought he was upfront and honest in his presentation. Did I like the product? – yes, I am already a customer and I think Greg has a great eye for furniture. The unknown was the business model but despite the lack of growth in the business, Greg had created a successful business that had turned over $10 million and that is not easy to do.
Steve last minute funny bugger was very Steve. He knew the risks in the business because he will say that he does not care what the business is if it makes money, so despite him going in and out and saying that it was not a good deal, there was a reason he did not put up his hand.
I am really enjoying working with Greg and Glen….watch this space. Check out the amazing products at www.oneworldcollection.com.au