BE FIT FOODS
Be Fit Foods was created by Kate and Geoff who are 2 very passionate, health focused people who have created a science based weight loss meal management plan. They aren’t the first and won’t be the last to develop a meal delivery service, but the X factor that they have is that they are both professionals in their respective fields and they are genuinely passionate about the problem that they are trying to solve.
They have 13 years’ experience in dealing with weight loss and they have found the answer to the question: ‘what is the best diet for me to lose weight?’, and the answer does not come in a powdered form, nor in a tin with a list of ingredients that you cannot pronounce.
It comes from wholesome, no nonsense food.
Food designed in a way to make you feel ‘fuller for longer’ because it is designed to align with the body’s natural production of hormones and results in reducing your appetite and get you on the path to controlling your weight. Very few people out there can lose 3-12kilos in 2 weeks and not be hungry or be doing damage to their organs and the cynic in me would say ‘show me the evidence’ and ‘she had all the answers’, but she had the expertise and the science to explain how people can lose the weight and keep it off.
The food tasted great and with ketosis that turns off your appetite this could be the answer.
The numbers made sense, the cost of the products was good and they had found their niche which was the rapid weight loss path, gaining lots of ticks here..
Steve loved the food which was a miracle as he normally hates anything healthy, in fact he Loved the balls and Andrew loved Kate’s dress… hmmmm..
I admit, I was certainly thrilled the other Sharks were out because I love this business, and if we can get it to $3 million dollars in sales then it is a success.
I love working with Kate and Geoff and I look forward to seeing where the business will go.
Business TIP : If you and entering into a category and you cannot be the leader, create a new category that you can own. Be Fit Food knows that the category of take home foods is huge, so they create their own category to dominate. NICE.
Paul, Seth and Sam are changing the way consumers buy beer forever with Beer Pal. They created an app that tells beer lovers where they can find their favourite beers at the lowest price.
“OH dear another app to solve a problem”, I thought when they came in.
The guys were passionate and knew the beer market. The issue I find is that there is so many types of beers out there that it would be hard to capture all the brands.
Glen did not like it as a retailer as this business makes the individual store owner’s margin very tight. It means there is yet another challenge for the small business owner hoping to get the attention of consumers through great customer service and expertise.
It is however, very good for the savvy customer as it helps them to find the cheapest beer.
The problem is that they said that they are a tech company but their tech did not work to what a customer would want as Steve demonstrated.
200 stores and contracts with Coopers along with Coca Cola Amatil is impressive but it needs to be reflected in sales and take up of the app from customers and retailers to be successful.
They did not understand how hard it is to get to all the bottle shops, and their numbers did not add up.
I am not a beer drinker so this really was not a business I could be passionate about.
TIP : if you tell an investor that you are a tech business; first back your decision, then make sure the tech works.
Bethany Grace is an amazing young lady who’s pitch was ‘please consider investing in me’, which I loved, as that is what you have to make your decision on..
‘Is the person standing in front of me someone who you can work with and also can create and run a business?’ and the answer to this with Bethany is YES YES YES. So I found exactly the right person to invest in, other than the business itself. The industry is the most competitive industry out there with massive amount of money and creativity required for innovation and marketing.
Bethany has identified that what is lacking in the beauty industry is the personalised factor. The smells and the natural quality product that is produced individually and different for each person is definitely an X factor. What an amazing young woman.
I meet with Bethany after the show and she was equally impressive. Bethany is a gun and will be a massive success, I am sure you will see more of Bethany in the future.
Business TIP: You need the person, passion and product to make a business work. Get all three right and you have a winner on your hands. But you have to have all three, miss out on one and it will not work.
Nevermind Adventure produce ethical leatherwear, vintage and adventure specialised motorcycle wear predominately in South East Asia. Handmade by a family in India, Nevermind products are sold in stores in Geelong and Fremantle.
Matt is very likable man, who is loves what he does, he has let the business take him on the journey instead of the other way around.
His retail business are not making money and he was looking at using the investment for propping up the retail side… When in fact he needs to stop, work out what his business is and then go, full steam ahead.
The leather goods were beautiful but a mixed focus causes confusion and then leads to part of the business making money for the other side of the business to lose money.
The Travel side of this business is what he need to focus on and this is what Steve could see. Steve believed the only way to make this business work was to get in there and restructure the business.
Matt wanted the help and you could see that he needed to help.
60% of the business offer from Steve was a really high bid, the highest that Steve has done in 3 seasons. Steve wanted control, which you can get through a shareholders agreement, not always with equity. The business had good turnover and was making a small profit so his offer was really a low ball offer, but Steve know that Matt needed help.. I wish Matt and Steve all the best with the business.
Business TIP: do not get caught up with percentages you can control a business with 10%, it is all about the shareholders agreement. Make sure if you are getting partners into your business that you read every work of your shareholders agreement and also understand every word…. IMPORTANT
Note : I love steve one liners, mostly at Naomi’s and sometimes my expense (in fun way), during this pitch Naughty Steve comment was: Naomi you should take a tour in Pakistan….. she should wear red….hmmmm.