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How did a previous NFL player-turned-entrepreneur with disappointing sales get a financial investment from the Sharks in the latest episode of ABC’s truth pitch program ‘Shark Tank?’
It’s not because Al “Bubba” Baker is a previous professional athlete. Rather, it’s because he understands ways to talk about his challenges.
Baker’s company, Child Back Rib Steak, offers de-boned ribs that are ready to consume after 2 minutes of heating in the microwave. However here’s the troublesome detail: Baby Back Rib Steak just generated $154,000 in sales over the last year – although Baker’s been dealing with the idea for the last 20 years. When investor Barbara Corcoran asked him what occurred in those undocumented 19 years, Baker confessed to giving up on his business before his child convinced him to offer it another shot.
Baker’s personalized tale stuck out compared with the other hopefuls on the show, who did not admit to any difficulties or major rivals.
When the Sharks asked co-owners Alexander Mendeluk and Marley Merota, whose faux fur headgear business Spirithood produced $9.3 million in sales in the past 3 years, about their rivals, they could not determine any. And when investor Mark Cuban asked entrepreneur Jan Goetelvk exactly how he was going to contend for customer dollars with Virtuix Omni, a treadmill-like virtual truth gaming system that’d 3,000 pre-orders before it rolled out its first product, Goetelvk also could not answer.
These examples show that even when your numbers are remarkable, business owners still need to be able to predict future difficulties and size up rivals.
While Baker’s numbers weren’t as outstanding, he’d the ability to show product and procedure patents for de-boning infant back ribs and was honest about exactly what he was up against. It eventually secured him a $300,000 financial investment from Daymond John for a 30 % equity stake, contingent on protecting a licensing deal.
SEE ALSO: The 10 Worst ‘Shark Tank’ Pitches Of All Time
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