Cousins Main Lobster (CML) Pitched in Season 4 Shark Tank
Shark Tank Season 4 Episode 6 – Cousins Main Lobster transitioned from food truck to brick and mortar restaurant after landing a deal with Shark Tank's Barbara Corcoran.
Cousins Main Lobster (CLM) Entrepreneurs and Restauranteurs, Jim Tselikis and Sabin Lomac, operated their mobile food vending truck on the streets of Los Angeles and proved successful, but they wanted to take the next step, so they came to the Shark Tank to pitch a new brick and mortar dining establishment.
The Pitch for Cousins Main Lobster
Jim and Sabin started out asking for $55,000 for a 5% equity position in Cousins Main Lobster. The cousins entered the Shark Tank after just two months of business, and $150,000 in sales. Pretty good for a couple of guys in a food truck, but the real question is cost.
Marketing Cousins Main Lobster
How many times do we see new restaurants come and go without ever getting established? Locally owned food businesses often have the toughest time getting started, but chains come and go as well.
Most Restauranteurs do very little if any marketing from the start. Many lack the budget, despite having good food. Restaurants that are out of site are out of mind too, but Jim and Sabin understand the value of marketing and promotion.
Taking Cousins Main Lobster (CLM) to Shark Tank gets the customers in the door, and all they have to do is serve excellent food. In one hour, the two cousin's and business partners are scoring big with their new brick and mortar restaurant.
Enter Barbara Corcoran, and you have the perfect match. Barbara Corcoran understands location, location, and location. She's the Real Estate Tycoon that recognizes how to buy valuable property.
Barbara also learned the restaurant business when she partnered with Pork Barrel BBQ. Heath Hall and Brett Thompson made a deal with Barbara in Season 1, and that contract helped Barbara move on this deal.
Now, Cousins Main Lobster says they have the “freshest MaineLobster Rolls on the West Coast.” Fresh Lobster arrives daily and is served within 24 hours, and at the East Coast price!
Cousins Main Lobster Media
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The Sharks on Cousins Main Lobster
- Mark Cuban – Doesn't feel the vibe with the deal – Result: Out
- Daymond John -Daymond thinks they want too much money for the amount of equity they are offering. He tells them to give him a better offer, but they only move to 8% – Result: Out
- Kevin O'Leary – Doesn't believe the company is worth over $1,000,000 – Result: Out
- Barbara Corcoran – Barbara Offers the $55,000 for 17% equity. Barbara shares her marketing prowess she's got, along with the success of Pork Barrel BBQ. Jim and Sabin make a counter offer at 12%, and ultimately they agree at 15%. Cousins Main Lobster gets a great partner. – Result: $55,000 for 15% equity in Cousins Main Lobster.
- Robert Herjavec – Robert offers $55,000 for 25% of the business. He raises his offer to $100,000 for 25% after Barbara makes her offer. Robert pulls his proposal when challenged to prove why he would be better for them. – Result: Out