About Happy Feet
Pat Yates, from Louisville, Kentucky, is presenting Happy Feet in Shark Tank. Pat Says that Happy Feet is not your grandma's slippers. He has them as your favorite animal, or team. His slippers are so comfortable, you won't want to take them off.
Kevin O'leary gets Shark happy feet. Lori comments that they are like Moon Boots because they are so comfortable.
Pat has $6.5 million in the last three years in a combination of online and wholesale. They cost about $5.50 and they retail for $24.95. They made around $650,000 and they've used free shipping which lowers their margin.
Pat says Happy Feet does not have competition right now. He did a license with Snooky and uses mid-level social media stars paying out about 12% to the celebrity.
Happy Feet Episode Data
- Company: Happy Feet – website
- Entrepreneur: Pat Yates
- Ask: $375,000 for 15% equity
- Episode Season 5 Episode 523
- Companies in this episode:
- Happy Feet
- Lord Nut Levington
- Velocity Signs
- Hold Your Haunches
- CordaRoy's– Featured Update
- Sharks:
- Mark Cuban
- Barbara Corcoran
- Kevin O'Leary
- Lori Greiner
- Robert Herjavec
- First Aired: 04/10/2014
- Deal: $375,000 at 25% equity for Robert Herjavec
What do the Shark Tank Investors say about Happy Feet?
- Mark Cuban – thinks Pat is the real deal, has a real business but, he is out.
- Barbara Corcoran – thinks Happy Feet is not going to get bigger, and may be on the way down. She is out.
- Kevin O'Leary – says 15% is nothing to him, so he makes him an offer of $375,000 at a royalty $3 per slipper until he gets it back, and then he will drop it down to $1.50 after he gets the money back, and 5% equity. Lori wants in so he adds a decimal to 6%. Pat appreciates the offer, but this is not the right deal for him. Kevin Counters and Lori goes in for $375,000 for 30%
- Lori Greiner – joins Kevin O'Leary on his offer for this deal. Lori asks Pat to counter after he says the deal is not right for him. Pat will go $375,000 for 20% equity because he doesn't like the royalty deal.
- Robert Herjavec – thinks Pat has an incredible business, but he doesn't want to write a check to a business he won't add value. He is out. Robert jumps in and says he will go $375,000 for 30%. Pat Counters and says $375,000 for 25% and Pat says deal, while Lori and Kevin are talking and saying wait on the deal.
Happy Feet after Shark Tank
Pat Yates secured the deal with Robert Herjavec and signed a deal with DreamWorks properties including Shrek, Kung Fu Panda, Madagascar, and How to Train Your Dragon. In the year following his show, the company generated $4.2 million sales.