Julie Busha makes her product, Slawsa, for which she is seeking $100,000 in exchange for 15% equity. Her condiment pitch is in Shark Tank Season 5.
Slawsa come in four flavors
Slawsa is in over 4,200 stores nationwide. They are in Kroeger's and Public stores generating $212,000 in year one, and over $500,000 in year two.
Julie bought out a former partner, whose family had the recipe. She paid in fifty thousand dollars to get into the Slawsa business. She is spending between .66% and 2% royalty on her product.
Julie is exceptionally frugal graduating from college debt free, and buying a house that is half what the lender approved for her and her husband. She does not take a salary and can go without salary for a couple of years.
Julie informs the Sharks that she is not taking equity for the buyout of her former partner.
Slawsa is about twenty percent higher than a traditional condiment.
Entrepreneur: Julie Busha
Ask: $100,000 for 15% equity
Companies in this episode: DoorBot, Magic Moments, Surprise Ride
Season: Season 5 Episode 509
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 11/15/2013
Deal: No Deal with Julie Busha, but she did an awesome job building her company and presenting to the Sharks. I am surprised that they did not bite on the deal. They just aren't into the condiments business.
What do the Shark Tank Investors say about Slawsa
- Mark Cuban loves what Julie is doing, being an example of saving money, he will be a customer, but he doesn't see enough to invest, so he is out.
- Daymond John says the taste of the product doesn't matter because her sales prove him wrong. He is not passionate about it, so he is out.
- Kevin O'Leary finds Julie very admirable, but he feels she is not worth a million dollars right now. Kevin is concerned about the risks of her getting run over by a bus, and this deal is not going to happen for him, so he is out.
- Lori Greiner finds what Julie accomplished is impressive, and selling well is also amazing. She doesn't want to be in the Slawsa business. She is out.
Robert Herjavec finds her product too sweet, so he is out.
Slawsa after Shark Tank
Slawsa doubled the number of stores selling Julie's condiment, proving how strong of an entrepreneur she is.
Many follow up interviews have Julie Busha breaking down her thoughts on the Shark Tank no deal, and on a rare occasion, I find her analogy plausible as to why she did not get a deal.
Julie was the last pitch on the last day of taping, and she did not have Barbara Corcoran on her presentation, which would have increased the odds of a deal.
More than one Shark said they are not passionate about the condiment business, and went out for that reason. I think her pitch would have gone different and she would have a deal if she were midpack or earlier.