Talbott Teas Shark Tank Pitch
Talbott Teas is a cup of couture. They are made from whole leaf teas. There are 23 designer tea blends that are pure indulgence according to Steve and Shane. Sales for 2009 ran $100,000 and 2010 are $350,000 with the first three quarters running $500,000.
They were selected as one of Oprah's favorite things. Talbott Teas continued to have purchase orders after the spike from Oprah's favorite things. They have a purchase order for $200,000.
Steve and Shane are in the Shark Tank to capitalize their growth, and are looking for advisory support from the Sharks.
Their teas are running between $10 to $15 which is on the higher end and have invested $350,000 of their own money. They are creating a lifestyle brand, looking towards accessories and licensing. Steve and Shane will look to sell the company for four or five times earnings. They believe they can grow the company to $100 million in revenue.
Talbott Teas Episode Data
- Company: Talbott Teas
- Entrepreneur: Steve Nakisher and Shane Talbott
- Ask: $250,000 for 20% equity
- Episode Season 3 Episode 305
- Companies in this episode:
- First Aired: 02/17/2012
- Deal: Kevin O'Leary $250,000 for 35% equity
What do the Shark Tank Investors say about Talbott Teas?
- Mark Cuban – he couldn't live, eat, and sleep Green Tea. He is out.
- Daymond John – regretfully has a conflict because he is with a competitor so he has to be out. Daymond thinks the guy running his deal is a bozo and he wishes he could get in on their deal.
- Kevin O'Leary – likes the story, but he doesn't like the value. He offers $250,000 but he wants 40% equity. They want to work with Kevin, but they don't want to give up that much equity. The ask him to go closer and Kevin says, no. They ask Kevin to meet them half way, and he responds he rarely if ever changes his mind, but he goes 35% because he really likes them. They have a deal.
- Lori Greiner – says it is fabulous to be in with Oprah, but she is not convinced that this is the right deal at the valuation given.
- Robert Herjavec – loves the product, and thinks Shane and Steve are great. He agrees with Kevin on the valuation. He is out.
Talbott Teas after Shark Tank
Jamba Juice acquired Talbott Teas after their Shark Tank episode. Ironically Daymond John and Barbara Corcoran were instrumental to bringing Jamba Juice to the table.