The TactiBite Fish Call Shark Tank Pitch
The TactiBite Fish Call is like a duck call for fish. They invested $75,000 in the development of the product that generate sounds and vibrations that attract fish. They know that their product works on fish, but they want to see if it works on Sharks.
Jeff and Jack used to be the guys that caught less fish than others, now they are the guys who catch more fish than others. They have been selling for five months and generated $330,000 selling at $99.99 and it cost $16 landed. Jack is only seventeen and has been exposed to business all his life.
Daymond John is the fisherman out of the Sharks, and it doesn't make a splash in the water, but the TactiBite Fish Call simulates the movement.
There is $500,000 worth of inventory on hand by turning inventory using their profit to fund future orders. They want a Shark to get them into retail stores.
Jack explains the valuation that they are anticipating $750,000 in sales which will net them $350,000 and they used a 5X multiple to come up with the number. The Sharks tell Jack that he has to be the smartest seventeen year old kid that they have ever met.
The TactiBite Fish Call Episode Data
- Company: The TactiBite Fish Call – Website
- Entrepreneurs: Jeff Danos and Jack Danos
- Ask: $150,000 for 10% equity
- Episode Season 8 Episode 802
- Companies in this episode:
- The Lapel Project
- GoodHangups
- Ice Age Meals
- The TactiBite Fish Call
- Illumibowl – Featured Update
- Sharks:
- First Aired: 09/30/2016
- Deal: Robert Herjavec $150,000 for 10% equity
What do the Shark Tank Investors say about The TactiBite Fish Call?
- Mark Cuban – thinks that the valuation is fair. He sees the others who are into fishing, so he is out. Mark says when Daymond is fishing I am working making money.
- Daymond John – thinks that the valuation is fair, but he is going to match Mr. Wonderful's offer because they he has work to do on this deal. Daymond thinks Lori is great at what she does.
- Kevin O'Leary – is a little nervous about the retail price, but he is willing to go $150,00 for 20% equity because 10% is not enough to get him excited.
- Lori Greiner – sees this as doing a great infomercial with this, and she offers $150,000 for 15%. Jack asks Lori if they think their valuation is too high, after everyone agrees their number is fair. Jack counters Lori at $200,000 for the 15%. Lori holds at her original offer. Lori Comes down to 10% after Robert offers them exactly what they offer. They ask Lori to partner with Robert at 10%, and she says no.
- Robert Herjavec – finds it interesting that every Shark says it is a fair valuation, and Robert offers $150,000 for 10%. They do the deal with Robert.
The TactiBite Fish Call after Shark Tank
Sales for The TactiBite Fish Call went through the roof after Shark Tank and the father son team hit two million dollars in sales for the year. We do not know if the deal was consummated after the show as Robert Herjavec is not mentioned in any conversations about the fish call. Clearly the company is rocking their sales. Congrats!