Being the fashion icon that I am, LOL, I love the Fedora’s from Two Guys Bow Ties. Founders Adam Teague and Tim Paslay pitch the Shark Tank Investors in Season 7 Episode 703. They ended up getting a deal with Daymond John but missed out on an opportunity to work with Kevin O’Leary on the deal. His group of Love products compliments the Two Guys Bow Ties lineup.
Season: 7 Episode 703
First Run: 10/09/2015
Sharks: Mark Cuban, Daymond John, Kevin O’Leary, Lori Greiner, Troy Carter
Company: Two Guys Bow Ties
Entrepreneurs: Adam Teague and Tim Paslay
Ask: $150k for a 10% equity
Deal:
Two Guys Bow Ties make average guys look outstanding
Two Guys Bow Ties claims to take the average looking guy and set him apart from the crowd. Their Fedora hats with Wood rims along with the wooden bow ties hit the spot Even the lapel looks super stylish. The fedoras are a new product and have no sales before the Shark Tank pitch.
Adam and Tim use old-school craftsmanship to create their products including one-off custom designs that ship next day!
Sales heading into shark tank are four-hundred-seven thousand for the previous year coming into Shark Tank with just shy of a million dollars in the two and a half years of business. Adam and Tim sold over twenty-five thousand pieces with less than thirty returns for defects total.
What the Shark Tank Investors say about Two Guys Bow Ties
Troy Carter loves the style, would like a smaller hat, but this is more for Daymond, so he is out. Daymond encourages Troy to come back in with him on a deal, but he goes back out when Tim and Adam negotiate the equity.
Kevin O’Leary likes this for his love platform. Weddings and gifts. They will allow people to mail them their fabric and will make them custom ties using the customers material. Kevin offers $150,000 for 15%, and the offers to drop his equity to 10% and the royalty to 7.5% until the loan is repaid competing with Daymond John’s offer.
Daymond John – He likes this platform and would want to go in on the deal. He gives them an offer $150k, for 20%. Adam asks Daymond if he would work with Troy on the deal. Daymond ups his equity ask for 30% with an additional royalty to the deal and welcomes Troy. Daymond goes back down to the 20% when Troy goes out again, but retains the royalty of 10% until the $150,000 is repaid. Adam then counters at 17.5% equity, and they have a deal.
Lori Greiner thinks that they are great, but feels that Kevin and Daymond are better partners for selling and marketing the Bowties.