Two Metro Detroit men got mocked by sharks on ABC's "Shark Tank" Friday night because of their measly earnings for their invention, Float 'N' Grill, a portable barbecue for partyers on the water.
But in the end, they got a deal with Daniel Lubetzky, billionaire founder of the snack company Kind, which makes healthful candy bars.
The duo started with this:
"Hey there Sharks, my name is Michael Bashawaty and I’m Jeremy Quillico. We’re from Plymouth, Michigan, and we’re here seeking $200,000 in exchange for a 20-percent stake in our company."
When they disclosed that they only grossed $19,400 since launching about 18 months ago, skeptical investors were not impressed.
“The sand bar community has rejected you,” blurted Kevin O’Leary, aka "Mr. Wonderful." “All I know is, nobody is using this in the sand bar. You want 20 percent. A million evaluation when no one in the sand bar community gives a poo-poo about this thing.”
But Lubetzky, who said he's friends with executives from Weber grill, made an offer they accepted: $100,000 investment for 22.5 percent of the business, $100,000 loan at 7-percent interest and a 50-percent licensing deal.
Lubetzky sounded particularly interested licensing the product to a big manufacturer like Weber.