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Clip N’ Go (founder: Bob Kroupa / parent company: New Era Brands) offers a clip on tool for mint & gum and contact lens carrying case. He was offering $500 for 30% of equity in his company.
Kevin O’Leary was intrigued by the sales of the mint product which were $817,000 in annual sales last year. But said that his lack of profit was not forgivable. Some of the stores that Clip N’ Go was offered used it for promotional periods and according to Kevin O’Leary, they didn’t
Their products have margins of 32%. The founder has invested $2 million in the business. Bob’s overhead was $60,000 per month. The funding has run out and the folks who were managing the business were fired.
Daymond John opted out (twice) as did Kevin Harrington. Robert Herjavec came to the same conclusion and Kevin O’Leary was out. Barbara Corcoran opted out after trying to give him a compliment. Bob realized that it may be time to pack it in.
Check out how we analyzed Shark Tank investment data for seasons 1 and 2. We also highlighted that Mark Cuban has written the largest checks in season 2 and that Daymond John has invested the most money and that Barbara Corcoran has invested the most. And we’ve also discussed whether Shark Tank TV is realistic to the real world.