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OneSole presented on ABC’s The Shark Tank seeking $500,000 for 20% equity in the company. OneSole is an interchangeable shoe for women and allows women to change the top of their shoe for different occasions and allows them to travel more easily reducing the need to pack multiple shoes. The company’s founder is Dominique Macleen Barteet.
OneSole sells for $70-$85 and the tops range for $20-$30. She makes the shoes in Italy and the tops in Palm Beach. At present, she has a trademark and utility patents on the shoes. Her sales have been over $20 million in the last 4 years. She had $3.5 million in sales last year. She has already $4 million in sales this year and will make $1 million of profit.
While Dominique had built a real very solid business, she was self aware enough to know that she might need help to grow it further especially internationally and the sharks could help in this regard. She was very modest as Robert Herjavec pointed out given her sales and momentum and the fact that businesses with much less often come on to the show and brag a lot more.
Robert Herjavec said he’d offer $100,000 for 10% of the company if she gets the other 4 in and then they (the Sharks) will have 50% of the company for $500,000.
At that point, Daymond John said he likes the product but doesn’t need any partner. He’ll give her $500,000 for 35% of the company.
Barbara Corcoran opted out as it will take too much of her time. Kevin O’Leary offered $500,000 for 51% and said he’d sell the company. Dominique wisely realized O’Leary’s offer was not a good one and declined.
Kevin Harrington went in with Herjavec for $500,000 at 50%. At that point, Dominique decided to go with Daymond’s offer for $500,000 for 35%.
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.