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My Wonderful Life presented on The Shark Tank asking for $100,000 for 10% of the company. The company founded by Nancy Bush and Sue Christoff offers a website that lets people plan for their funeral while they are alive so they can be remembered and celebrated when they die in the way they want.
My Wonderful Life lets users go online and fill out a wishlist for their funeral. According to My Wonderful Life, the funeral industry is an $11 billion business. To make money, My Wonderful Life has teamed up with an insurance company and they make a lead generation fee from the insurance company for insurance policies they sell. At present, the site has 7000 users over 3 years and they’ve not grossed any revenue.
Kevin O’Leary thought people didn’t plan their funerals. Mark Cuban asked if the company had exclusive deals with insurance companies and they didn’t which was a killer for him. O’Leary went on to say there is no competitive advantage. Robert Herjavec said they have not taken steps to strengthen their business.
Daymond John opted out saying he’d never get his money out of this company alive. Barbara Corcoran said they don’t have traction which makes her opt out. Robert Herjavec said there is no business here so he opted out. Kevin O’Leary said he wants to make money off every person who dies, but didn’t see that with this business.