You Smell Soap on Shark Tank
Luxury Soap - Season 3 Episode 301 Update
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Robert Herjevic closes Deal with Megan Cummins
During the Shark Tank Show |
The You Smell Soap Brand was started by Megan Cummins to bring new luxury soap into the market. What started out as a College project on custom packagin turned into the You Smell Soap Brand which she had two distinct scents made into 1200 bars of soap to test the market. She clearly states the company is in "Pre-Venture Stage" with no sales to speak of. The luxury soap was sent to different outlets around the world to test the market and come up with a price point for this luxury item. With several interested stores, Urban Outfitter's was the largest Company interested in perhaps carrying the You Smell Soap Brand.
Megan then brings out other invention which is You Smell Paper Soap. It's as you guessed it, soap on a convenient piece of paper and packaged as a convenient way to clean up, not to mention a great impulse buy sitting on store counters.
You Smell Soap Shark Tank Recap:
Megan came into the Shark Tank looking for a $55,000.00 investment in exchange for a 20% equity stake in the You Smell Soap Business. Mark Cuban is the first to offer a deal to Cummins for exactly what she is looking for. He then tries to close the deal before any of the other Sharks can even make an offer.
Barbara Corcoran immediately butts in and says she is the better investor to partner with, but she wants 40% of the soap business to make it a success. If the offer wasn't bad enough, Corcoran also throws on a 10 cent royalty for every bar of soap sold.
Robert Herjevic wants to know if Megan is already devoted full time to this business, which she says she is also working for herself as a graphic designer but hopes to turn the Soap Business into a full time occupation with the Sharks help. Mark Cuban, the determined Shark that usually does get his way when he sees an opportunity that he likes, tries his hardest to convince Megan to accept his offer.
That’s when Herjevic steps in and almost sounds like her Dad might sound looking out for her best interest. Robert offers Megan exactly what she came into the Shark Tank looking for, $55k for 20%, but he also sweetens the offer with a $50,000.00 guaranteed salary for the first year.
As many episodes I have watched on the Shark Tank (all of them) I have to say I have never seen Mark Cuban so determined, almost begging, for Cummins to accept his offer. In his mind it was not the petty $50k it would take to close the deal; it was the millions they would make together in the future.
Robert was offering a cushion of a guaranteed thousand dollars a week, while Mark was offering a million dollar opportunity within that same year. Barbara decides her offer stinks and tries to sweeten it down to a 30% stake in the company that was still not even close to the other offers on the table.
Now here's an interesting fact concerning an article I wrote about yesterday when Barbara Corcoran was featured on the "What Would You Do TV Show" dealing with gender discrimination. It mainly had to do with a male determined to hire another male for a job opening. Not because he was better qualified, but because of his gender. Barbara comments on this episode, and I quote "Women work harder and you know it". She then goes on to say "put one women in any situation and she will out work the guy any time". OUCH I actually felt that one.
As hard as Barbara and Mark tried to persuade Megan in their direction, the temptation of a guaranteed $50k salary from Robert was too much, which she did end up accepting his offer. He quickly stood up to shake hands and close the deal which Megan did shake his hand. A deals a deal after you shake on it, right? We'll I guess it depends on who's hand your shaking.
You Smell Soap Shark Tank Update:
Megan Cummins had 3 Sharks fighting to get a piece of her new soap business and ended up choosing Robert Herjevic as her partner. As with all deals made during the show,there is a due diligence phase all contestants and Sharks go through before signing the papers and money being exchanged.
strong>Megan says she tried for 6 months to get a hold of Robert
after they filmed but before the airing of that episode. Really? Robert sweetens the deal away from two other Sharks that really are interested and then backs out? It gets better. After trying unsuccessfully to contact her new Shark partner for several months, word came back that he did not realize this business was a start up and had no sales. (Refer back to the beginning of this article) Was Robert Herjevic trying to back out of the deal or was it just not worth his time?
Months later Megan did finally get a contract from Herjevic to buy into her company as promised on the Shark Tank. Only thing was the terms were changed and now he wants 50% of the business which is far above his original offer and not even close to the offers made by Mark and Barbara.
I have never heard of such a deal ending like this and hopefully it's the only one. That $50k is peanuts in how much it cost Roberts’s reputation. I'm sure he did his due diligence to come up with his final decision, but may not have handled it like a professional Shark in his position should or could have.
If it was the only offer on the table that night, maybe that would be different. But to make an offer so much more generous than the other Sharks and then not even answer your phone, would down right piss me off. Fortunately this was filmed at the beginning of season 3 and he may have realized it's in his best interest to honor his part of the deal or at least not keep people hanging when they are counting on you as a new business partner.
As Megan demonstrated on the Shark Tank, she is no quitter and with or without a deal with Herjevic, the You Smell Soap would become a Success. And it has! When the Shark Tank did finally air the You Smell Soap episode, the interest started pouring in from new fans of Megan’s too large retail outlets that were interested in carrying her products. The only thing was she still did not have the needed capital to fulfill all those orders.
But things began to fall in place with so much interest after being seen on the Shark Tank. Within a few months of the airing, Megan was able to start working full time on building up the You Smell Soap Brand. Her Fiancée followed suit shortly after that and it's now it's become a full time commitment for them both just to keep up with all the orders that are still pouring in.Try A Bar of You Smell Luxury Soap Today
Megan Cummins on FaceBook Follow You Smell Soap on TwitterView the original article here
The name might have pork in it but the sauces and rubs tastes just as good on chicken and beef as well. In fact these sauce's will make every kind of meat taste better. The best advise for anyone that goes in front of the Sharks with a food product, is to get them fed as soon as possible. That's exactly what Heath and Brett did wasting little time handing out samples of the Pork Barrel BBQ sauce. The entire Shark Tank loved the Pork Barrel immediately. 
The First Defense Nasal Screen is a clever and cheaper way to protect yourself against a host of allergens, germs, pollen and pollution to name just a few. Joe Moore the inventor of this clever devise explains "you basically just peel and stick the almost invisible sticker directly on your nose hole for instant results".
I'm not sure how I missed this one, but 
by Rebecca Rescate who first appeared on the Shark Tank Show in Season 2 with the wildly successful product "The Citty Kitty" which teaches cats to use a toilet. She returns with her new business partner Chris Hindley in episode 415 looking for another investment of $90k for a 15% stake in the traveling pillow with a hood on it. They even invented another smaller HoodiePillow designed for long trips on airplanes and cars. Within 8 weeks time prior to the taping of their shark tank episode, Rebecca claims they have already sold 3000 HoodiePillow's in just the first 8 weeks. Robert Herjevic still thinking about the deal that got away with Rebecca's Citty Kitty deal from season 2, ends up making a deal with Rescate and Hindley for $90k and 20% of the Hoodie Pillow Business.
came into the Shark Tank with quite an emotional story on their journey to make the "Dance With Me" program a success. It was clear he did not want to walk in his famous father's footsteps and was determined to make it on his own without any help from his wealthy Dad.
is one cool invention that all wine connoisseurs are going to love. Eric Corti first entered the Shark Tank last year in the beginning of season 3 and in episode 304, asking for a $40,000.00 investment in exchange for 30% equity in the air cork business. Without a doubt Eric made a huge impact on the Sharks as well as many Shark Tank Fans around the country.
