Buckle Me Up Is Offered $1.5m In Exchange For 100% Stake | Shark Tank AUS

next into the tank is an entrepreneur who thinks his business is a safe bet I hope the Sharks have brought their fat wallets along I think I'm in a nail [Music] good evening sharks my name is Andrew Murray I'm 53 years of age I live in Sydney tonight we're looking for $390,000 for 10% of the buckle me up enterprise thanks for the opportunity to introduce buckle me up which was conceived by a group of firemen some years ago who had seen firsthand the tragedy of children being killed or injured in car accidents that were unbuckle there's over 1 billion cars in the world today on our roads and 98 percent of those cars have seatbelt warning devices to the front seat yet 87 percent 87 percent of cars don't have them in the back seat where our precious cargo travel buckle me up is a worldwide paid loot first-ever Wireless retrofit seatbelt alarm and safety system the tip knee clicks on your seatbelt buckle like a neat a buckle me up is paired with your smartphone via a free app that will alert the driver of the car the person in the back seat and buckles are coming out can also be used number of other applications such as in school buses so sharks buckle me up you'll never look back well done Andrew and that's valuing your business at three point nine million dollars three hundred ninety thousand for ten percent Wow so I guess you better show us how it works what I'd love is to invite two of the Sharks to sit in the back seat so who'd like to come forward well your little I'm going in the back seat with Janine just buckle me up include shut me up so for the purposes of this exercise Stephen Janine they're my children in the back seat I now hit me up and this will tell me through the green signal that two of my passengers are buckled up so now Steve you're a naughty boy you've dropped your toy and without telling daddy you have to pick your Twitter so now what we see is a visual on my smartphone because Janine looks up to her older brother monkey see monkey do so Janine you unbuckle and we'll see Janine's also go red oh my god these kids are out of control hey I liked it it worked I can remember driving down thirty four thirty years ago with the five year old son in the back and I turn a corner and suddenly the back door of my car opens and my son who's five years of age is taking his seat thought off because his hat has fallen on the floor he grabs hold of the seat belt I'm hitting the brakes and I get out of the car and he's under the back wheel and it's this far away from going over it and I will never forget that that vision it's Kerry this is a great product there's an amazing problem out there yeah 107 hi Andrew how are you who think he's this product market ready and does it work 100% of the time this product is a hundred percent market ready and we have have it fully accredited what have you spent to date well today we've spent over two million dollars it was in my home which I've sold to put into this business Wow okay hello Vika that's a lot Japanese sales so far Andrew yeah we've got an order from a large bus company have ordered 200 buses to be fitted out so how much is that done 1.9 million dollars Wow so are we investing in the everything we invest in operating company the IP is it it is a whole group or are there parts and set aside the investment okay what you're investing is it's buckle me up Pty Ltd yep which has the sole and exclusive license to use the patent worldwide for a seat belt application so we don't own the license we don't we you have the use of it we don't own the IP so you own the patents so that's in one company yeah and then another company is licensed which is called buckle me up to use it so this one is paying royalties to that one yes to use it yes correct yes how much is that it's a per purchase yeah at this point to start off with its 5% so who owns this company not myself okay so you're offering us 10% of another company correct that's not gonna fly right no you're basically asking us to pay you for this but to get no actual effective ownership of it and you've taken a fiver saying clip it's actually it's actually a poor deal so national fact we cooked together to a deal we could be burning cash 100 miles an hour so we could be losing money and you're going that's okay I'm still making five percent you can be making millions and we could be losing money the reason why I didn't put a whole Espada's Chrissa the uncertainty associated with going forward we'd be yet to be completed no you thought that you could take money off the top line and you'd be okay and the risk is with us you sit on the beach you do nothing for it you get 5% of the sales and we take all the really remember I've got 90 percent spinning in as well so if you're hurting a 10% I'm hurting at night you still got your five percent off the top so what you're basically saying is you need to feel sorry for me Rob but this is a half the smallest on the world playing for you right for your heart for your broken heart that doesn't matter this is investment right why are you trying to do that to us why you'd wanted that to an investor why be tricky and whenever a tricky structure gets set up the first thing most body senses go something's been in the on someone's out to do me a disservice [Music] Andrew I could hit you where I am at in business I think if things are really struggling and they're just grinding its gears often there's a reason and in this case I actually think the reason might be you you've got an unusual structure and just looking at you and listening to you I asked myself could I work with you and I'm sorry the answer is no so for those reasons I'm out I'll tell you where I am when I work with people I like it all to be nice and transparent and upfront and if I have to dig for things I can't work with you my mouth [Music] we just saw the whole company take your patent we just sell the whole company I believe that for me to invest money in this business I prefer to have a very very large site that means owning it as in the parent company as well I'm talking about everything I need operate this I'm talking about yeah sure I'd be the students telling that so I'll make an offer for hundred percent of the business I wanting to pay you 1.5 million bucks Andrew leery is asking for three hundred and ninety thousand dollars for ten percent off his seatbelt safety business his complex business structure so we don't own the IP has caused two of the Sharks to bow out but Steve has made an offer of 1.5 million dollars for one hundred percent of his business I prefer to have a very very large site that means only I want to thank thank you for the offer I wanna see if they're right any counter offers [Music] I'm more than happy to took for you to entertain the amateur amateur hour down the end there when I do business with people it is actually a partnership this is like a first date but then we go on a journey together and ultimately we want to get married and create something great at the core our business is based on trust so for this deal I'm out three sharks are out two sharks left Andrew I think your product is very relevant but for me today it's not an investment so a mountain thank you what are you gonna do there's a lot of things to think about but I understand I'm here to to consider offers and students maybe one we actually are here to do deals not just consider them the clock is ticking you because that the more I look at these numbers I get concerned as what why heaven why isn't this an amazing life so everything actually done what's supposed to I think he's little fee to start at the shape right you're not in this deal there's been a range of reasons right all that I don't know you believe in yourself Andrew [Music] Steve what what I would accept would to be a trillion-dollar 100% take care if anyone can take this business it's Steve I really believe that and you might even give me a job [Music] that's discussion no I'm not gonna negotiate against myself you should have kept one of these four in the game so if you're up to we're probably not gonna meet is that where they're at yeah I wish you all the best I'm ass thanks good i Andrew good luck it works it's a great work thank you very much Wow Andrew how you feeling that was a rollercoaster ride in there yeah it was interesting it got pretty brutal in there at times how did you handle that look to answer as honestly as I can I have rolled the deal couldn't be done that's life you move on I think was a cheeky offer I don't think was cheeky did you see how quickly he went to sell his whole business that was a sign if nothing for [Applause] [Music] [Music] [Music]

Channel: Shark Tank Australia

Views: 5,165,185

Keywords: best shark tank ideas, business, deal, entrepreneurs, mark cuban, millionaire, most successful shark tank pitches, rejected shark tank, shark tank episode, shark tank pitches, shark tank show, shark tank success, shark tank, watchmojo, worst shark tank pitches, most successful shark tank businesses, best shark tank pitches, full episode, shark tank full episode, shark tank 2020, seat belt wont retract, seat belt buckle stuck, shark tank biggest regret, shark tank biggest deal

Id: MaBvrGnRZ1U

Length: 12min 8sec (728 seconds)

Published: Fri May 08 2020