Shark Tank US | Sharks Fight To Get A Deal With Pan's Mushroom Jerky

[Music] first into the tank is a healthier version of a favorite snack [Music] hello my name is michael pan and i'm from portland oregon my company is pans and i'm here today to talk to you about something that's near and dear to my heart jerky sharks you're all busy and know what it's like to need fuel on the go and jerky is a convenient tasty nutritious snack people have enjoying for centuries let's take a moment to appreciate our jerky in all of its glory i can't think of anything more satisfying than ripping into a meaty chewy delicious piece of jerky almost brings a tear to my eye pans is high in fiber and vitamin d it's paleo soy free gluten-free and they're just six simple ingredients in our original recipe and all our flavors have their own unique umami taste well i didn't mean to go on and on about our jerky without you being able to taste it i'd love for you each to take a bite so please go ahead now i can't wait to hear your thoughts but before you share them i have to admit something that marvelously meaty texture that you're experiencing great really good thank you love it is actually mushrooms that's right pans mushroom jerky i was wondering i love it even more this is great we have four delicious flavors oh my god original zesty thai salt and pepper and applewood barbecue all of them have a delicious flavor and satisfying texture that fans of jerky love now sharks i'm seeking three hundred thousand dollars in exchange for ten percent equity who's ready to take another bite wow that was a great reveal thank you these are all shitakes by the way so tell us your story how did you get into mushroom jerky so my father was born and raised in a small fishing village in malaysia luckily i had the opportunity to go visit family to learn about my heritage and where i came from and one of these visits to malaysia there was a bowl of food on the table i reached in and try it and immediately i thought oh this is this is great it must be pork i was really confused the person who served it was my cousin and he was vegetarian buddhist and he had been making the snack for himself for his family for people in the area and selling it locally and as vegetarians they had a really hard time finding foods not only tasted great but also had a really great texture and mushrooms are very satisfying and also very healthy i was blown away and i knew at that point that we had something that had to be shared with the rest of the world what does it cost landed what's the store selling it we make it for 1.67 okay our msrp is between 799 and 8.99 who's your biggest chain right now selling it whole foods office yeah we're in two regions of whole foods at the moment what did you say your sales were in 2018 we ended at 300 000 uh to start off with um in 2019 we more than doubled we got to about 755k and i'm happy to say in 2020 so far we're at 620 000 in sales and how many stores are you in now we're about over 700 stores right now where are most of your sales coming from uh 60 of our sales are on retail and 40 are online so how much have you invested yourself and have you raised any money and if so how much yeah so i put in 100 000 myself and how much did you raise from outside none all bootstrapped what about borrowing or anything i have borrowed um and we have a few loans and obviously with covet happening we were one of the businesses that took advantage of the ppp loan i also took an sba cover disaster loan as well would you say you're on track to do a million dollars this year yes we think we're getting 1.5 five we're about ninety five thousand to one hundred thousand dollars in sales a month right now i wanna talk about something more exciting and fun how good it tastes yes which is your but just these thank you i've been look at this i've i've nothing left uh i'm in the bags here yeah this is fantastic thank you totally my cup of tea is there anybody else doing this there are others starting to do this and that's obviously why i'm here we want to move faster but uh we really rely on our taste and texture is superior to anyone else [Music] michael are you making money yet we are our margin is around 77 across all channels at the moment what will the company make if it hits its sales targets this year and profit in profit so far this year we are netting sixty one thousand dollars so you're saying there's a ten percent profit margin all right yes so i'm gonna sum this all up you're offering ten percent for three hundred thousand dollars um yeah you'd have to grow the company significantly for me to make at least twice my money back right um and i like this stuff but for me to get my money back and a little something extra it's a long road so i'm out thank you very much so i want you to know um i adore this i love jerky but i don't want to eat jerky i don't want to eat high sodium this is so healthy it tastes fantastic all of them blake and i were talking um between the two of us we'd like to make you an offer and i want to share a little bit of our thinking um my band and bagels we got into starbucks nationwide and that was 9 000 stores starbucks is great if you can get in there and on their shelf they don't have a lot of things to pick and they like healthy stuff like this oh the strawberries love this we both have incredible relationships there yes and then the whole foods albertsons kroger even walmart everybody wants something like this so our thought was to try to blow this up into all those places but blake's going to tell you our ass because to do that we need to be special partners yeah i mean here here's the thing i only make two maybe three investments a year uh and the reason i do that is i want to come in and be a founder i want to be a partner i want to be like really building something uh and i think this has enormous potential sounds expensive what i like about where you are right now is it reminds me a lot of where i was at toms and that until i sold toms i owned 100 of business uh i brought in a 50 partner you know seven years in to grow globally i smell 50 percent and uh are you gonna bring this offer it's not gonna be that strong well let's hear it that's a great way to teach 40 i think it's 40 i think it's 20 20. what lori and i want to do is we think the 300k we'd love to do that but we need to see 30 for us 15 for me and 15 percent michael now before you interrupt let me just say is this show's not about like getting the very best deal it's about getting the best partner and a great partner exactly is gonna build your business far better than five or ten percent points you might not have want to give away somebody would love to be your partner but also we will blow it up but i'm gonna do what mark cuban does all the time i'm gonna say you have to tell us now michael michael here just real quick i've done this before this would be added to the portfolio i'll do 300k for 20 percent if you say yes now no no you can't do that it's now we're never married all the time so blake why would you want one shot you don't do that we are passionate about this michael i do it i've done it all the time it's a decision how much equity you want to use the word portfolio you're just going to be one of them no no the whole point is the whole point is they're all plant-based companies so we already are in whole foods we already have alyssus we already have snacks you're not in starbucks and that's not true that is not true because we just got in real deli another plant-based we've got them into starbucks well you have to make a decision you have to make yourself what would you like to do michael wait don't force him on a clock yeah this is not very big do you understand the offer that's right do you understand both offers um it's a lot going on in my head right now but well let's just highlight it it's 300 000 for 30 or 300 thousand for 20 and two sharks two sharks or one and obviously i'm more than just one shark because i'm going to be more focused on this than the who do you want to do the deal with i love all you guys i mean you guys are all amazing you have to make a decision you've got two honor to blake and me i think we have an undecisive uh don't worry about it it's only the most important decision of your life i appreciate all the offers and all the interest and all the feedback it means the world to me for how much effort i put into this and it's very validated thank you just thank you it's been a really crazy year and um the equity side is is a bit too much that i'm willing to give up um so i don't know if there's a way to what would we do and then mark i mean i i'd love to work with you also obviously is there any way you'd come down a little bit just to meet me somewhere and then i i have to negotiate a little bit 15 with that work and we can get this done and start going 18 you got a deal no i'll do it for 15. yes or no to 18. you just gave me an offer you're gonna live up to it i'll do it for 15. mark you got a deal i love you guys oh margaret yes thank you we're hugging next year i'm telling you i'm sorry thank you so much i love both of you very much i thought you were going to blow that congratulations man michael michael jordan you can change your mind you can't change your mind we have a deal thank you very much i love reaching let's go we're going to go thank you were you in with blake and then you snaked him and went in by yourself and said 15. yes i yes whatever it takes and then mark snake you just got shitaki i've been on this path for a while and being a solo entrepreneur for so long uh you go through so many peaks and valleys and and this year especially i seeing your bank account go negative seeing people's lives at risk this is the biggest one of them all and just to have this happen is extremely emotionally satisfying sorry you

Channel: Sony Pictures Television

Views: 5,009,430

Keywords: Shark Tank, Shark Tank US, Shark Tank USA, Shark Tank America, American Shark Tank, Shark Tank Pitches, Shark Tank bad pitches, Shark Tank Best Pitches, Shark Tank Covid, Shark Tank Season 12, Mark, Blake Mycoskie, mark shark tank, kevin shark tank, lori shark tank, daymond shark tank, mr wonderful, shark tank moments, shark tank deals, shark tank pitch, shark tank best pitch, kevin oleary, mark cuban, lori greiner, pans mushroom jerky, pans mushroom jerky shark tank

Id: Gsb98jeXm14

Length: 10min 50sec (650 seconds)

Published: Thu Aug 26 2021