Shark Tank US | The Ice Cream Canteen Entrepeneur Makes A Last Minute Choice

next up is a way to carry America's favorite dessert on the go [Music] my name is Jordan and I'm here today asking for 100 000 in exchange for five percent equity in my company the ice cream canteen [Music] sharks this is the pint of ice cream this is the most delicious and most popular dessert in the country the problem is ice cream melts so quickly that you can't take this anywhere oh that's why I created the ice cream canteen the world's first double walled vacuum insulated container for the pint of ice cream so you can keep your ice cream cold and enjoy ice cream anywhere [Music] just drop in your favorite ice cream screw on the cap and the ice cream canteen will keep it frozen for hours no freezer no problem if it sounds too good to be true let's put it to a test mark would that come up here and help me test out the ice cream canteen sure [Music] let's go ahead and get our safety gear on okay [Music] hello so I would like you to do your best to melt this pint of ice cream are you ready I'm ready all right nuke it you're wonderful [Music] [Laughter] [Music] all right get in there Mark it's not it's not gonna melt itself off [Music] all right we're gonna burn the table step hang on back for a second the table's on fire all right already at 425 degrees wow all right thanks Mark let's check it out let's see how we're doing let's see if we got some ice cream oh my gosh open okay that is very hot but we still have an ice cold Frozen pint of ice cream wow easy as you can see the ice cream canteen stands up to the Heat and what that means is that now ice cream can be enjoyed at the beach at picnics barbecues or birthday parties or really anywhere so sharks don't let this deal Melt Away Jordan I want to ask a couple questions first of all I think you're solving a huge need this seems genius I love the idea how long will it last before it melts and also do you need to freeze the container beforehand so the ice cream canteen does not need to be pre-chilled it works a little better if you do pre-show but it's not necessary the ice cream canteen will keep it frozen for up to four hours on its own or if you put it in a cooler with other food and drinks it'll work for up to eight hours nobody come up with it before no one came up with that before me uh that is the question the way you said said no one came up with it of me what did they do after you if I came here two months ago I would have been able to say I was the very only ice cream canteen on the market as of the last two months I have had two very much inferior but similar products come to Market do you have a patent I do I still have a design pattern that's still pending and I have three registered trademarks break down the numbers for me tell us what you sell them for what they cost you to make I sell the ice cream canteen right now for 44.99 oh wow and what's your cost to make it my Landing cost is 7.50 well there you go that's good margins I'll direct a consumer no not all direct consumer I think the huge potential here is retail and one of my largest Retail Partners right now is the ice cream industry so we look across the country there's 80 000 ice cream gelato or frozen yogurt shops in the country they all sell pints of ice cream but customers cannot take that pint of ice cream from the store to their home from their store to the beach Jordan what's your uh Revenue I sold 98 000 in 2021. how about this year and this year uh sales are going great I've done 185 000 a day so you should have made a boatload of money off of that what were your profits I'm netting over 50 right now so you've put in 99 000 give or take in your pocket already correct yeah this year we're expected to do over 400 000 in revenue and net over fifty percent that's awesome that's how much of your own money have you put into this to get started I was fifteen thousand dollars uh in credit card debt and what do you need more than anything more than anything right now I am Capital constrained and I'm having to leave a lot of opportunities on the table because I don't have the inventory and I don't have the money to purchase large purchase orders so listen you need a hundred thousand dollars basically for inventory that's your problem you don't have enough product all right I like this deal it's very simple to understand I'll give you the hundred thousand dollars I want thirty percent I don't think you're worth two million bucks but I think you've got a really interesting idea and the chef wonderful I can blow this up huge for you thank you Kevin I appreciate the offer I appreciate the feedback [Music] oh that's what that's what Kevin O'Leary did to your evaluation look I really do feel that this business is worth two million dollars I've done 450 000 in lifetime sales you're like your business you're advertising I like your business thank you but what he knows that we're all going to say and what he's doing is slam things we were all going to say five percent is not well you knew we were when I say that well when was the last time someone came in and said 20 left with 20 you come in and say 20 or even you guys I've seen the show my thesis really quick all right it's not about the amount of money most likely you're not only asking for funding you're asking for help and you're asking for a two million evaluation but we've done this time and time again you don't value the participation of the shark I understand you go low we go high it's just frustrating because the foundation of the show when I first started when all first started said banks are not loaning money there's no other place to go you don't go to some place and go there's no other place to go I'll give you five percent [Music] thank you I do I really do appreciate the feedback Jordan right listen to me I'm very excited about you I just want to understand what you're looking for if what you need is to grow I have the relationships with every retailer in the nation and every manufacturer in the Navy absolutely but if what you need is inventory financing then you should go to a bank so what is it that you need from a shark all right what I would like help with from a shark is getting into retail distribution I'm looking for a strategic partner that understands when 9 out of 10 households in the United States have ice cream in their freezer at any given time and they cannot take it anywhere I just want to be able to talk for a minute here so I understand your mission completely I got it the minute you said hello right it's obvious it's a very intuitive product to me I see this everywhere but here's the thing I also get I did the deal with frozen farmer I know ice cream inside out we're closing in on 15 million in sales and that's in just two and a half years is there an offer in the future knows how to run this business for you so Mark was talking to me because he does also ice Shaker and other products yeah we're going to offer you a hundred thousand dollars a front in cash a hundred thousand as a line of credit the two of us as partners together but we would like 25 percent by the way Jordan that one of the low end is five times what you were asking for it I really appreciate your offer and uh we're going to counter now or yes please counter now because we may not be there I would like that you don't want to hear my offer one shark is out Jordan has two offers on the table one from Kevin and another from Mark and Lauren for his ice cream travel container ice cream canteen but Daniel also seems interested I really appreciate your offer and uh would you like me to counter now or yes please counter now because you don't want me to wait wait I would like that Jordan you don't want to hear my offer I'm just gonna I'm gonna finish with this one and then I would love to hear your offer how do you that's bad negotiation uh I would love to work with both of you so thank you very much for the offer uh I do believe that this company does have a two million dollar or close to it valuation let me tell you why this year alone we're on attracting you four hundred thousand dollars in sales if I had more inventory this year I would have done maybe double so wait think about your ownership percentage now think about how much money goes into your pocket if you want 100 now think 10x that yeah and then it doesn't come down to the percentage of ownership it comes down to how big you can be that's the difference can I ask you a question I didn't finish it counter you go ahead can I encounter go ahead and counter because we may not be here Jordan that you can't refuse you need to learn that you can you have to wait don't don't let people bully you if they have a good offer they're gonna wait okay it's a good offer but to take one step further what I'm doing with the ice cream canteen is right now what you're seeing is one product but what I'm creating is stop selling short and we're trying to get the offers out you don't need to I'm trying to justify the two million valuation so the problem is if you want to stick to five percent you can I don't want to say five seconds okay so you have to come back and tell me you've got a counter or listen to him uh we do it for 15 or a thousand dollar line of credit would you go up to 20 percent yeah I definitely think that we are worth 20 for sure I'll do uh I do want it I'm sorry Daniel I came all this way I want to hear your offer but I uh you know Daniel owns ice cream company can I leave this on the table or no Jordan no in any time in business any time in business this is good I'll take your deal

Channel: Sony Pictures Television

Views: 129,135

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, Kevin, Lori, Daymond, 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, Barbara Corcoran

Id: A9TsGsDAAQA

Length: 11min 22sec (682 seconds)

Published: Mon Nov 27 2023