The Sharks FIGHT For A Deal With Cupbob! | Shark Tank US | Shark Tank Global

first in the tank is a convenient version of a popular Cuisine sh we are pumped to be here my name is Doc my name Chong and we're from [Applause] cop J what is cup poop cop see cop C C cup up is Korean barbecue in a cup we are super energetic little bit crazy Quick Service Korean barbecue brand did you know that there's only one Asian Concept in the top 50 Quick Service restaurants there's room for more and we are next K-pop K drama K movie is taking over it's time for K food to take over the world we have a offer for 3% for our company for $1 million wow that's a lot of barbecue wow sharks we'll keep making the cup offs you keep swimming in cash swim swim swim hey sharks we have a cuper for each of you guys now just oh fantastic my God what a presentation all right what's in here tell us what's in it before we go in oh spicy it's 100% sweet potato noodle on the side e called Chap and we have a Puli it's beef and hot spicy pork on the side so beef and pork mix H it's hot wo it's hot it is great thank you and Barbara it's not a ketchup it's a spicy food that's right yummy wow are you okay are you cry all right no I'm good so we have a spice level from 1 to 10 and our customers can choose that we've had a lot of different food Concepts on Shark Tank I have to give it to you this is one of the best I've ever tried that's big coming from Cabin guys what's the cost of this it ranges anywhere from about $8 to $10 per bowl and what does it cost you $180 to 250 so our our gross margin is about 75% and you gave us an astronomical number here you said 3% you wanted a million dollars your sales must be through the roof let's hear it our trailing 12 month month systemwide um sales is $18.7 million and wow are you kidding how many trucks so we actually we started from a food truck now the trucks are more of a marketing tool for us um brick and mortar stores we right now have 27 stores how many years have you been in business about 8 years tell us congratulations the sales the trajectory I want to know how you got to 18 million going back the last kind of 5 years we were 7 million 8 million 9 million so we were growing about a million each and last year we did right around 102 million and this year we're expected to grow 90% and during a CO year when people were not going out to restaurants so how did you do that so we shut our dining down like everybody else did only takeout um and delivery and delivery and our same store sales we were up 9% during Co so that worked better for you actually y doc what's your background yeah so previous to this I was an investor at a major hedge fund actually he was my first customer and I the futra in SLE City downtown he came to me hey we love Korean hey we love Korean so I'm Korean and just fell in love with the product I went moved to New York did my kind of eight seven eight years there and I I just wanted something different did you go and Pitch him on being his partner he called me that's right I called him up yeah but he said if you're not hireing me right now you're going to be regret for the Futures who owns the business and what percentage so we own half of the business oh so you've raised a lot of money then no we've actually never raised money who owns the other half the other half his co-founders um and a group came in and just bought Equity off of the other three Partners what they pay for that Equity what valuation undisclosed we don't know they have yeah your partners have just gone basically they took the money and rent so we've actually so we've been growing through organic cash flow we've never raised money actually but during Co you pivoted right instead of having people go to the stores you said you were doing delivery business you killed it last year why you need a store the reason why it's not only about the food we want to give you a really good experience with our customer we high five all the time we hugging we dancing together Korean people is the party people they're having fun they know how to play you said you hadn't raised any money why didn't you bring in any investors before you got here we got so many investor came to us I say no for 8 years because I think I can make a 2,000 store with you guys I want to be the first Korean national brand with the sharks when I came here for a long time ago from Korea I'm not good students in Korea I got f grade all my life they call me I'm the failure I'm the loser but when I came United States I found opportunity here if I work hard here I can make a dream come here this is a big thing for me not because of money I want to get the opportunity to tell them hey first Korean national brand here so Jung we heard all about you fabulous story I love it but doc I want to hear a little bit about you yeah I was born in Korea and when I was 11 my family came on a summer vacation in the US and the day before we're supposed to fly back my mom and dad sent me down and my older brother and said oh by the way we didn't tell you but you guys are not coming back with us oh um what so they had planned this all along so they found a family a school and they thought that if they told us we we wouldn't want to come and so they did it the hard way the next day bam my god wow and they chose Utah because they just heard that Utah was a religious state that a lot of people don't smoke and drink they they thought oh that's got to be safe we're sending to Utah doc I mean that that story is incredible why do you think your parents did that why did they drop you off in America it was really for the opportunity absolute best decision that they've ever made for us and I am just forever grateful for what what what they've been it's amazing how the people who grew up here don't feel the same way think about what your parents sacrificed for the American dream I now only can I really start understanding my parents a little now that I have my own kids and the love that I have for them he got two kids I got five kids W how do you work maybe that's why you work so hard but my wife support me 100% I I love this story like you guys my dad gave up everything to come here I had to fraking be successful to justify that sacrifice and you guys are on to something here purpose comes through everything except $1 million for 3% I don't know what the purpose of that is what is it a 30 million evaluation3 million I how do I how do I how do I get there y it's it's it's really the growth rate it took us 7 years to get to 10 million we have 10 more stores coming before the end of the year I like the deal I like the mission I like the energy I love the food and I like the cash flow a lot okay I'm going to make you an off offer so here's the deal I'm going to loan you the million dollars I'm going to put a 10% interest rate on it it's 36 months amortisation 3 years and I'm going to take the 3% as a warrant so I get Equity I get 3% I put all I can bring to it is Chef wonderful and all the rest of that stuff and you have a shark tank deal guys can I get your attention a moment I'm very familiar with this SP CU I have a hugely successful business cousins main lobster and they have over $200 million in sales but I also have to tell you the idea that you were dumb in school like I was it's interesting to me after 13 years on shark T every one of my top 10 business owners Founders were terrible in school isn't that interesting interesting that is when they get into the workplace boy oh boy are they smart so I believe in you but it's too rich I'd have to have 30% for $1 million all right laugh at it if you want okay but my sharp thinking on how I remodel all my businesses have made them much more money than that all along the way you have two offers are there any other offers the product is fantastic I think the business is worth about 18 uh million today you're asking for 33 I want to own a bigger piece but that's simply a function of money you're asking for a million for 3% I'll give you 5 million for 28% oh wow which is an 18 million valuation wow I mean that's what I think the business is worth today listen I love your model and I just want to take the journey with you I would give you a million dollars as a loan 8% interest 5% Equity hey guys if it's just the cash you're looking for I would give you a million dollar loan for 5% no problem I'll do it for 3% and I'll work on the finance and you know what I'd do it with Barbara if Barbara wants to do it with me I would love to do it I haven't done deal with you in a dog AG that's right we haven't so Lori and I will give you 5% for a million dollar loan we'll go in together okay so Mark what are you doing first I love the business I love the product I love the fact that you can make it a healthy alternative but what I'm hearing and tell me if I'm wrong you've got the operations down right but you need someone to propel you in terms of marketing and PR and just to be able to have a national presence so when people talk about cup then people say yeah I know it and I think I can provide that better than anybody because I do have that National platform and and I can get word out there better but at the same time that National it's not quite the same all get so it's not quite the same but it is what I would do is a million dollar to straight Equity I'd like 7% and my commitment is though I can help you just scale this thing in terms of visibility and PR my portfolio was full of all kinds of healthy alternatives so that's my offer $1 million for 7% let me tell you what's wrong with Mark's plan his his appreciation of your business is lovely but it's wrong this is not a healthy alternative this is a delicious alternative this is not a healthy Brand This is a fun brand no and I'm not saying you turn it into a health store at all right what I'm saying is you can extend your customer and he said he could create the publicity we all can create the publicity he could throw in a basketball too what are you going to do [Music] mark would you be able to do 1 million straight equity for 45% I'd go 5 1 12% is my lowest I'm not [Music] cheap I'm worth it [Music] guys 5 5% one billing equity for 5% with the other partners we kind of set the parameter so I just don't know what's going to happen if we let honestly all right I'll do 5% yes yes only because of those other partners thank you guys so much thank thank you good luck guys thank you do the dance again do the dance oh America is truly the land of opportunity I mean I 100% agree with it it's a huge milestone for us and so I I could honestly not be happier right now we can go to moon right that's right let's go to Moon that's right

Channel: Shark Tank Global

Views: 2,807

Keywords: Shark Tank, Shark Tank US, Shark Tank Australia, Kevin O’Leary, Barbara Corcoran, Daymond John, Robert Herjavec, Mark Cuban, Lori Greiner, Dragons’ Den, Money Tigers, Entrepreneurship, investment, reality tv

Id: RjshpVyUttw

Length: 14min 17sec (857 seconds)

Published: Mon Jul 15 2024