Shark Tank negotiations are often heated and frequently emotional. Friday night, ABC revisits a pitch from earlier this season that had a surprising result. After fielding tough questions from the panel about their company, EvREwares, and its flagship product, Sticky Ties, sisters Becca Nelson and Ellis Brown accepted Mark Cuban’s offer to purchase 100 percent of the business for $200,000.
As Business Insider reported , it had never been done before on Shark Tank . Cuban intended to use the EvREwares products, reusable and durable novelty stickers, in promotion of the Dallas Mavericks. But as the Inquisitr previously reported, the buyout was not to be. After the show, the sisters decided to retain ownership of their company.
Much has been made about the reasons why Shark Tank deals sometimes fall apart after the show. Barbara Corcoran recently said unexpected information sometimes comes up during due diligence. Robert Herjavec has said that now, more often than not, it’s the entrepreneur who wants out of the deal.
According to an article in North Carolina’s The News & Observer , the discussion about the sisters’ potential involvement in running other product lines led to their withdrawal from the deal. After meeting with Cuban’s business team and legal team, they sent him an email and expressed their desire to keep the company.
Cuban told The News & Observer he supports the entrepreneurs’ decision.
“I was fine with it. I want every entrepreneur to succeed.”
Cuban also helped them to improve their website before their Shark Tank episode aired, anticipating a surge in sales. He also gave them the same advice he said he gives everyone in business.
“Sales cure all, and you need happy customers.”
Sales had been about $100 per day prior to the broadcast. According to the Observer piece back in February, sales were then averaging about $375 per day. Brown summed up her experience to the Triangle Business Journal .
“At at the end of the day it really was too hard. You really can’t plan for that kind of scenario.
“Mark and his team reached out right after the show. It was really hard, but Becca and I didn’t feel like we could sell our company.”
Brown also said that Mark Cuban was “so nice about it.”
Shark Tank aired its season finale last week. The program has been renewed for another season and will return with new episodes in the fall. Its companion program, Beyond the Tank , has also been extended beyond its original three-week run.
