Proof Eyewear
NO DEAL
EPISODE SUMMARY
🕓 Air Date: February 22, 2013
Asking For:
$150,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Proof Eyewear creates unique, handcrafted eyewear made from sustainable woods, plant-based plastics, and recycled skateboard decks.
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Background Story
Proof Eyewear is a family-owned business founded by the Dame brothers from Boise, Idaho. With a family history in the wood products manufacturing industry, the brothers decided to incorporate their family tradition and start Proof Eyewear. Brooks started the venture in his garage over a year ago but found it challenging to manage alone as the business gained popularity. He enlisted the help of his brothers Tanner and Taylor. The company aims to revolutionize the eyewear industry with its sustainable and handcrafted products, inspired by their family’s dedication to hard work and creativity.
The Product
 Proof Eyewear offers a range of eyewear products crafted from sustainable materials such as wood, plant-based plastics, and recycled skateboard decks. Each pair is unique due to the natural variations in wood grain, making them one-of-a-kind.
The eyewear features high-quality lenses and frames, and they are designed to be both stylish and environmentally friendly. Customers can purchase Proof Eyewear online through their website or from select retailers. Prices range from $50 wholesale to $100 retail.
How It Went
The company’s position before Shark Tank
Proof Eyewear has experienced rapid growth, with sales totaling $433,000 in the last 12 months. Their products have gained attention from celebrities and international publications, contributing to their popularity. The company primarily sells through grassroots marketing efforts, attending trade shows, and relying on word-of-mouth promotion. They have partnerships with retailers like Pacific Sunwear, which recently expressed interest in expanding their collaboration, presenting a significant growth opportunity for Proof Eyewear.
The Negotiations:
The Dame brothers received offers from Kevin and Robert, both offering $150,000 for a 25% stake in the company. However, Kevin’s offer included a royalty on each pair of glasses sold, which the brothers found unappealing. They attempted to negotiate with Robert for $200,000 for a 20% stake, but Robert insisted on sticking to his initial offer.
Ultimately, the brothers decided to decline both offers, feeling that they were undervalued and expressing a desire to stay true to their vision for the company. Despite the potential benefits of securing additional funding and expertise, they prioritized maintaining control over their brand and staying true to their values.
