Everything Legendary Vegan Burger
DEAL
EPISODE SUMMARY
🕓 Air Date: February 26, 2021
Asking For:
$300,000 for 10%
Investor:
Mark Cuban
Deal:
$300,000 for 22%
PRODUCT SUMMARY
Everything Legendary offers a premium plant-based burger that's known for its taste, texture, and quality.
WATCH HERE
IN A RUSH?
Click these to jump to the section you want to read.
Background Story
Duane and Danita, the co-founders of Everything Legendary, embarked on their entrepreneurial journey driven by personal health concerns and a shared desire to make a positive impact on the lives of others. Both hailing from Prince George’s County, Maryland, their journey to create a plant-based burger empire began with a deep commitment to health and wellbeing.
The motivation behind Everything Legendary stems from the health challenges faced by their loved ones. Duane’s mother was living with lupus, a condition that required careful dietary choices, while Danita’s mother tragically succumbed to cancer. They recognized the crucial role that a healthy diet plays in preventing and managing these health issues. However, they also understood that the transition to a plant-based lifestyle could be challenging, especially when it meant giving up the familiar taste of a traditional burger.
This challenge led them to Chef Jumoke Jackson, a skilled culinary artist who became the Head Chef behind Everything Legendary. Together, they set out to create a plant-based burger that not only adhered to the highest standards of health but also delivered an authentic and mouthwatering burger experience. They believed that a truly delicious plant-based burger could bridge the gap between a healthier lifestyle and the undeniable appeal of a classic burger.
The Product
Everything Legendary’s flagship product is a premium plant-based burger made with high-quality hemp protein and a proprietary spice blend. It offers a juicy and flavorful burger experience that mimics traditional meat burgers but with the added benefit of being healthy.
Their burgers contain vegan cheese and come in both four-pack and eight-pack options, which are shipped frozen directly to customers’ homes. The four-pack is priced at $45, while the eight-pack costs $75.
Each burger patty is oversized and contains only 250 calories, making it an attractive choice for health-conscious consumers. The product is available for purchase online through their website.
How It Went
The company’s position before Shark Tank
Everything Legendary, a plant-based burger company based in Prince George’s County, Maryland, had demonstrated promising performance. Since its establishment in June 2019, the company achieved $165,000 in sales. They faced a temporary setback due to the COVID-19 pandemic but swiftly adapted by pivoting to online sales, achieving a remarkable 100% month-over-month growth rate.
Customer acquisition was a notable highlight for Everything Legendary, as they relied on word of mouth and social media rather than traditional digital advertising, showcasing their product’s appeal and customer loyalty. In terms of funding, the founders initially invested $47,000 from their personal savings and a credit card loan.
On “Shark Tank,” they sought $300,000 in investment to support their expansion plans. The company’s revenue primarily came from online sales, with a robust profit margin of 53%. They justified their premium pricing by positioning their plant-based burger as a high-quality alternative, often likened to the “wagyu” or “Kobe beef” of plant-based meats.
Everything Legendary’s founders, Duane, Danita, and Chef Jumoke Jackson, played pivotal roles in the company’s success. Their ability to adapt, coupled with their commitment to delivering a top-tier plant-based burger, positioned them for further growth in the competitive plant-based food market.
The Negotiations:
During the negotiations on “Shark Tank,” Everything Legendary’s founders, Duane and Danita, presented a compelling case for their premium plant-based burger business. They initially sought $300,000 for 10% of their company. Mark Cuban expressed interest, offering the requested $300,000 but for a 25% equity stake. However, after some negotiation, a deal was struck at $300,000 for 22%, with Mark Cuban as the investor.
The negotiation highlighted the company’s need for additional capital to expand, especially through local kitchens and delivery services. The founders were candid about the challenges they faced, including their premium pricing compared to competitors. Mark Cuban, while acknowledging the quality of the product, expressed concerns about the high valuation given the company’s current position.
One key point of discussion was customer acquisition cost, which the founders had kept remarkably low by relying on word of mouth and social media rather than digital advertising. This demonstrated their ability to efficiently grow their customer base. Ultimately, the negotiation resulted in a partnership with Mark Cuban, a significant win for Everything Legendary. His investment would not only provide the necessary capital for growth but also bring valuable expertise and resources to the company.
