Fish Call – Fish Attractor
DEAL
EPISODE SUMMARY
🕓 Air Date: September 30, 2016
Asking For:
$150,000 for 10%
Investor:
Robert Herjavec
Deal:
$150,000 for 10%
PRODUCT SUMMARY
The TactiBite Fish Call is a device that attracts fish through sounds and vibrations, functioning like a duck call but for fish.
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Background Story
Jack and Jeff Danos, the dynamic father-son duo from Mandeville, Louisiana, entered the “Shark Tank” with their innovative product, the TactiBite Fish Call. Their journey into entrepreneurship began with a shared passion for fishing, often embarking on countless fishing trips together. Despite Jack’s father, Jeff, claiming to be an expert fisherman, the reality was that their fishing endeavors didn’t always yield success. Driven by the desire to enhance their fishing experiences and help not only themselves but also other “fish masters” catch more fish, Jack and Jeff conceived the idea for the TactiBite Fish Call.
The inspiration struck during one of their fishing trips when they realized the potential of creating a device akin to a duck call but specifically designed for fish. The TactiBite Fish Call works by emitting sounds and vibrations that mimic distressed shrimp and other fish prey, attracting predator and game fish. Jack, at the young age of 17, has been immersed in the world of business and is homeschooled. His exposure to business throughout his life, combined with his father’s fishing expertise, led to the development of a product that aimed to revolutionize the fishing experience.
Their product was born out of a genuine need to improve their own fishing outcomes, and the TactiBite Fish Call became a solution not only for their personal struggles but also for fishermen at large. With a vision to make fishing more fruitful and enjoyable, Jack and Jeff brought their innovative product to the “Shark Tank” seeking a $150,000 investment for 10% of their company.
The Product
The TactiBite Fish Call is a revolutionary device designed to enhance fishing experiences by attracting predator and game fish through simulated sounds and vibrations. Resembling a duck call but tailored for fish, this compact and affordable device offers fishermen a strategic advantage on the water.
The product operates by emitting distinct sounds, such as the “scared shrimp” and “rattle battle,” designed to mimic distressed prey and trigger the lateral lines of fish. Users simply turn on the TactiBite Fish Call, toss it into the water, and cast their lines around it. The sounds and vibrations produced create the illusion of a feeding frenzy, irresistibly drawing fish toward the device.
With a price point of $99.99, the TactiBite Fish Call provides an accessible solution for anglers looking to improve their catch rates. The cost to produce the device is remarkably low at $16, ensuring a favorable profit margin. Interested customers can conveniently purchase the product online, making it accessible to a wide audience of fishing enthusiasts.
The TactiBite Fish Call’s key features include versatility, as it emits different sounds to attract specific types of fish, making it adaptable to various fishing environments. Its user-friendly design, coupled with its proven effectiveness, positions the TactiBite Fish Call as a must-have tool for avid fishermen seeking an edge in their pursuit of the perfect catch.
How It Went
The company’s position before Shark Tank
The TactiBite Fish Call has demonstrated robust performance since its introduction to the market five months ago. With $330,000 in sales during this relatively short period, the company has quickly established itself as a promising player in the fishing equipment industry. The product, priced at $99.99, boasts a commendable profit margin, as it costs only $16 to produce. In terms of inventory, the company has invested $500,000, indicating confidence in the product’s demand and a commitment to meeting customer needs promptly.
The initial funding for the inventory was secured through a 3,000-unit order, and subsequent orders have been financed through the revenue generated from sales. TactiBite Fish Call’s primary distribution channel is online, where it sells directly to consumers. This approach allows for a wide reach, catering to fishing enthusiasts across diverse locations. The company has not disclosed specific information about partnerships or wholesalers, but the decision to seek a Shark on “Shark Tank” suggests a strategic interest in expanding their reach through retail channels. The founders, Jack and Jeff Danos, sought a $150,000 investment for 10% of their company during their appearance on “Shark Tank.”
While the show did not delve into the company’s profits and losses in detail, the founders projected over $750,000 in sales for the year, with an anticipated net profit of at least $300,000. As for the company’s structure, the episode did not provide intricate details. However, the founders expressed the desire to bring a Shark on board not just for capital but for the expertise in retail expansion, indicating a potential openness to strategic partnerships and guidance in scaling their business. The $150,000 investment from Robert was accepted, marking a significant milestone for TactiBite Fish Call and positioning the company for further growth and success in the competitive fishing gear market.
The Negotiations:
The negotiations for TactiBite Fish Call on “Shark Tank” were intense and ultimately resulted in a successful deal with Robert Herjavec. The pitch began with Jack and Jeff Danos seeking a $150,000 investment for 10% of their company. Kevin O’Leary expressed interest but proposed a counteroffer of $150,000 for a 20% stake. However, Robert Herjavec, recognizing the potential and value of the product, offered the exact amount requested by the founders, $150,000, for a 10% equity share.
Lori Greiner and John also made offers, with Lori proposing $150,000 for 15%. Despite multiple enticing offers on the table, the founders opted for Robert’s deal, citing their belief in his ability to assist in retail expansion. The negotiation showcased the founders’ strategic mindset as they valued not only the capital infusion but also the mentorship and expertise that a Shark like Robert could provide.
Mark Cuban and Daymond John opted out of the deal, with Mark expressing concerns about the product’s market fit and Daymond acknowledging that fishing wasn’t his expertise. Lori, although not chosen, appreciated the passion of fishermen and made a solid offer. Robert’s offer of $150,000 for 10% was accepted, marking a successful negotiation for TactiBite Fish Call. The negotiation process highlighted the importance of finding a Shark who not only provided the desired financial investment but also brought relevant industry expertise and strategic insights to propel the company’s growth.
