Lavabox – Portable Campfire
DEAL
EPISODE SUMMARY
🕓 Air Date: March 31, 2023
Asking For:
$200,000 for 10%
Investor:
Lori Greiner
Deal:
$200,000 for 12.5% + $0.75 royalty
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Background Story
Josh Thurmond, the CEO and founder of LavaBox Portable Campfires, comes from a background of working as the program director at the National Sports Center for the Disabled. His passion for service and outdoor activities, coupled with his experience in creating adaptive equipment, inspired him to develop a solution for the inconvenience and safety issues associated with traditional campfires.
Josh’s journey began during a camping trip with the Colorado Whitewater Association, where he realized the need for a more compact and manageable campfire solution. He designed and built several prototypes, ultimately launching LavaBox. The company achieved rapid success, with significant revenue in a short period, and Josh decided to seek investment in “Shark Tank” to take his product to the next level.
The Product
LavaBox Portable Campfires is a simple yet innovative solution for outdoor fires. It features a military-style ammo can, propane, and a lighter. Users can control the fire’s intensity and easily roast marshmallows or even cook on it.
LavaBox offers various sizes and packages, including the popular “Tacana Twosome” with an Over/Under Grill, priced at $195. The product is easy to use and transport, making it suitable for camping, tailgating, and other outdoor activities.
How It Went
The company’s position before Shark Tank
LavaBox Portable Campfires had been operating for about 18 months at the time of the pitch. The company had achieved approximately $610,000 in revenue for the year, with a healthy profit margin of $290,000. The business primarily sold directly to consumers and had experienced rapid growth through word of mouth and some trade show exposure. Josh Thurmond was the sole owner of the company, and they aimed to expand into larger retailers, including Bass Pro and Camping World.
The Negotiations:
Lori Greiner offered $200,000 for 12.5% equity, to which Josh countered with 15% and no royalty. Mark Cuban matched Kevin O’Leary’s offer of $200,000 for 20%. Kevin O’Leary, known as “Chef Wonderful,” proposed $200,000 for 20% as well.
Daymond John offered $200,000 for 15% and no royalty, while Lori Greiner ultimately closed the deal by offering $200,000 for 12.5% equity with no royalty. Josh accepted Lori’s offer. There were some humorous banter and negotiation tactics among the Sharks during the process, and in the end, Josh was pleased to have Lori Greiner as his partner.
