Liquid Money – Money Scented Perfume and Cologne
NO DEAL
EPISODE SUMMARY
🕓 Air Date: February 3, 2012
Asking For:
$100,000 for 5%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Liquid Money offers fragrances named "His Money" and "Her Money," capturing the essence of success with scents reminiscent of cash, appealing to the olfactory senses with notes of cotton, silk, and linen.
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Background Story
Pat McCarthy, the founder of Liquid Money, drew inspiration from the idea of bottling the scent of money after noticing a unique fragrance on fresh banknotes. Intrigued by the psychological impact of money’s scent, he embarked on a journey to create a product that could evoke feelings of success and wealth. With a background in entrepreneurship and a keen eye for market opportunities, Pat invested $50,000 into developing his fragrances, driven by his belief in the potential of his unique concept.
He conducted extensive research on ambient scenting and the psychology of fragrance, exploring potential applications beyond traditional perfume markets. Armed with a vision to revolutionize the fragrance industry, Pat entered the Shark Tank seeking funding to scale his business and expand distribution channels.
The Product
Liquid Money’s fragrances, “His Money” and “Her Money,” are formulated to capture the essence of success with a blend of cotton, silk, and linen notes. Marketed as a luxurious scent experience, the fragrances aim to evoke feelings of prosperity and confidence, appealing to individuals seeking to elevate their aura of success.
The product is available for purchase online and through select retailers, with potential applications beyond personal fragrance, including corporate gifting and ambient scenting for businesses. Pricing varies depending on the size and packaging of the product, with options designed to cater to different consumer preferences and budgets.
How It Went
The company’s position before Shark Tank
Liquid Money has achieved annual sales of $52,000 year-to-date, primarily driven by online sales and limited retail distribution. While the product has garnered interest from retailers, securing widespread distribution remains a challenge due to the unique nature of the fragrance market and the need for significant investment in marketing and branding.
The company’s current funding primarily consists of the founder’s initial investment, with additional capital sought from investors to fuel growth and expansion efforts. Partnerships with banks for corporate gifting and potential licensing opportunities represent avenues for future revenue generation and market expansion.
The Negotiations:
Despite Pat’s enthusiastic pitch and belief in the product’s potential, the Sharks expressed skepticism regarding the scalability and distribution challenges inherent in the fragrance industry. While several Sharks acknowledged the novelty of the concept, concerns were raised about the feasibility of achieving widespread distribution and generating significant returns on investment.
Ultimately, Pat’s reluctance to relinquish a significant equity stake led to the breakdown of negotiations, with Daymond John proposing a licensing model that Pat deemed unacceptable. Despite turning down the offer, Pat remained confident in his decision and expressed optimism about the future of Liquid Money.
