Lulu Bang – Gourmet Sauces
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 28, 2016
Asking For:
$150,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Joyce's Lulu Bang offers a unique line of sauces infused with herbs, spices, and natural flavors that can enhance various dishes, from seafood and poultry to pasta and salads.
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Background Story
Joyce’s Lulu Bang is the brainchild of two passionate and talented sisters, Jorrae and Kelly Beard, hailing from the vibrant city of Philadelphia, Pennsylvania. Their culinary journey was deeply rooted in family traditions, with memories of their mother’s exceptional cooking serving as the foundation for their love of food. Sundays meant gathering at home after church, where their mother would transform the kitchen into a place of joy and flavor.
The turning point for Jorrae and Kelly came during a family dinner four years ago when they found themselves craving a specific taste that seemed elusive. Driven by their love for cooking and the desire to recreate that missing flavor, they took matters into their own hands. The result was a culinary masterpiece that left everyone at the table astonished. Recognizing the potential of what they had created, the sisters decided to give their creation a name, and thus, Joyce’s Lulu Bang was born.
The name holds a poignant significance as it pays homage to their late brother, Mike, affectionately known as Lulu Bang. Tragically taken from them through a carjacking, the sisters chose this unique way to keep his legacy alive. Lulu Bang became more than just a product; it became a tribute to family bonds and a celebration of the joy found in sharing exceptional flavors. The sisters embarked on a mission to bring this culinary delight to a wider audience, envisioning their sauces as a way to add a touch of excitement and flavor to every household.
The Product
Joyce’s Lulu Bang stands out as a unique and versatile line of sauces designed to elevate the culinary experience. Infused with a carefully curated blend of herbs, spices, and natural flavors, these sauces promise to transform ordinary dishes into extraordinary culinary delights. The sisters, Jorrae and Kelly Beard, have crafted a product that transcends traditional boundaries, making it suitable for a wide array of culinary applications.
From seafood and poultry to pork, steak, rice, pasta salads, and potatoes, Joyce’s Lulu Bang sauces offer a universal appeal. Their versatility allows users to experiment with various recipes, adding a burst of flavor to each bite. The sauces are a perfect accompaniment for those seeking to explore new taste sensations and enhance their cooking repertoire.
Available for purchase at a retail price of $3.99, Joyce’s Lulu Bang sauces are accessible to a broad audience. The packaging reflects the sisters’ commitment to quality, ensuring that the product reaches consumers in its purest form. Whether used as a marinade, dipping sauce, or flavor enhancer, Joyce’s Lulu Bang introduces a culinary adventure that goes beyond the ordinary, making every meal an opportunity to “bang that thang” with a burst of unforgettable flavor.
How It Went
The company’s position before Shark Tank
Joyce’s Lulu Bang has embarked on a promising journey, marked by notable achievements and strategic partnerships that position it for growth in the competitive culinary market. Since its inception, the company’s health and position have been positively influenced by a regional deal secured with Walmart, a major player in the retail industry. The sauces are currently available in 170 Walmart stores, a significant milestone achieved within a short span since March.
One of the company’s key partners is Walmart, where Joyce’s Lulu Bang has successfully entered the market. This partnership not only validates the product’s appeal but also opens doors for further expansion and visibility on a national scale. The company has navigated the challenges of securing a deal with Walmart, showcasing its potential and commitment to becoming a household name. Profits and losses are essential aspects of any business, and Joyce’s Lulu Bang has demonstrated its viability with $45,000 in sales within three months of being on Walmart shelves.
The sisters have identified manufacturing costs, including packaging, which currently amount to $1.90 per unit, contributing to a profitable business model. While the online sales aspect is currently limited, the company has outlined plans for expansion, having participated in Walmart’s Women’s Economic Initiative. This initiative, combined with the positive feedback received during presentations to senior buyers, positions Joyce’s Lulu Bang for potential growth and increased market share.
The Negotiations:
During the negotiations on “Shark Tank,” the Beard sisters, founders of Joyce’s Lulu Bang, entered the Tank seeking a $150,000 investment in exchange for a 10% equity stake in their sauce company. The sisters presented their heartfelt story, emphasizing the universal appeal and versatility of their sauces, which had garnered positive feedback, particularly from Walmart where they secured a regional deal.
While all the Sharks appreciated the quality of the product, concerns arose during the negotiations. Kevin O’Leary highlighted the challenges of selling heavy and breakable products like sauces online. Mark Cuban expressed skepticism about the scalability of a barbecue sauce business, especially given the competitive nature of the market. Lori Greiner noted concerns about the product’s packaging, suggesting it appeared more Asian than the intended versatile image.
Despite these concerns, the Beard sisters confidently shared their success with Walmart, having secured a deal to be in 170 stores. They revealed plans for further expansion and participation in Walmart’s Women’s Economic Initiative. However, the Sharks were cautious, with Cuban stating that even if the company reached 1,000 stores, it wouldn’t necessarily make it an investable business for him. Ultimately, none of the Sharks made an offer, citing concerns about the challenging nature of the sauce business, its online potential, and the need for a substantial branding exercise.
