Mighty Carver Turkey Chainsaw
DEAL
EPISODE SUMMARY
🕓 Air Date: November 6, 2020
Asking For:
$100,000 for 20%
Investor:
Daymond John
Deal:
$100,000 for 25%
PRODUCT SUMMARY
The Mighty Carver is an electric carving knife that resembles a chainsaw, designed to make holiday meals more exciting and memorable.
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Background Story
Lance and Kim Burney, the founders of The Mighty Carver, hail from Sanford, Florida. They are passionate about hosting gatherings and creating unforgettable moments with family and friends, particularly during the holidays. The inspiration for The Mighty Carver came when they were faced with the question of who would carry on the tradition of carving the turkey after Lance’s grandfather, who used to do it, passed away.
Lance and Kim are no strangers to the love of power tools, with their family being enthusiasts of all things related to chainsaws and power tools. Kim had the ingenious idea of combining this passion with the need for a new turkey-carving tradition, and thus, The Mighty Carver was born.
The founders recognized that The Mighty Carver could be more than just a novelty item; it had the potential to revolutionize the way people carve not only turkey but also other foods like pineapples, cantaloupes, and bread. The Burneys’ vision was to create a fun, memorable experience for families during the holidays, and they have achieved just that with their innovative electric carving knife.
The Product
The Mighty Carver is an electric carving knife that stands out due to its unique chainsaw-like design and functionality. It brings excitement and fun to holiday meals and other occasions.
It is equipped with a powerful motor that effortlessly cuts through various foods, making the carving process quick and efficient. The knife is easy to handle, thanks to its ergonomic design and handle that provides leverage for precision cutting.
This versatile tool isn’t limited to turkey; it can be used for slicing through items like pineapples, cantaloupes, bread, and even bagels. The Mighty Carver enhances the experience of carving, making it enjoyable for both the person handling the knife and the guests watching the process.
The product can be purchased through various retailers like Sharper Image, Grommet, and Ace Hardware, as well as through their website.
How It Went
The company’s position before Shark Tank
The Mighty Carver has made significant strides in the market, having sold 8,500 units over the past 12 months, generating $163,000 in sales during the previous year. Year-to-date sales amounted to $41,000, demonstrating a growing demand for the product.
The company’s success is partly attributed to securing partnerships with renowned retailers such as Sharper Image, Grommet, and Ace Hardware, which has helped them gain exposure and increase sales. Approximately 90% of their business is currently generated through resellers, but the founders are keen on shifting towards a more direct-to-consumer model through their website to maximize profits.
The manufacturing cost of The Mighty Carver is $20 per unit, while it retails between $69 and $89, ensuring a healthy profit margin. The product’s design patent and Chinese patent provide protection against potential copycats in the market.
The Negotiations:
The pitch started with Kim and Lance Burney seeking a $100,000 investment in exchange for a 20% equity stake in their company, The Mighty Carver. The Sharks were intrigued by the unique electric carving knife and its potential market. After some demonstrations and questions, Mark Cuban offered $100,000 for a 33.3% equity stake. He emphasized his enthusiasm for the product and mentioned his plans to create videos to promote it.
John offered $100,000 for a 27.5% equity stake, showcasing his interest in the product due to his own use of electric knives. Barbara Corcoran initially stayed quiet, considering her strategy, while Kevin O’Leary joked about her decision-making. Lori Greiner then jumped in with an offer of $100,000 for 25% equity, urging the founders to make a quick decision.
Ultimately, Kim and Lance Burney accepted Lori Greiner’s offer of $100,000 for 25% equity, securing her as their partner on the show. The negotiation was intense, with Barbara and Mark also making competitive offers. In the end, the founders chose to partner with Lori, believing her expertise and enthusiasm would help them take their product to the next level.
