Turbo Trusser – Trussing Device
DEAL
EPISODE SUMMARY
🕓 Air Date: September 30, 2022
Asking For:
$100,000 for 10%
Investor:
Kevin O'Leary
Deal:
$100,000 for 33% + $1 royalty in perpetuity
PRODUCT SUMMARY
Turbo Trusser is a rapid trussing device used to prepare whole chickens and turkeys, ensuring they cook evenly and stay juicy.
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Background Story
Turbo Trusser founders, Brian and Kirk, hail from Canton, Ohio. Brian worked in the pharmaceutical industry for 18 years, with a background in contracting and culinary arts. Kirk, a former contractor for two decades, had culinary experience as a sous chef. Their partnership began when Kirk invented a versatile wrench, holding multiple patents, and Brian decided to venture into inventing as well.
Together, they created six products, including the Turbo Trusser. Trussing poultry for even cooking inspired them to develop this tool, as they wanted to simplify the process and avoid the mess associated with traditional methods.
The Product
The Turbo Trusser is a game-changing tool for cooking whole chickens and turkeys. It replaces the cumbersome and messy process of using butcher’s twine for trussing. Made from food-grade stainless steel, it’s safe for cooking and dishwasher-friendly.
To use, you simply hook the Turbo Trusser in place, securing the poultry’s wings and legs close to the body, allowing for even cooking. It can be used in ovens, grills, smokers, roasters, rotisseries, deep fryers, and air fryers, making it incredibly versatile.
How It Went
The company’s position before Shark Tank
Turbo Trusser had been in business for eight and a half months at the time of the pitch, generating $90,000 in sales. The majority (60%) of their sales came from their website, with 27% coming from distributors. They had secured partnerships with three distributors and were stocked in 75 stores. Additionally, they had started selling on Amazon, with repeat orders from their distributor there.
The company’s margin was 82%, indicating a healthy profit. The founders were seeking $100,000 in exchange for a 10% equity stake in their company to further grow their business. They expressed a need for marketing and social media exposure, suggesting potential for growth with the right support.
The Negotiations:
The negotiations began with Kevin O’Leary offering $100,000 for a substantial 33% equity stake and a $1 royalty per unit sold in perpetuity. This offer took into account the potential for significant sales given the market for poultry trussing. Other Sharks, including Mark Cuban, Robert Herjavec, and Lori Greiner, expressed concerns about the scalability of the product and the work required to make it successful. They subsequently bowed out of the deal.
Barbara Corcoran also declined due to the small size of the business and her aversion to touching chicken. The founders countered O’Leary’s offer, proposing a 20% equity stake along with the $1 royalty. However, O’Leary stood firm with his initial terms. After some hesitation, the founders accepted Kevin O’Leary’s offer of $100,000 for a 33% equity stake and a $1 royalty per unit sold in perpetuity, making him the third partner in their chicken trussing business.
