Sliimeyhoney – Slimes
DEAL
EPISODE SUMMARY
🕓 Air Date: December 2, 2022
Asking For:
$150,000 for 10%
Investor:
Daymond John
Deal:
$150,000 for 20%
PRODUCT SUMMARY
Sliimeyhoney is a line of gourmet, scented slimes designed to resemble and replicate the textures and smells of various foods, offering a playful and stress-relieving experience.
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Background Story
Mark Lin, a 17-year-old entrepreneur from Burbank, California, founded Sliimeyhoney during the pandemic lockdown. His passion for playing with textures, smells, and the sensory experience of food inspired him to create a line of innovative and gourmet slimes. Growing up with an appreciation for Asian culture, he transformed favorite snacks like banana milk from Korean markets into the best-selling Banana Milk slime.
Mark’s entrepreneurial spirit and dedication to his business led him to seek an investment in Shark Tank to take his company to the next level. He shared that his mother and high school friends helped him in the early stages, and he has already achieved remarkable success with his slime business.
The Product
Sliimeyhoney offers over 100 different slimes, each meticulously designed to mimic the textures, smells, and visual appeal of various foods. These slimes are intended for play, stress relief, and sensory enjoyment.
Sliimeyhoney’s slimes are scented to replicate the aromas of real foods, adding an extra dimension to the sensory experience. These slimes are designed to be soothing and can help reduce stress and anxiety.
The slimes are sold on the company’s website, with prices ranging from $10 to $16 per slime, depending on the specific variety. Shipping costs approximately $5 to $6 per order. Sliimeyhoney regularly releases new slime varieties, and these drops generate high demand, often leading to quick sellouts.
How It Went
The company’s position before Shark Tank
Sliimeyhoney has experienced remarkable growth and success as a home-based business. With a total lifetime sales of $1.2 million, the company has established itself as a major player in the premium slime market. The slimes are produced in Mark Lin’s garage, where he and his high school friends handle order fulfillment. Mark’s mother, a certified accountant, manages the company’s financials.
The company boasts impressive margins, with a production cost of $2 to $4 per slime and a selling price ranging from $10 to $16. This translates to approximately 70% profit margins, a testament to the company’s profitability. Mark’s innovative marketing strategy includes leveraging social media, particularly TikTok, where he has amassed 900,000 followers. The company releases new slime varieties every week, which consistently sell out due to high demand.
The decision to seek investment in Shark Tank was driven by the desire to take the business to the next level and gain the mentorship and expertise of a Shark. Mark Lin plans to attend college at UCLA in the fall while continuing to manage his business, with the goal of eventually moving to a dedicated warehouse facility.
The Negotiations:
Mark Lin entered the Shark Tank seeking a $150,000 investment in exchange for 10% equity in Sliimeyhoney, his slime company that had already achieved impressive sales and profitability. The Sharks were intrigued by Mark’s entrepreneurial spirit and his ability to build a successful business while still in high school. However, they were initially cautious about the niche nature of the product – scented slimes.
Kevin O’Leary and Daymond John both saw potential in Mark’s business, and they each offered $150,000 for a 20% equity stake. This was a significant departure from Mark’s initial ask of 10%, but he appreciated the offers. Mark then attempted to negotiate for better terms, suggesting a $150,000 investment for 20% equity. Both Sharks accepted this counteroffer, and Mark ultimately chose to partner with Daymond John.
The decision was based on Mark’s personal connection with Daymond and the belief that Daymond’s mentoring and guidance would be valuable in scaling the business. With an investment secured and a promising future ahead, Mark Lin left the Shark Tank with a partnership that would help take Sliimeyhoney to even greater heights.
