The Bang Shack Chicken Dip
NO DEAL
EPISODE SUMMARY
🕓 Air Date: April 21, 2019
Asking For:
$80,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
The Bang Shack offers a versatile Chicken Bang Dip, a chicken-y, cheesy, saucy, spinach-y dip that can be enjoyed on various foods.
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Background Story
Jason Hadley, the founder of The Bang Shack, hails from a challenging background, having grown up in a large family with financial constraints. Raised by his mother in the absence of his father, Jason developed a sense of responsibility early on. To contribute to the family’s well-being, he engaged in various entrepreneurial endeavors, discovering his knack for sales. The inspiration for The Bang Shack’s flagship product, the Chicken Bang Dip, originated from social gatherings where Jason’s friends consistently requested his unique dip.
This chicken-y, cheesy, saucy, spinach-y concoction became a hit among those who tried it. Jason’s sales skills, honed through experiences like selling candy bars and newspapers, seamlessly translated into showcasing and promoting his flavorful creation. Launching The Bang Shack began with a booth at a farmer’s market in Florida. The initial success at the market propelled Jason to envision broader horizons for his product. The positive response from customers encouraged him to consider scaling up the production and expanding distribution.
Motivated by the desire to take The Bang Shack to the next level, Jason sought $80,000 in exchange for a 20% stake in the business on the “Shark Tank” show. His pitch reflected not only his entrepreneurial spirit but also the determination to overcome challenges. The product, with its versatile appeal and adaptability for different dietary preferences, showcased Jason’s creativity in the culinary space. The Bang Shack represents not just a business venture but a passion-driven endeavor to share a unique and delicious product with a broader audience.
The Product
The Bang Shack’s star product, the Chicken Bang Dip, is a delectable fusion of chicken, cheese, spinach, and sauce, creating a versatile condiment that elevates a variety of dishes. The dip boasts a rich and flavorful profile, making it a scrum-diddly-umptious addition to a range of culinary creations. Its adaptability shines as it can be paired with diverse food items such as rice, pasta, vegetables, burritos, and even omelets.
The product’s uniqueness lies in its ability to enhance the taste of any dish, making it a favorite among those who enjoy experimenting with flavors. For individuals with dietary preferences, The Bang Shack offers additional versions of the dip. A vegetarian option substitutes zucchini for chicken, ensuring inclusivity for those who avoid meat. Furthermore, a vegan version caters to those eschewing dairy, with the cheese crafted from scratch using cashews.
Currently available primarily at farmer’s markets in Florida, The Bang Shack aims to expand its reach. Although online sales are not operational at present, Jason Hadley, the founder, expressed the intention to make the product available online in the future. The Chicken Bang Dip’s allure lies not just in its taste but in its versatility, catering to a diverse audience seeking a flavorful and unique culinary experience.
How It Went
The company’s position before Shark Tank
As of the “Shark Tank” pitch, The Bang Shack demonstrated promising performance, particularly in farmer’s markets. Jason Hadley, the founder, revealed that the company achieved sales of $53,000 in a single year at just one farmer’s market in Florida. This impressive figure underscored the product’s popularity and the demand it generated among customers. The company’s current distribution strategy is centered around farmer’s markets, serving as a platform for direct sales. While the product has gained traction locally, the founder expressed the need to transition to a commercial kitchen to meet increasing demand and to expand distribution channels.
The pitch highlighted the absence of online sales, with Jason indicating the intention to launch e-commerce operations, reflecting a forward-looking approach to broaden the company’s reach.The founder sought a strategic investment of $80,000 from the Sharks to facilitate the transition to a commercial kitchen, streamline production, and potentially explore wider market entry. The company’s financial health seemed promising, given the substantial sales figure achieved at a single farmer’s market.
However, the pitch emphasized the need for external investment to scale the business, suggesting that the company might be in a growth phase, seeking additional capital to fund expansion. The pitch primarily focused on the product and the immediate funding requirements for growth. The Bang Shack’s performance showcased early success but indicated the necessity of strategic investment to propel the company into its next phase of development and expansion.
The Negotiations:
In the negotiations on “Shark Tank,” Jason Hadley, the founder of The Bang Shack, entered seeking an $80,000 investment for a 20% stake in his business. Despite the Sharks acknowledging the product’s popularity and Jason’s charisma, none of them opted to invest, expressing concerns about the business’s readiness for expansion. Mark Cuban, while praising Jason’s presentation, raised doubts about the lack of groundwork for scaling the business, ultimately choosing not to invest. Lori Greiner, Daymond John, and Kevin O’Leary expressed concerns about the challenges of entering the competitive retail market, emphasizing the need for significant effort in marketing and distribution.
Robert Herjavec admired Jason’s story but felt it was too early for an investment, stressing the importance of packaging and a more developed business plan. Despite Jason’s assurance that he was adept at sales, the Sharks pointed out the absence of a clear strategy for packaging, distribution, and market penetration. They emphasized the need for a more structured business model, comprehensive planning, and a developed packaging strategy to make the product shelf-ready.
In the end, none of the Sharks made an offer. They acknowledged the potential of the product but highlighted the importance of addressing crucial business aspects before seeking investment. The negotiations revealed the Sharks’ belief in the product’s appeal but also underscored the necessity of a more mature and detailed business plan for The Bang Shack to secure a deal on the show. Jason left the tank without securing an investment but with valuable feedback that could potentially guide the future growth of his business.
