TurboBaster
DEAL
EPISODE SUMMARY
🕓 Air Date: August 23, 2009
Asking For:
$35,000 for 30%
Investor:
Kevin Harrington
Deal:
$35,000 for 100% equity + 2% royalty to Marian
PRODUCT SUMMARY
The TurboBaster is a battery-operated basting tool designed to replace traditional bulb basters, basting brushes, and marinade injectors, offering more efficient and mess-free basting for home cooks.
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Background Story
Marian Cruz, the founder of TurboBaster, hails in the show where her passion for cooking and innovation led her to develop a revolutionary kitchen gadget. Her journey began on a Thanksgiving day, where she found herself frustrated with the inefficiency of traditional basting tools while preparing dinner for her family. Determined to find a better solution, Marian embarked on a five-year journey to create the TurboBaster. Despite lacking formal training in product development and business, Marian’s culinary expertise and determination fueled her pursuit.
Drawing inspiration from her own kitchen experiences, she envisioned a versatile basting tool that could streamline the cooking process and enhance the flavor of meals. Her goal was to provide home cooks with a convenient and efficient way to baste their dishes without the mess and hassle associated with traditional methods. Marian’s background in cooking combined with her entrepreneurial spirit drove her to bring her idea to life. She invested time and effort into refining the concept, iterating on designs, and exploring potential functionalities.
Throughout the development process, Marian remained committed to creating a product that would not only meet the needs of home cooks but also exceed their expectations. Ultimately, Marian’s dedication culminated in the creation of the TurboBaster, a battery-operated kitchen gadget designed to revolutionize the way people baste their food. With her innovative solution in hand, Marian embarked on the journey of pitching her product to the Sharks on “Shark Tank,” seeking investment to propel TurboBaster into the market and make it a staple in kitchens worldwide.
The Product
The TurboBaster is a groundbreaking kitchen tool designed to simplify the basting process for home cooks. Unlike traditional basting tools such as bulb basters or brushes, the TurboBaster operates on battery power, offering a more efficient and mess-free experience. Its innovative design allows it to siphon up juices with ease, ensuring thorough and precise basting of meats, vegetables, and other dishes.
Featuring a silicone basting brush and an injector tip for marinades, the TurboBaster offers versatility in its application. Users can effortlessly apply sauces, glazes, or marinades to their favorite dishes, enhancing flavor and moisture retention. The silicone brush ensures even distribution, while the injector tip allows for deep flavor infusion.
The TurboBaster is designed for convenience, with easy disassembly for cleaning and maintenance. It is available in a variety of fashion kitchen colors for $19.99, catering to different preferences and styles. Additionally, a stainless steel model is offered for $29.99, providing a durable and sleek option for more discerning consumers.
Customers can purchase the TurboBaster directly from the company’s website or through select retailers. With its user-friendly design and multifunctional capabilities, the TurboBaster aims to revolutionize the cooking experience, making it a must-have tool in every kitchen.
How It Went
The company’s position before Shark Tank
At the time of the Shark Tank pitch, TurboBaster is in its early stages of development, with limited performance metrics available. The company’s health and position are characterized by its potential for growth and market penetration, evidenced by Marian Cruz’s dedication to product development and her successful pitch on the show. TurboBaster has not yet established partnerships with wholesalers or retailers, as indicated by Marian’s admission that the product is still in the prototype stage. However, the company’s target customers include home cooks and culinary enthusiasts seeking innovative kitchen gadgets to enhance their cooking experience.
Funding for TurboBaster primarily comes from external investment, with Kevin Harrington’s offer on Shark Tank providing the initial capital needed to bring the product to market. Marian’s decision to accept Kevin’s offer demonstrates her confidence in his ability to leverage his experience in selling products on TV shopping channels to drive sales and brand awareness. At this stage, TurboBaster’s financials, including profits and losses, are not disclosed, as the company is still in the pre-revenue phase. However, with the infusion of capital from Kevin Harrington’s investment, TurboBaster aims to allocate funds towards manufacturing, marketing, and distribution efforts to accelerate its growth trajectory.
The company is currently structured with Marian Cruz as the founder and owner, with Kevin Harrington’s investment granting him full ownership in exchange for his financial support and expertise in product marketing. As TurboBaster progresses, it may seek additional funding or partnerships to further expand its reach and capitalize on market opportunities.
The Negotiations:
The negotiations for TurboBaster on “Shark Tank” began with Marian Cruz seeking $35,000 for a 30% equity stake in her company. Kevin Harrington, impressed by the product’s potential, made an initial offer of $35,000 for full ownership of TurboBaster, with a 2% royalty. Daymond John then entered the negotiation, offering $40,000 for a controlling 51% stake in the company, emphasizing his expertise in manufacturing and product development. However, Kevin Harrington raised his offer to $50,000 for the same terms, highlighting his confidence in marketing the product effectively on TV shopping channels.
Sensing Marian’s hesitation, Barbara Corcoran encouraged her to accept Kevin’s offer, citing the importance of seizing the opportunity presented. Ultimately, Marian accepted Kevin Harrington’s offer, recognizing the value of his experience and his commitment to bringing TurboBaster to market. The deal involved Kevin providing the full investment amount in exchange for 100% ownership of the company, with Marian receiving a 2% royalty on sales. This decision marked a pivotal moment for TurboBaster, as it secured the financial backing and strategic support needed to launch the product and establish a foothold in the kitchen gadget market.
However, shortly after Kevin’s offer, Daymond John intervened with a counteroffer, proposing $40,000 for a 51% stake in the company, along with a 2% royalty. He emphasized his track record in selling millions of kitchen products and his capabilities in manufacturing and scaling the business. Despite Daymond’s compelling offer, Marian ultimately stuck with her decision to accept Kevin’s offer, recognizing the potential for TurboBaster to thrive under his guidance.
