Shark Tank host Mark Cuban surprised a pair of entrepreneurs--and all four sharks--by offering to buy 100 percent of a struggling small business during Tuesday's special episode.
Mark Cuban was born July 31, 1958 in Pittsburgh, Pennsylvania, to Shirley (Feldman) and Norton Cuban, an automobile upholsterer. His family, of Eastern European Jewish descent, was originally named Chabenisky. Mark graduated from Indiana University in 1981 with a degree in Business.
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Sisters Ellie Brown and Becca Nelson came to the tank seeking $100,000 for 30 percent of their wearable fabric sticker company evREwares. The company's flagship product, Sticky Ties, is a collection of reusable stickers consumers can wear on clothing to make it look like they're wearing bow ties and neckties.
While the company has generated $600,000 in revenue since debuting in 2011, sales have tanked recently, with just $50,000 in projected revenue for 2014.
The problem with the business, according to the sharks, is the price of the stickers, which sell for between $4.99 and $7.99. Brown and Nelson made the case that Sticky Ties's reusability is what warrants a higher price than all other party stickers on the market, but the sharks weren't biting.
'Ninety-nine percent of the market doesn't care that it's going to last a lifetime,' said shark Kevin O'Leary. 'I think the market has spoken. They don't like it.'
One by one, sharks Barbara Corcoran, Lori Greiner, Robert Herjavec, and O'Leary all passed on investing in the business.
Cuban, however, offered $200,000 for 100 percent of the mismanaged company, and pledged to keep Brown and Nelson involved as contracted designers.
- Eccentric rich person, Dallas Mavericks owner, and alleged shady trader Mark Cuban also owns Landmark Theatres. I got this e-mail today from a Landmark employee: Not only is he ducking out of the.
- 15+ years of booze, hair implants, hookers, gh, protein powder, bad dye jobs and being a billionaire. Mark-cuban-dallas-mavericks-owner.jpg (18.78 kB, 298x463 - viewed 8619 times.) hair implants2.jpg (21 kB, 360x235 - viewed 10823 times.).
Mark Cuban Dyed Hair
'You guys are lost,' he said. 'You have a nice little business, [but] you have no idea what you're doing.'
Mark Cuban Dying Hair Color
After a very emotional conversation that saw both Brown and Nelson burst into tears, the pair initially took Cuban's offer, but then apparently changed their minds after the show.
'I promise to take good care of your baby and do the best I can to raise it from the dead,' Cuban said during the show, trying to cheer them up. 'I sold my company for $5.7 billion, and I was sad when I sold it. For about a minute.'