1 year ago
91 Since 2020, Mark Lin has brought successful astatine slightest $1.2 cardinal selling food-scented slime from his store successful Burbank, California.
On Friday's occurrence of ABC's "Shark Tank," Lin — who was 17 years aged astatine the clip of taping, and is present a freshman astatine UCLA — wooed investors with an earnest transportation and awesome profits. Out of Lin's $540,000 successful year-to-date income astatine the clip of filming, $300,000 was axenic profit.
All 5 Sharks were impressed. Lin's institution Sliimeyhoney was profitable astir from its inception, contempt being tally by a precocious schoolhouse pupil astatine the time. Lin made the slime himself, hired 11 friends to assistance bundle and vessel it, and sold $50,000 worthy of merchandise successful his archetypal year, helium said connected the show.
The adjacent year, that fig became $580,000, helium added.
Today, Sliimeyhoney sells non-edible, food-scented slime — successful "flavors" similar banana milk, blistery cocoa and day barroom batter — for $10 to $16 per six-ounce container.
The company's TikTok account, which has much than 933,000 followers, is its main root of marketing. Each Saturday, it announces caller merchandise drops that consistently merchantability out, Lin said.
On the show, Lin asked for $150,000 successful speech for 10% of his company. His goal: Move Sliimeyhoney from his store into a full-fledged warehouse, and summation a mentor to assistance him tally the concern portion he's successful school.
He recovered consenting negotiators successful Kevin O'Leary and Daymond John.
O'Leary, who goes by the moniker "Mr. Wonderful," said he'd put $150,000 for 30% of the institution if Lin could make a "Wonder Slime" spirit for his followers. John jumped successful too, offering $150,000 for 25% of Sliimeyhoney — portion recommending that Lin absorption much connected his upcoming studies than the business.
The company's income proved it was worthy much than that, Lin said. His counteroffer: $300,000 for 25% of Sliimeyhoney.
Both O'Leary and John declined. Mark Cuban chimed in, encouraging Lin to "stick to your guns," truthful Lin made different connection with a akin valuation: $200,000 for 20%.
John suggested that Lin instrumentality with $150,000, due to the fact that Sliimeyhoney already had a steadfast currency flow. Lin obliged, countering with $150,000 for 20%.
Both Sharks accepted, and Lin decided to marque a woody with John aft watching O'Leary conflict to get the slime unstuck from his hands during the archetypal pitch.
"I judge successful you, and we're going to marque definite you spell to school, and I volition assistance you with this business," John said.
Lin near the amusement seemingly happy, contempt giving up much of Sliimeyhoney's equity than he'd anticipated.
"I'm truthful gladsome I was capable to get a woody and summation the mentorship of a Shark," helium said. That's "really what I came successful present looking for."
Disclosure: CNBC owns the exclusive off-network cablegram rights to "Shark Tank."
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