Two entrepreneurs from Mississippi waded into the Shark Tank Friday night and it wasn’t a good look, at least not in the beginning.
The creators of LockerBones, locker organizers aimed at middle and high school students, Greg Cronin and Dr. Stephen Cochys of Clinton MS and Ridgeland MS respectively, went in to the tank seeking $175,000 for a 10% stake in their company. Mark Cuban was the first to bow out, followed by Kevin O’Leary who wasn’t sold on their distribution strategy. The next shark to pass on the deal was Barbara Corcoran.
Cronin and Cochys were going under fast, but then came a counter offer. Robert Herjavec and Lori Greiner would each give $87,500 at %25 for a total of $175,000 and a 50% stake in the company which Herjavec argued was fair since the company is so new and pretty much doesn’t have any real success under it’s belt.
The counter offer was accepted, but was this a good deal or did Cronin and Cochys get turned into chum?
It may be a good sign that during the show, so much interest was generated that the LockerBones website crashed several times from the traffic flow.
Watch ABC’s Shark Tank Season 5 Episode 14 LockerBones segment here and share your thoughts about the deal in the comment section.
Here’s more about LockerBones locker organizer: