The Sharks Battle For The Mighty Carver! | Shark Tank US | Shark Tank Global

Summary

In this Shark Tank pitch, Lance and Kim Bernie from Sanford, Florida, introduce the Mighty Carver, an electric carving knife designed to look and sound like a chainsaw. The product aims to bring fun and excitement to holiday meals, offering an easy and efficient way to carve not only turkey but also fruits and bread. The Bernies seek $100,000 for a 20% equity stake, sharing impressive sales figures and plans to increase direct-to-consumer sales. After a lively exchange, Mark Cuban and Lori Greiner agree to invest, offering $100,000 for 25% equity, sealing the deal as the Bernies 'dance out' in celebration.

Takeaways

• 😀 The Mighty Carver is an electric carving knife designed to resemble a chainsaw, adding fun and excitement to traditional holiday meals.
• 😀 The product is not just for carving turkey; it can also be used for other foods like pineapples, bread, and bagels.
• 😀 The founders, Lance and Kim Bernie, are seeking $100,000 in exchange for a 20% equity stake in the company.
• 😀 The company has sold $163,000 worth of units in the past year and 41,000 units year-to-date.
• 😀 The manufacturing cost per unit is $20, while the retail price is around $69.8 to $69.9.
• 😀 They currently sell through major resellers like Sharper Image and Ace Hardware but are aiming to shift to direct-to-consumer sales to improve margins.
• 😀 The Mighty Carver has a design patent and a Chinese patent protecting its unique chainsaw-like appearance.
• 😀 Digital marketing has had limited success so far, generating only 10% of total sales, with much of the growth coming from organic media coverage, such as a Wall Street Journal article.
• 😀 The product idea came from Lance's experience with family Thanksgiving dinners and his love for power tools, inspiring the chainsaw concept.
• 😀 The *Shark Tank* deal was ultimately closed for $100,000 in exchange for a 25% equity stake after a competitive negotiation process involving multiple sharks.
• 😀 Mark Cuban, Lori Greiner, and Barbara Corcoran all made offers, with Lori and Mark making the most attractive ones before Kim made the final decision.

Q & A

What is the Mighty Carver?

The Mighty Carver is an electric carving knife designed to look, sound, and feel like a chainsaw. It is intended to add excitement to holiday meals, making it a fun and efficient tool for carving turkey and other foods.

How did the idea for the Mighty Carver come about?

The idea originated when one of the creators, Kim, thought about how men in her family loved power tools, especially chainsaws. After Thanksgiving dinner, she wanted a way to continue the family tradition of carving the turkey in a fun, engaging way that would appeal to her family.

What are some of the other uses for the Mighty Carver besides carving turkey?

Besides turkey, the Mighty Carver can be used for cutting pineapples, cantaloupes, bread, and even bagels, offering versatility for different food preparations.

What kind of marketing strategy did the creators use for the Mighty Carver?

The creators attended the International Housewares Show, where they secured major resellers like Sharper Image and Ace Hardware. They also used digital marketing, although it only accounted for 10% of their sales.

How successful have the Mighty Carver's sales been so far?

In the past 12 months, they sold 8,500 units, generating $163,000 in sales. Year-to-date, they have sold 41,000 units.

What is the cost to manufacture the Mighty Carver, and what is the retail price?

It costs $20 to manufacture each unit, and the retail price is $69.95 to $79.95.

Do the creators have any intellectual property protection for the Mighty Carver?

Yes, the creators have a design patent and a Chinese patent that covers the unique look and function of the Mighty Carver, especially if it resembles a chainsaw-powered carving knife.

What was the response from the sharks during the pitch?

The sharks showed a lot of interest in the Mighty Carver, with Mark Cuban offering a deal for 33.3% equity, and later Lori Greiner offering 25%. In the end, the creators accepted an offer for 25% from Lori and Mark, after a bit of negotiation.

Why did the creators focus more on resellers rather than direct-to-consumer sales?

The creators initially focused on resellers, as 90% of their sales came through these channels. However, they want to shift toward direct-to-consumer sales to retain a higher margin.

What is the significance of digital marketing for the Mighty Carver?

Although digital marketing did not generate a significant portion of sales initially, it was crucial for visibility, with the Wall Street Journal article leading to a 300-unit sale the day after it was published. The creators aim to improve digital advertising strategies to boost direct sales.