Shark Tank US | Adorable Elderly Couple Pitches TripleLite In The Tank

Summary

In this Shark Tank pitch, married co-founders Ronnie and Nancy Pritchette present their innovative Triple Light flashlight, featuring patented technology that offers a 180-degree arc of bright LED light, providing greater visibility and safety. After overcoming challenges, including a lawsuit with an investor, the couple seeks $400,000 for 10% equity. Despite skepticism from some Sharks, they receive two offers: one from Kevin for 25% equity and another from Lori and Mark for the same stake. After careful consideration, the Pritchettes accept Lori and Mark’s deal, marking a major step forward for their business.

Takeaways

• 😀 Ronnie and Nancy Pritchette, co-founders of Triple Light, are seeking $400,000 for 10% equity in their flashlight company.
• 😀 Triple Light's patented technology features a 180° beam using three LED bulbs, offering an ultra-bright and wide light for better visibility.
• 😀 The product eliminates the need to wave a flashlight back and forth, lighting up an entire room or area instantly.
• 😀 Ronnie, a golf professional, came up with the idea for Triple Light in 2012 after an incident where he almost tripped while using a traditional flashlight.
• 😀 Nancy, who had no prior business experience, learned about business, marketing, and sales to help bring Triple Light to life.
• 😀 Despite initial sales in 2014 and 2015, the company faced major challenges in 2018, including a lawsuit from an investor, which was eventually resolved.
• 😀 Lifetime sales for Triple Light have reached nearly $5 million, with projections to hit $1.5 million in 2025.
• 😀 The product's retail price is $29.95, with wholesale pricing at $15 and a landed cost of $6.50.
• 😀 After being approached by big flashlight companies, the Pritchettes retained their patents and control over the company, refusing to sell for a small royalty.
• 😀 Several sharks made offers to invest in Triple Light, with Kevin offering $400,000 for 49% equity and Daniel and Lori offering a deal for 25% equity.
• 😀 In the end, Nancy and Ronnie chose a deal with Lori and Mark, who promised to help grow the business and bring it to major retailers like Home Depot.

Q & A

What is the main innovation behind the Triple Light flashlight?

The Triple Light flashlight uses patented technology with three LED bulbs positioned to provide a wide 180-degree beam, illuminating a larger area compared to traditional flashlights.

What was the Pritchettes' goal when pitching to the Sharks?

The Pritchettes were seeking a $400,000 investment for 10% equity in their company, Triple Light, to help grow their business and expand their product's reach.

How long have Ronnie and Nancy Pritchette been married and in business together?

Ronnie and Nancy Pritchette have been married for 41 years and co-founded their business, Triple Light, together.

What was the catalyst that led to the invention of the Triple Light flashlight?

The idea for the Triple Light flashlight came to Ronnie in 2012 when he nearly tripped on steps while using a traditional flashlight. He realized there was a need for a flashlight that illuminated both forward and to the sides.

How did the Pritchettes overcome their challenges with a previous investor?

The Pritchettes faced a legal dispute with an investor who tried to take control of the company. After fighting back, they successfully removed the investor and regained full control of Triple Light.

What were the Pritchettes' sales figures up until the time of their pitch in 2025?

By 2025, the Pritchettes had achieved $5 million in lifetime sales, with projected sales of $1.5 million for that year.

What was the initial sales performance of Triple Light after its 2014 launch?

In 2014, Triple Light launched and sold over $100,000 worth of flashlights. By 2015, sales increased to $310,000.

Why did the Pritchettes not partner with large flashlight companies despite interest?

Although they were approached by big flashlight companies, the Pritchettes were hesitant because the companies offered small royalties and the Pritchettes wanted more control over their product.

What was the Pritchettes' reaction to the Sharks' offers?

Initially, the Pritchettes rejected an offer of $400,000 for 49% equity, but later accepted an offer from Mark and Lori for $400,000 in exchange for 20% equity.

Why did the Pritchettes ultimately choose Mark and Lori's offer over the others?

The Pritchettes chose Mark and Lori's offer because they felt confident that Mark and Lori would be more actively involved in helping them expand the business, leveraging their strong retailer relationships and expertise.