Shark Tank US | Homemade Slime Slimey Honey Entrepreneur Keeps Asking For More

Summary

Teen entrepreneur Mark Lin pitches his business, Slimy Honey, on Shark Tank. He started the company during the pandemic, creating stress-relief slime inspired by food. Mark explains his process, from producing slimes in his garage with the help of his friends to selling them online, where he has gained 900,000 TikTok followers and made over $1.2 million in sales. Seeking $150,000 for 10% equity, Mark impresses the sharks with his profits and business acumen, ultimately accepting a deal from Damon John for $150,000 in exchange for 20% equity.

Takeaways

• 😀 Mark Lin, a teen entrepreneur from Burbank, California, started his business during the pandemic lockdown.
• 💼 He is seeking $150,000 for 10% equity in his company, Slimy Honey.
• 🍌 Slimy Honey creates stress-relieving slime that looks and smells like food, including their best-seller, banana milk-scented slime.
• 🏠 Mark currently runs his business from his garage, with help from his mom and friends for packaging orders.
• 📱 Mark markets his slimes primarily through TikTok, where he has 900,000 followers, and introduces new slimes every week.
• 💵 His slimes sell for $10 to $16 each, with production costs ranging from $2 to $4, yielding a 70% profit margin.
• 📊 The company has made over $1.2 million in sales, with significant profits in 2020 and 2021.
• 🎓 Mark is planning to attend UCLA but believes his business will continue to thrive with a move to a warehouse.
• 🤝 He receives two offers from the sharks: $150,000 for 30% from Kevin and $150,000 for 25% from Damon.
• 🤩 Mark ultimately chooses Damon's offer of $150,000 for 20% equity, citing a stronger partnership and mentorship fit.

Q & A

Who is the entrepreneur presenting the business to the sharks?

The entrepreneur is Mark Lin, a 17-year-old from Bourbon, California.

What is the name of Mark Lin's company, and what does it sell?

Mark Lin's company is called Slimy Honey, and it sells stress-relieving slime that looks and smells like popular foods.

What is the inspiration behind Slimy Honey’s product line?

The inspiration comes from Mark's love for playing with food textures, smells, and squishy sensations. He created slimes that replicate real-life delicacies in texture and smell but are not edible.

What is the best-selling product of Slimy Honey?

The best-selling product is banana milk-scented slime, inspired by Korean banana milk, which comes with a banana charm and banana sprinkles.

What are Mark’s current production and distribution methods?

Mark produces the slime in his garage, with the help of his mom and high school friends. They package and ship the products directly from his house.

What sales and profit figures did Mark share with the sharks?

In 2020, Slimy Honey made $50,000 in sales with $13,000 in profit. In 2021, it grew to $580,000 in sales with $300,000 in profit. Up to the time of the pitch, the company had done $540,000 in sales and another $300,000 in profit.

How does Slimy Honey generate new business and attract customers?

Mark promotes his products through TikTok, where he has 900,000 followers. He introduces 2-5 new slimes every week, and they typically sell out quickly.

What offers did Mark receive from the sharks?

Kevin O’Leary offered $150,000 for 30% equity, while Damon John offered $150,000 for 25% equity.

Why did Mark decline Kevin’s offer?

Mark felt more connected to Damon John, who seemed more aligned with his business vision and even played with the slime, unlike Kevin, who struggled with the product.

What final deal did Mark accept from the sharks?

Mark accepted Damon John’s offer of $150,000 for 20% equity in Slimy Honey.