Shark Tank US | Mark Thinks That SplashZen Is Not A 'Have To Have' Product

Summary

Tanya and Rodney Rasmason from Seattle pitch their product, SplashS, a bathtub splash guard designed to contain water and mess during bath time for kids and pets. Seeking $100,000 for 10% equity, they highlight their product’s versatility and growing success through social media marketing. The sharks express concerns about retail challenges but are impressed with the product's design. Lori offers a deal for 20% equity, while Barbara proposes a lower equity share with a credit line. After much negotiation, the couple ultimately chooses Barbara as their investor, excited to work with her expertise and support.

Takeaways

• 😀 Tanya and Rodney, from Seattle, are seeking $100,000 for a 10% stake in their company, Splash, which provides a solution for keeping bath time fun and mess-free.
• 😀 Splash is a bathtub splash guard that contains water splashes, turning bath time into a less chaotic and more enjoyable experience for families with kids and pets.
• 😀 The product is easy to use with a suction cup strip and a spool that attaches to either side of the bathtub to seal in water splashes.
• 😀 Splash also doubles as a dog wash, making it a dual-purpose product for both children and pets.
• 😀 The product is priced at $99 retail and costs $40 to produce, with the hope to lower costs and improve margins with expert help.
• 😀 Currently, Splash is sold directly to consumers through social media channels, including viral TikToks that have gained attention.
• 😀 Sales have reached $880,000, with a strong growth momentum in recent months, but the product faces challenges in retail due to its need for explanation and marketing.
• 😀 The Sharks raise concerns that the product might not work well in retail without significant rebranding and a better visual explanation of its use.
• 😀 Lori offers $100,000 for a 20% stake in the company, seeing potential in the product and expressing excitement about working with Tanya and Rodney.
• 😀 Barbara counters with a $100,000 offer for 15% and a $100,000 line of credit, proposing that she could help bring down costs and improve manufacturing efficiency.
• 😀 Tanya and Rodney ultimately decide to partner with Barbara, accepting her offer of $100,000 for 15% plus a $100,000 line of credit, finding her experience and approach a better fit for their goals.

Q & A

What is the primary product that Tanya and Rodney are pitching?

Tanya and Rodney are pitching 'Splash', a bathtub splash guard designed to keep water inside the tub during bath time. It has a suction cup strip and a handle that allows parents to easily secure it across the bathtub.

What additional function does Splash serve apart from being a splash guard for kids?

In addition to being a splash guard for kids, Splash can also be used to turn any bathtub into a dog wash, keeping the mess contained while washing pets.

What is the cost of Splash and its retail price?

Splash costs $40 to produce and is sold for $99.

What feedback did the sharks give about selling Splash in retail stores?

The sharks felt that Splash would be difficult to sell in retail stores because its function isn't immediately obvious to customers. They suggested a need for rebranding and clearer packaging to explain its use.

How are Tanya and Rodney currently selling Splash?

Tanya and Rodney are currently selling Splash directly to consumers via social media, particularly through viral TikTok videos.

What were Tanya and Rodney's total sales figures at the time of the pitch?

At the time of the pitch, Tanya and Rodney's total sales were about $880,000, with $10,000 in sales from the last three months of the previous year.

What concerns did the sharks have about Splash's retail potential?

The sharks were concerned that Splash would be hard to explain and market in retail stores, as its purpose isn't immediately clear. They also noted that it might be seen as a 'nice to have' product rather than a necessity.

What offer did Lori make to Tanya and Rodney?

Lori offered $100,000 for a 20% stake in the company, emphasizing her interest in working with them and making the product successful.

What was Barbara's counteroffer to Tanya and Rodney?

Barbara made a counteroffer of $100,000 for a 15% stake in the company, along with a $100,000 credit line to help them with their costs, but she wanted to undercut Lori's offer.

How did Tanya and Rodney decide between Lori and Barbara's offers?

After considering both offers, Tanya and Rodney ultimately chose Barbara's offer of $100,000 for a 15% stake and the $100,000 credit line, as they felt Barbara's approach aligned better with their needs for reducing costs and increasing production.