Additional Coverage:
- ‘Shark Tank’ judge Mark Cuban calls Kevin O’Leary ‘an idiot’ — moments before closing a $180k deal (marketrealist.com)
Ice Cream So Good It Makes Sharks Fight!
The “Shark Tank” is known for its tense negotiations, but sometimes, the product is so good the sharks turn on each other. This was the case with Coconut Girl, a company offering dairy-free, gluten-free, and paleo-friendly ice cream sandwiches.
Founder Francheska Yamsuam pitched her business, seeking $180,000 for an 18% stake. She explained her journey from making paleo smoothies and date milkshakes to developing her unique ice cream sandwiches using coconut milk. The sandwiches, made with almond flour, almond butter, dates, and maple syrup, come in three flavors, all of which were a hit with the Sharks.
Mark Cuban, however, was particularly enthusiastic, practically yelling for a sample. Upon hearing that Coconut Girl already had a distribution deal with Whole Foods and projected $300,000 in sales, Cuban made a snap offer of $180,000 for 25% equity, demanding an immediate decision. While Yamsuam expressed interest in hearing other offers, Cuban briefly rescinded his offer, only to jump back in when Lori Greiner prepared to make her own bid.
Yamsuam countered, asking Cuban to lower his equity demand. This opened the door for Kevin O’Leary, who offered 20% and promised to “squeeze Cuban’s head.” Cuban, retorting with “Only because he’s an idiot, I’ll do 20%,” ultimately secured the deal.
Following the episode’s airing, Coconut Girl experienced a surge in demand. Later reports indicate Yamsuam has since sold part of her business.