Additional Coverage:
- ‘Shark Tank’ judges fight it out over a deal with elderly couple who brought a unique flashlight (marketrealist.com)
Elderly Couple’s Ingenious Flashlight Dazzles Sharks, Sparks Bidding Frenzy
An entrepreneurial couple, Nancy and Ronnie Pritchett, recently lit up the “Shark Tank” with their innovative flashlight, TripleLite, and sparked a rare bidding war among the investors.
The Pritchetts, seeking $400,000 for a 10% stake in their company, presented a flashlight that casts a 180-degree beam, eliminating the need to turn and look around in the dark. Ronnie conceived the idea after a near-stumble on his darkened stairs. The product’s brilliance was matched by impressive sales figures: $5 million lifetime and $1.7 million in the year leading up to their appearance.
The couple’s journey, however, was not without its shadows. They recounted a previous investor who sued them and temporarily took control of the company, a struggle that brought Nancy to tears.
While moved by their story, Kevin O’Leary’s offer of $400,000 for 49% of the company drew groans from the other Sharks. Guest Shark Daniel Lubetzky countered with the same investment for 25%, an offer matched by Lori Greiner and Mark Cuban.
The combined expertise of Cuban’s social media presence and Greiner’s retail prowess made their offer particularly tempting. Lubetzky then sweetened the deal to 20%, partnering with Robert Herjavec.
Faced with a flurry of offers, the Pritchetts ultimately opted for the Cuban-Greiner partnership, prioritizing their extensive experience and track record, even at the cost of a larger share of their company.