Additional Coverage:
- ‘Shark Tank’ judge Lori Greiner gives up 5% equity just to avoid partnership with Kevin O’Leary (marketrealist.com)
Lori Greiner Takes a 5% Hit to Avoid Kevin O’Leary on “Shark Tank”
A recent episode of “Shark Tank” saw a fiery exchange between Lori Greiner and Kevin O’Leary over a health spray company, Marz Sprays. The father-son duo behind Marz Sprays, Brandon and Keith Marz, entered the Tank seeking $200,000 for a 10% stake in their business. Their pitch focused on sprays designed to replace traditional pills for everything from weight loss to vitamin C supplements, emphasizing their increased potency and ease of use, especially for those who struggle with swallowing pills.
While the Marz team admitted to a lack of substantial sales, they piqued the Sharks’ interest by revealing ongoing licensing discussions with Nature Made and $1 million in purchase orders from European customers. Despite this promising news, Daymond John, Robert Herjavec, and Mark Cuban all bowed out, citing concerns ranging from European approval wait times to the product’s protectibility.
Greiner, however, saw potential and offered the Marzes $200,000 for 30% equity, contingent on securing the Nature Made deal. O’Leary, never one to miss an opportunity, then attempted to partner with Greiner for a combined 40% stake. Greiner flatly refused, prompting a characteristically dramatic response from O’Leary, who countered with his own offer of $200,000 for 25%.
Not to be outdone, and clearly wanting to avoid working with Mr. Wonderful, Greiner matched O’Leary’s 25% offer.
Although the Marzes tried to encourage a joint deal or a redemption option, both Sharks held firm. Ultimately, the entrepreneurs accepted Greiner’s deal, effectively costing her 5% of the company simply to avoid a partnership with O’Leary.
Despite the on-screen excitement, the deal with Greiner ultimately fell through. However, the “Shark Tank” appearance did provide a boost for Marz Sprays, allowing them to expand their international presence through online sales and retail partnerships. While the company has faced legal challenges, their products remain available online.