What You Should Know Before You Pitch Your Company on Shark Tank (or Anywhere)
“Kate Field shares her story of bootstrapping a business and growing it with a little help from Shark Tank’s exposure. Her story takes you behind the scenes of being on Shark Tank and what the experience will do for a business,” shares Sam Thompson a Minneapolis business broker and the president of M&A firm Transitions In Business. “She also tells the listeners how she sold her business right at the beginning of COVID – 19.”
In 2013, Kate Field started The Kombucha Shop offering home-brew kits that people can use to make kombucha.
By 2018, the kombucha craze was in full swing, and Field was invited to pitch her business on Shark Tank. Field asked for $350,000 in return for 10% of her company which was generating around $1.2 million per year selling kombucha kits. Field got an offer for $200,000 in cash and another $150,000 line of credit in return for 10% of her company from Barbara Corcoran and Sara Blakely, the Spanx founder who was a guest Shark that day.
Despite her success on television, a series of surprising events led Field to walk away from the Shark’s offer and sell The Kombucha Shop the following year. This episode is a raw account of the highs and lows of the entrepreneurial journey. Listen and you’ll learn everything you need to know before you go on Shark Tank or approach just about any investor. You’ll also discover:
- How Field financed The Kombucha Shop with just $800 of startup funding.
- Why Field left Mark Cuban speechless during her pitch.
- Why a one-time spike in sales could undermine your negotiating position when you want to sell.
- The biggest mistake Field made in her first attempt to sell The Kombucha Shop.
- Why Field equates selling a business to the grieving process of a losing a loved one.