Patent Attorney and Founder
Sharks, my name is Joshua Esnard. I’m here from Fort Lauderdale, Florida, and I’m the inventor of the Cut Buddy. Today, I’m seeking $300,000 in exchange for 10% of my company.
Sharks, you know what cutting your own hair, Damon? You ever cut your own hair? I have. Cutting your own hair, that’s no easy task. One wrong move, and it can all be over. But you know what? It doesn’t have to be this way because I created the solution. It’s called the Cut Buddy. Here you go, brother, use this instead.
Alright, the Cut Buddy is the first multi-curve hair grooming guide tool that allows you to edge up and shape up your beard lines and your hairlines perfectly and quickly. With three curves and three straight edges, you can look great regardless of your head shape or your hair size. Who wants to cut a deal?
So, why don’t you give us sales for 2016 and what you project for 2017 to help me get over the hump on this $3 million value? My sales for 2016 were $700,000, absurd. 60 deliverers, 60,000 units. 60,000 units. I found some affiliates on YouTube that had a heavy following doing videos for hair, and all of a sudden my sales went from 20 sales per day to 100, 200, 400 sales per day, and I went viral on Facebook, hit 11 million views.
Wow, what do you sell it for? I sell it at $14.95. What does it cost you? It’s two dollars. What is retail? Is it hair places like Sally’s or is it Walgreens, CVS, or all? I met with Sally’s. I’m just waiting, basically, for them to offer me a PO. So, I’m prepared to make you an offer.
I’ll give you the $300,000. What I want is a dollar fifty from every unit until I’ve made back a milski, basically just over three times on my money, then it goes away. And just so I can keep my interest in you, I want 5% of the company.
Josh, I’ll throw a sweetener in. If you do this deal with me, I’ll grow my hair back.
Oh man, just, you know, you clear the deck. I’m out. I could have helped you rebellious.
Should we feel your eyes? That’s a good one, Josh. I think it’s a good product. I don’t really understand it, to be honest with you. I’m out. I honestly think that this will be as common as a comb in your house in the next five years. I’m not right with that, but I made you an offer, and you’re still talking to people that don’t seem that excited.
Damon, I see you’re quiet, and is there any way that you and Kevin would work together in this?
Work with Kevin? Why would I do that? I mean, he’s a beautiful—I have more hair than he has. I’ve got an offer for you. I’ll offer you $300,000 for 20%.
There are two main traits to a great entrepreneur: drive, passion, not giving up. You have all of those traits to do all these different things, as they said, but you also have two good offers here, so I’m out.
So, Josh, three Sharks out, two offers on the table. What are you gonna do? Damon, is there any way that you’d go to 12.5?
Oh, I like that about you, but I would normally be at 33%. $300,000 for 20% I think is fair. It gets me excited. I go out there and do whatever you need me to do.
Um, Damon, I’m gonna ride with you. Oh man, that offer down because um, it wasn’t anything against Mr. Wonderful, really. Um, actually, I appreciate him offering me something out the gate because it allowed others to be more interesting, but I didn’t totally think he understood the demographic that I was approaching at the time. Uh, and Damon kind of understood that world a little more to the urban multicultural demographic, but in hindsight, when I look back at it because now I sell bald shavers and things for bald people because I’m bald now, maybe Mr. Wonderful would have worked out as well, you know. Um, but also the royalty was kind of a very long hold on to my company, but uh, both deals had pros and cons. I just thought that the partner was Damon because that was my idol. Read all his books, wore FUBU as a kid, and that’s who I went on the show to be with. That’s really—that’s what I was targeted on when I got there.