Shark Tank: DrainWig Accepts $300,000 Offer from Kevin O’Leary

By Erica Abbott

DrainWig

Next into the tank are Jennifer and Gifford Briggs of DrainWig, seeking $300,000 for five percent equity.

DrainWig helps prevent clogged drains with a simple, hair-stopping solution. According to their website, the hair catcher is inserted into the drain and, after several months, removed through the drain cover to reveal all the hair that has been trapped. “DrainWig is the easy solution for a hairy problem,” the product description reads. “Bathtub or shower, DrainWig is the perfect solution for keeping drains unclogged. A set of four hair catchers costs $19.95. They also offer a TurboSnake, which cleans any existing clogs.

It is currently available at major retailers such as Walmart and Bed Bath & Beyond. They have done $14.2 million in sales through a deal with an infomercial company. They now want to take back control of their business since most of their money is going to the infomercial company.

Mark Cuban doesn’t want to have to reinvent their company and goes out. Kevin O’Leary offers $300,000 for 20 percent. Guest shark Sara Blakely acknowledges the issues but goes out. Daymond John likes the product and offers $300,000 for 20 percent—the same offer as O’Leary. Lori Greiner then jumps in, offering $300,000 for 25 percent. The duo counters 10 percent, which is then increased to 15 percent. O’Leary quickly accepts before any other shark takes the counteroffer.

Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.

Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks this season.

“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.

Would you use DrainWig? Sound off in the comments section below!

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Source:: Business 2 Community

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