“Shark Tank” contestants had better come with their A-game, because investor Barbara Corcoran is a tough sell.
The “Queen of New York real estate” has developed a reputation for being extremely particular about the products and entrepreneurs that she backs on the long-running show.
Sheets Laundry Club partners Chris Videau and Chris Campbell found out firsthand that it takes more than a profitable creation to bait the seasoned shark. The pair appeared on season 13, episode 10 in hopes of securing $500,000 for 5 percent of the company.
At that time in the 2022 episode, the founders were on track to do $7 million in sales and had an exclusive deal with manufacturer Kimberly-Clark Corporation, which owned the eco-friendly company’s patent through October 2024.
Almost immediately, Kevin “Mr. Wonderful” O’Leary raised a red flag. “The con is I don’t think you own anything,” he said after the men divulged they paid an annual royalty to use the patent for their signature laundry detergent sheets.
However, the duo’s expiring patent and extensive product line — which Corcoran called a “formula for disaster” — were both concerns for her. The biggest of them all was the execution of the pitch.
“You’re not persuasive enough, I’m sorry. For whatever reason, forgive me for saying this, I don’t think either of you sell,” she told the businessman.
“You could have the best product, the best production, you run the best company, make people happy, but if you don’t have that aggressiveness hunger on the front end of your business, it doesn’t really go anywhere. So, for that reason, sadly, I’m out,” added Corcoran.
A viewer commented, “Barbara comes up with the weirdest reasons to decide to be out.” Someone else said, “Barbara was so off base here, and usually I like her.”
A third fan criticized her because she “always judges people on her biases, what she perceives is their level of ‘passion’ … and she’s always wrong.” And a fourth individual declared, “She doesn’t have any money to invest.”
O’Leary quipped, “She just called both of you the worst salesmen she’s ever seen on ‘Shark Tank.’” Videau and Campbell disputed her perspective and explained that aggressive advertisement and marketing tactics were integral to their success.
O’Leary passed because he already had a cleaning product line in his portfolio, Lori Greiner said the Sheets Laundry Club did not “excite her,” and Mark Cuban said the risks were “too expensive” as the businessman targeted growing internationally.
The men ultimately accepted Daniel Lubetzky’s offer of $500,000 for 10 percent of the company (8 percent equity and 2 percent advisory shares). They remain in business to this day.
