Why Mark Cuban called this 'Shark Tank' CEO who brought in millions 'a great case for what not to do.' (via CNBCMakeIt)
The problems didn't stop there. Lewis told the Sharks that he had a business partner with a 5% stake in the company that could grow to 40% if Fort reaches $30 million in annual gross sales. The partner didn't put any equity into the company to get that 5% stake, Lewis said, but his manufacturing and supplier connections proved instrumental in helping Lewis turn his fun idea into a real business.
Cuban disagreed, noting that vital connections can be just as valuable as cash. "I think you can survive this," Cuban said. "It's not bad that you worked with somebody else who didn't provide cash. Expertise costs you one way or another. So getting their expertise is fine." "The trigger for their 40% being set to sales means that if any one of us invests, the minute we close the deal and we help you get to $30 million, we're diluted by 40% immediately," Cuban told Lewis. "So for those reasons, I'm out."Source: ABC/Christopher Willard
The good news for Lewis: Fort's products have continued to sell briskly, even after Lewis' price hike. Lewis told the Sharks that he'd sold another $250,000 worth of product
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