"Asking for too little"- When Shark Tank guest judge Jamie Siminoff chimed on Moink owner Lucinda Cramsey's pitch

In Season 10, Episode 15 of Shark Tank which aired on March 10, 2019, guest judge Jamie Siminoff made an observation that set the tone for the negotiation with Moink founder Lucinda Cramsey. He had said:

“I think you’re actually asking for too little. I think we need to get this to scale faster to get those margins.”

Siminoff’s comment came as Cramsey sought a $250,000 investment in exchange for a 10% equity stake in her ethically sourced meat subscription company. His assessment not only influenced the outcome of the pitch but also underscored the need for bold investment to navigate the challenges faced by small-scale family farms.

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Shark Tank guest judge Jamie Siminoff’s insightful investment in Moink

Moink's origins and mission

Lucinda Cramsey launched Moink with a mission deeply rooted in personal experience. As an eighth-generation farmer from Missouri, she grew up witnessing the struggles of small family farms, including her own, which faced challenges in competing against corporate-controlled meat markets.

Moink was established as a subscription-based service delivering ethically sourced, non-GMO meats from family farms. The company promised humanely raised products for “tender-hearted carnivores,” catering to consumers seeking ethically produced food.

At the time of her Shark Tank appearance, Moink had generated $730,000 in sales during 2018, a significant jump from $85,000 the previous year. The company boasted a 71% customer retention rate, a strong figure for subscription models. However, profit margins were slim, with production costs of $127 per box and a retail price of $159 leaving only a 10% net profit.

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The pitch and Siminoff’s perspective

Cramsey's pitch resonated with the Sharks on both a personal and business level. Kevin O’Leary praised Moink’s bacon as “the best he had ever had.” However, the financials, particularly the slim margins, led several Sharks to refrain from investing.

Shark Mark Cuban cited an existing investment in another meat company, Echo Valley Meat as a reason for not investing. Lori Greiner, on the other hand, stepped out due to her limited meat consumption, and Daymond John found Cramsey’s approach too defensive, saying,

"You're very defensive I don't want to get in your way I'm out."

Siminoff, however, viewed the situation differently. He emphasized that new businesses often face challenges with margins and scalability. Reflecting on Cramsey’s request, Siminoff noted that the company’s growth trajectory would require greater financial support than she had proposed.

His offer of $400,000 for a 20% equity stake provided additional resources for scaling infrastructure and improving margins. Siminoff explained,

“You’re growing actually pretty fast, and you’re going to need some infrastructure in place to lower those margins to make this a real business for all of us.”

Cramsey initially hesitated, highlighting her preference for “controlled and calculated growth.” She expressed concerns about the risks of rapid expansion but ultimately accepted Siminoff’s offer, acknowledging its potential to strengthen Moink’s operational capacity. The deal was sealed with a handshake.

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Post-show developments

After securing Siminoff’s investment in Shark Tank, Moink faced challenges related to increased demand and operational adjustments. Orders surged following the episode's airing, but logistical issues such as warehouse relocation, dry ice shortages, and delayed deliveries disrupted customer satisfaction.

However, Siminoff remained actively involved, and even purchased a farm in Cramsey’s Missouri neighborhood in 2019 to support her mission.

Despite the initial hurdles, Moink scaled its operations, moving to a larger facility in Kansas City and expanding its network of farmers. By 2024, the company had increased its roster of family farms by 15 and reported an annual sales of $2.8 million. Cramsey underscored the value of Siminoff’s involvement, describing him as a “pit bull” in advocating for family farms.

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