"Bonnie and Clyde" — Shark Tank's Daniel Lubetzky quips as Mark and Lori steal the TripleLite deal

On Shark Tank season 16, episode 8, TripleLite 180 co-owners Ronnie and Nancy Pritchett appeared on the reality show. They pitched their flashlight product, seeking a $400,000 investment in exchange for 10% equity. The San Diego-based couple explained that their patented TripleLite 180º flashlight features three LED lights, providing a wider field of vision.

Nancy took charge of the business side, as Ronnie worked as a golf professional. The sharks were impressed by their $5 million in lifetime sales. The couple shared that they found an investor in 2016, but things took a turn when the investor sued them for control of the company in 2018.

After hearing the story, Daniel Lubetzky made a non-negotiable offer of $400,000 for 25% equity, praising the couple's potential. Mark and Lori soon started discussing the potential to team up, which prompted Daniel to stand up and walk towards the founders in order to shake their hands and finalize a deal.

"Do you want to close the deal? Are you ready to partner with me? Put your hand here. Don't let those banditos Bonnie and Clyde (Mark and Lori)…" stated Daniel.

However, before they could accept, Lori Greiner intervened, telling Daniel to "sit his butt down." Lori and Mark Cuban then discussed a counteroffer which Ronnie and Nancy accepted. The offer was $400,000 for a 25% stake in their company.

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TripleLite founders reveal ownership battle with former investor on Shark Tank

Mark Cuban asked Ronnie and Nancy Pritchett about the gap in their sales on Shark Tank. Ronnie explained that they launched their product in 2014 and initially had strong sales, with over $100,000 in revenue. The following year, sales jumped to $310,000. However, Nancy revealed that things took a turn for the worse in 2016. The couple brought in an investor, hoping for capital and guidance.

Unfortunately, the investor sued them for control of their company in early 2018. Nancy became emotional as she recalled the experience. Ronnie continued, explaining that they fought back and managed to regain control of their company by August 2018.

"We brought on an investor. We bought brought them on for capital and what we thought... mentorship. Then in 2018 January, they sued us for control of our company," said Nancy.

Daniel Lubetzky praised Nancy for standing up to the investor, calling it a special quality. Nancy reflected on the experience, saying that they had trusted the wrong people. Mark Cuban and Lori Greiner shared their own experiences with similar situations, expressing sympathy for the couple. Lori also sympathized and noted that there are many untrustworthy individuals who take advantage of others.

Daniel Lubetzky asked Ronnie and Nancy Pritchett about their product's costs on Shark Tank. Ronnie explained that the TL800 flashlight cost $6.50 to make, wholesale for $15, and retailed for $29.95. Mark Cuban inquired about their profits, and Ronnie revealed that they made $318,044 in profit before paying themselves.

This led to Robert Herjavec wonder why other flashlight companies hadn't approached them to acquire their technology. Ronnie explained on Shark Tank that they had been approached by major companies, but the offers were unattractive. They held 5 utility patents and a design patent in 27 countries worldwide.

Kevin O'Leary eventually made an offer, proposing a $400,000 investment in exchange for 49% equity. Shark Tank's Kevin clarified that he wouldn't control the company and would let Ronnie and Nancy make decisions. Daniel Lubetzky pointed out that Kevin's offer undervalued the company.

Lori Greiner asked Nancy if she was happy with the company's current state. Nancy expressed her desire to take the company globally, reaching $100 million in annual sales. She acknowledged that she had taken the company as far as she could alone and needed a shark's guidance to reach the next level.

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Shark Tank airs on ABC on Fridays at 8 pm ET.