“He reminded me of me” - When Shark Tank investor Mark Cuban called out Collars & Co. founder Justin Baer

In a Shark Tank episode from 2022, investor Mark Cuban appeared alongside guest shark Peter Jones. In this episode, Collars & Co. founder Justin Baer pitched Bethesda, Maryland-based menswear brand that produces casual polos along with colors.

After his pitch, Justin received three offers which he rejected, stating he would only agree to give 4% of his company for $300,000. Seeing this trait in Justin, Cuban recognized a similar attribute of his younger self, and said:

“He reminded me of me, I’m not going to lie. When you’re young, you don’t know what you don’t know. I did a lot more talking than listening.”

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Shark Tank investor Mark Cuban advises Justin Baer not to walk away without a deal

The first Shark Tank investor to make an offer of $300,000 for 10% of the company to Justin was Kevin O'Leary. The Collars & Co. founder stated that 10% was too much and he insisted on confirming a deal at 4% as he predicted his company would bring $10 million in revenue within a year.

Justin stated that what he was seeking from the sharks was mentorship to help him elevate his brand by having the resources to build an inventory and focus on marketing.

Then, guest mentor Peter Jones made the same offer which Baer rejected again. Other Shark Tank investors including O'Leary and Daymond John told Baer to not be dismissive of the deals as he had rejected two offers. After multiple negotiations, Cuban and Jones gave a collaborative offer of $700,000 line of credit with 10% equity.

But Baer had the same answer. He rejected the offer stating that he was only ready to give 5% of his company. Baer kept interrupting Jones when he tried to explain why 10% was justified. Frustrated by Baer's dismissive approach towards the investors, Jones stated:

"I don't think you're listening and that's not good. Thats not a good sign for an entrepreneur, you do have to listen, you can dismiss it and you can walk out of here but we should be allowed to voice our opinion and you're not allowing me to voice mine cause you keep talking over me. You are not listening."

Later in the Shark Tank episode, all sharks, including Mark Cuban and Jones, backed out, with Daymond stating Baer would regret this moment if he left without accepting an offer. Mark told Baer that there was no amount he could pay to hire him and Jones for mentorship, he continued:

“You're asking us to go to work for you, there is no amount you could pay to hire the two of us to mentor you and help you. If [Jones and I] don’t do this deal, our lives aren’t going to change. We’re still going to be f*cking rich."

After listening to Mark's advice, Baer offered 7% equity but Jones and Mark considered 10% a fair offer. Baer ended up agreeing to the offer of a $300,000 investment, plus a $700,000 line of credit, for 10% of the company, Colars & Co. Bear said:

“It means a ton that Mark Cuban and Peter Jones are mentors now. Hopefully one day I’ll be sitting next to them in one of the Shark chairs.”

All previous episodes of Shark Tank are available to stream on ABC.