"He's much more wonderful"- When Barbara and Kevin went on a bidding war for Jica Foods in Shark Tank

A clash erupted during episode 10 of Shark Tank season 14 when Barbara Corcoran and Kevin O'Leary fought to invest in Jica Foods. The Mexican turnip-based food company, led by Xin and Melissa Wang, requested $300,000 for 3% equity. After Barbara offered $300,000 for 10% equity with pro-rata distribution, Kevin countered with 9%.

Barbara highlighted her food industry expertise, prompting Kevin to defend his position.

"I know what I do well. I do sales and marketing. That's how I became rich in the first place. I know it better than anyone else. I can certainly deliver the same marketing as Mr. Wonderful, who thinks he's much more wonderful than he actually is because he's an over-stater," Barbara stated firmly.

The Shark Tank negotiation concluded with Barbara securing 6% equity plus 3% advisory shares for her $300,000 investment. By 2024, this deal helped expand Jica Foods' presence to 1,600 retail locations across the western United States.

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Jica Foods deal became a battleground for Barbara and Kevin on Shark Tank

Xin and Melissa Wang introduced Jica Foods to the market in 2015, starting with jicama chips in the snack category. The initial phase brought significant financial strain, with credit card debt reaching $70,000 and their bank balance dropping to $300. Their strategic change in 2019 moved the company toward fresh-cut jicama products, introducing wraps, sticks, and specialized salsas.

The Shark Tank company metrics showed substantial growth after this product transition. Sales increased from $1 million in 2019 to $4 million in 2020. The momentum continued with $5 million in sales for 2021, leading to a $6 million projection for 2022. Their market strategy included pricing with production costs at $1.85 per unit, wholesale rates at $2.99, and retail pricing at $4.99.

Barbara Corcoran opened negotiations with $300,000 for 10% equity, adding a pro-rata distribution requirement. Kevin O'Leary responded by offering identical investment funds while requesting 9% equity, positioning below Barbara's equity demand. Xin Wang proposed reducing Barbara's share to 5%, yet she stood firm on her original equity requirement.

The discussion highlighted Jica Foods' market value, with Kevin mentioning their 25-times multiple on profits. Guest Shark Gwyneth Paltrow recognized the product's potential, referencing jicama recipes in her published cookbook. Mark Cuban and Lori Greiner appreciated the product and chose not to present offers.

Xin presented a revised offer of 7% equity to both Sharks. Kevin and Barbara declined this proposal simultaneously. The negotiation shifted when Xin emphasized their need for marketing and sales expertise. Kevin stated his ability to expand retail connections. Barbara matched this claim by highlighting her food industry network and marketing experience from previous Shark Tank investments.

Xin brought packaging and branding expertise, while Melissa contributed quality control experience from the pharmaceutical sector. Their participation in AccelFoods, a startup accelerator program for healthy food businesses, demonstrated their commitment to market growth.

Melissa stepped into the negotiations with a structured counter-offer to Barbara. Shark Tank guest investor proposed 6% equity combined with 2% advisory shares. Barbara adjusted these terms by requesting 3% advisory shares while maintaining the base equity at 6%. This modification created a total ownership position of 9% for Barbara's $300,000 investment.

The agreement included Barbara's marketing support and industry connections. The deal valued Jica Foods significantly less than their initial $10 million valuation request. Both Kevin and Barbara stayed engaged until the final decision, with Barbara's food industry track record proving decisive.

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Deal's aftermath

As per Shark Tank Blog, the deal's closing status remained unconfirmed even six months after the episode aired. Despite this, Jica Foods expanded its retail footprint to 1,600 locations. The company secured shelf space in Whole Foods, Sprouts, Vons, Pavillions, and Albertsons across the western United States.

The same media outlet reported that financial metrics showed continued growth through 2024. The company's net worth reached $5.1 million by January 2024. Their product line expanded beyond basic jicama options to include varied flavors and formats. The retail presence grew from 700 stores during filming to over 1,600 locations in early 2024, marking significant market expansion.

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Shark Tank season 16 is airing on ABC network.