"I believe in the product" — When Shark Tank investor Daymond John negotiated a deal with One Sole

Pharmacist Dominique McClain Barteet appeared on Shark Tank Season 2, Episode 9, which aired on May 13, 2011. She sought $500,000 for 20% equity in her company, One Sole, which designs soles with interchangeable tops. Impressed by the company's sales and success, the Sharks wanted to invest. Daymond John made an offer, refusing to partner with any other investor.

"I believe in the product but I don't need any partners in this. I'll give you the half-a-million for 35%" he said.

The Shark Tank investor teased the other panelists by saying he would send their wives shoes, reiterating that he did not need anyone to collaborate with him. Meanwhile, Robert Herjavec, Kevin O'Leary, and guest Shark Kevin Harrington competed against one another for an opportunity to influence Dominique's decision.

Despite their efforts, Dominique accepted Daymond's offer, turning down the proposals from the rest. With over 3000 ways to style the One Sole shoes, the company is still in business. One Sole reportedly generates $6 million in annual revenue. Its products can be found on the company's official website.

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"I'm not gonna do that" — One Sole's founder rejects Shark Tank investor Kevin O'Leary's offer

During her pitch, Dominique revealed she came up with the idea to design interchangeable shoe tops after purchasing the same shoe in three colors. She realized it would be easier and convenient to change the tops since the soles were the same. Consequently, she created the original interchangeable shoe, One Sole.

She then said the tops came in various styles, from casual to "dressy-strappy" and slingback. Moreover, they helped users save luggage and storage space, making it the "perfect travel shoe." Dominique claimed there were endless possibilities to the styles One Sole could offer. She then requested Shark Tank expert Barbara Corcoran to try one to show her how comfortable the product was.

Barbara was pleasantly surprised by how comfortable the shoe was. After the demonstration, the panelists started inquiring Dominique about One Sole's numbers. The business owner revealed that a pair of soles with a top retailed for $75 to $80, while the tops, which were sold separately, ranged from $12 to $30.

Shark Tank investor Kevin O'Leary asked Dominique to explain why she valued her company at $2.5 million. She stated that she had grossed over $20 million in the last four years and was in 2000 stores in over 30 countries.

"I've been on several TV shopping channel networks and been very successful," she added.

When inquired further, she shared that the shoe molds were made in Italy and the tops in Palm Beach, Florida. Kevin mentioned she could save money by taking production off-shore. Dominique agreed and confessed she wanted to, but could not because she was not a "good sourcer." She added she had other complicated designs that she could not make in the States while maintaining a good margin.

Dominique told the Shark Tank investors that she had sold $4 million worth of products to date, and was preparing to go overseas. She also shared that she earned 30% of the sales, garnering over $1 million in profits. Hearing that, Shark Tank investor Robert asked why she needed an investor's help. Dominique revealed that much of her capital was stuck in a house she had purchased.

When asked, the entrepreneur mentioned she sold travel kits with three tops, a pair of soles, and a bag. The kit cost $18 to make, which she sold to the retailers for $35. The retailers then priced it at $85-$95. Moreover, Dominique had two utility and two design patents and was trademarked and copyrighted in 98 countries.

The business owner said she needed a partner's expertise and investment to ramp up her company and manage the international orders coming in. When Kevin asked if she would sell her "whole business," Dominique said no. Soon after, Robert made her an offer, seeking 10% equity in exchange for $100,000. However, he suggested she get the other four Sharks in on the deal for the $500,000.

After Daymond presented her with an offer, Barbara removed herself from consideration, saying it would take up much of her time. Kevin offered $500,000 for 51% of her company.

"I'm not gonna do that," Dominique responded.

Kevin Harrington then teamed up with Robert, offering $250,000 each for 50% equity. After much consideration, Dominique turned down the joint offer and shook hands with Daymond.

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