"I have an offer" — When Shark Tank investor Lori Greiner negotiated a deal with Bantam Bagels

Nick and Elyse Oleksak appeared on Shark Tank Season 6, Episode 13, which aired on January 9, 2015. The couple sought $275,000 in exchange for 11% of their company, Bantam Bagels, which sold mini-bagel balls filled with cream cheese. Barbara Corcoran and Kevon O'Leary both wanted to invest in the business, however, it was Lori Greiner who closed the deal with the Oleksaks.

"I have an offer. Here's my offer. $275,000 for 30%," Lori said.

The Oleksaks countered, asking the Shark Tank investor if she would be interested in 25%. Lori responded, refusing to let Barbara speak, and said:

"I would, if you decide right now with me."

The Bantam Bagels founders agreed to partner with Lori, removing Kevin and Barbara from consideration. After shaking hands with Lori, Bantam Bagels grew rapidly and flourished financially. However, the business took a hit and collapsed when the COVID-19 pandemic took a toll on markets across the globe.

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"There's a lack of desperation" — Shark Tank investor Robert Herjavec refuses to invest in Bantam Bagels

During their demonstration, the Oleksaks said they created Bantam Bagels to "change the way you bagel." Having spent over 10 years in New York City, the entrepreneurs were fans of the infamous New York bagel. However, the "huge, doughy, high-calorie monsters" often made them question before eating one.

Nick revealed he envisioned the concept of mini-bagel balls filled with cream cheese in a dream that was a "vision of something revolutionary." Elyse added that she thought if they started with authentic, high-quality New York-style bagels and finished with unique cream cheeses, Bantam Bagels could become more than just a food item.

When Shark Tank panelist Kevin asked the business owners why they needed the money, Elyse explained that they needed it to get to a commercial kitchen. The Oleksaks had tried a variety of different strategic avenues, starting with a retail channel. However, despite generating "incredible" revenue, their margins remained low.

After the retail strategy failed, they made their way into wholesaling and revealed their biggest wholesale account was QVC. The entrepreneurs told the Shark Tank investors they wanted to implement a direct-to-consumer model, which Kevin believed would be a wise decision.

Soon after, Shark Tank expert Mark Cuban asked the Oleksaks how much of their own money they put into the business. They revealed they invested $50,000 of their own money and another $600,000 which they raised from Wall Street, where Nick worked at that time. Hearing that, Robert claimed their six-figure salaries kept them from being "desperate" about Bantam Bagels.

"Here's my challenge with you guys. You know, you're making the kind of money today that most people who come on the Tank would only dream of. And there's a lack of desperation that you get when you're making six figures and make money. You need that sense of desperation," he said.

Mark, however, disagreed with the Shark Tank investor's perspective. Regardless, he refused to invest in Bantam Bagels, saying they would "figure it out" even though it would be expensive and time-consuming. Robert followed suit, convinced the business owners would go through "a lot of different tries" before something clicked. Consequently, he removed himself from consideration.

Barbara showed interest in the company but wanted 51% of the business in exchange for the $275,000 investment, saying they would not succeed without her. Kevin, on the other hand, offered to invest $275,000 for 50% of their company.

"That makes no sense," Lori remarked.

After a swift back and forth, the Oleksaks finalized a deal with Lori, turning down Barbara and Kevin's offers. Lori helped the Bantam Bagels founders get their product into 400 Starbucks across the nation and boost their sales.

In a Season 10 update, Lori and the founders revealed that they sold their business to T. Marzetti Co. for $34 million. However, Nick and Elyse would continue to operate the company. Things took a turn in 2021 when Lancaster Colony, the parent company of T. Marzetti, decided to exit the deal with Bantam Bagels after it lost its distribution with Starbucks due to the pandemic.

The official website of Bantam Bagel has been shut down since, and the last post on their Instagram account is from April 2022.

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Shark Tank Season 16 episodes air every Friday at 8 pm ET exclusively on ABC.