"I really don't care" - When Barbara declined to partner with other investors for Shark Tank pitch

During the Go Oats negotiation on Shark Tank season 12 episode 2, entrepreneur Nahum Jeannot presented his breakfast innovation seeking $150,000 for 10% equity at a $1.5 million valuation. After tasting the oatmeal balls and reviewing financials showing growth from $13,000 to $57,000 in sales between 2017-2018, Barbara Corcoran offered $150,000 for 25% equity.

Jeannot asked if Barbara would consider partnering with other Shark Tank investors to strengthen the deal. Barbara maintained her position for a solo investment stating:

"I really don't care for it to be shopped around, but you can certainly give me a counter if you wish."

They ultimately agreed on 20% equity. While the televised deal appeared promising, it didn't close after the show.

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Barbara Corcoran made a clear choice for solo investment in Go Oats Shark Tank pitch

The Shark Tank negotiations revealed Barbara's approach to investments. Upon tasting Go Oats' innovative breakfast balls, she recognized the market potential in the portable breakfast category. Barbara's offer came after careful consideration of the company's distribution presence in Whole Foods Markets.

The deal shifted when Jeannot attempted to involve additional Sharks, prompting Barbara's clear stance against partnership dilution.

Mark Cuban expressed reservations about profit margins, questioning long-term sustainability. Other Sharks echoed similar concerns about manufacturing costs and retail pricing structure. Barbara maintained interest despite these financial discussions, focusing on market potential and product quality.

During negotiations, when Barbara offered 25% equity, Jeannot attempted to split the equity by suggesting she bring in her preferred Shark partners. Explaining why she prefers joining solo, Barbara stated:

"Let me tell you what's wrong with having two Sharks on a deal. You wind up immediately forming a committee. I have to check - let's say I bring Mark in, I check with Mark. Mark says 'Hey, we'll see what Barbara thinks.' It goes back and forth. I try to call Lori, it takes me two weeks to get a return call, and that's the truth.”

The Shark Tank investor continued:

“So you're better off with one Shark in the same way you're better with one wife. You could hyper focus on her and make her happy. I can make you happy."

Barbara's immediate response clarified her position, leading to focused discussions on equity percentage. The back-and-forth concluded with both parties agreeing to modify the initial 25% equity request to 20%.

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Product background

Go Oats emerged from Jeannot's culinary expertise at Hyatt Regency Hotel in 2015. His background as a professional chef influenced product development, focusing on maintaining taste while ensuring convenience.

Sales data showed consistent growth, starting at $13,000 in 2017, rising to $57,000 in 2018, and maintaining similar figures in 2019. The company secured shelf space in over 60 Whole Foods Markets across the Midwest and mid-east Coast before the Shark Tank appearance. Manufacturing costs stood at $1.35 per unit, with wholesale pricing at $2.66 and retail pricing at $4.99.

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Post-show business performance

As Shark Tank Blog reported, Go Oats experienced rapid growth following the Shark Tank exposure. By November 2021, annual revenue reached $1.2 million, marking substantial expansion from pre-show figures. The company's growth continued steadily, hitting $2 million in annual revenue by August 2022. Financial momentum carried forward, with 2024 reports showing $4 million in yearly sales.

The company added a strawberry flavor to its product lineup after Labor Day 2021, responding to market demand. Despite the televised agreement, the deal with Barbara did not materialize during due diligence. However, this didn't impede the company's market penetration and sales growth.

Go Oats significantly expanded its retail presence beyond its initial Whole Foods Market locations. The company secured placement in major retail chains, adding Target as a distributor in June 2024. Distribution channels grew to include Costco, Albertsons, Dawson's Market, Gelson's, and Sprouts Farmers Markets.

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Shark Tank season 16 episode 8 will air on January 17, 2025.