"It was the moment to jump in" — When Shark Tank's Lori Greiner rejected Long Wharf Supply Co.

Mike and Lauren Lamagna brought their sustainable sweater business, Long Wharf Supply Co., to Shark Tank season 13, seeking $375,000 for 15% equity. The company had generated $495,000 in sales over 12 months, with sweaters retailing between $128-158 while costing $22.50-33.50 to produce.

Mark Cuban asked about the possibility of creating more affordable products, but the founders couldn't provide a clear answer. This response led Lori Greiner to decline investing.

"Mark's idea is a really great one because people care, his daughter cares, we all care right, and we want to be able to do things and get behind things but to Mark's point in an affordable inexpensive way a T-shirt. When he said how about doing that, if you had said to him yes, I would have said Mark I want to join you but you didn't," Greiner said.

The Shark Tank investor continued:

It was the moment to jump in and say yeah you know what it's a good idea we'll figure it out. I'm so sorry but I'm out."

In the end, Long Wharf Supply Co. left Shark Tank without a deal.

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Lori Greiner passes on Long Wharf Supply's Shark Tank deal, citing missed affordable product opportunity

Mike began the Shark Tank pitch by sharing the family connection to the business name, drawing from their great-grandfather, who worked as a wool sorter on Long Wharf in Boston. The company's sweaters featured a specific composition: 10% lambswool, 50% recycled materials from plastic and oyster shells, and 40% plant-based viscose and nylon blend.

During the pitch, the founders showed a time-lapse video of oysters cleaning contaminated water, leaving a strong impression on the Sharks. The business model revealed interesting details. The customer acquisition cost stood at $1, indicating efficient marketing. The manufacturing took place in South Portland, Maine.

When questioned about company structure, Mike disclosed his 100% ownership, while Lauren worked on the project outside her full-time job without any equity stake. This ownership arrangement raised concerns among several Sharks.

Mark Cuban questioned the founders about expanding their product line to include more affordable options, like t-shirts. However, the Lamagnas struggled to provide a clear strategy for introducing lower-priced items. When pressed about potential mass-market opportunities, they remained focused on their premium sweater line.

Cuban pointed out that their pricing strategy limited their ability to reach a broader customer base. The Shark Tank company founders' response showed uncertainty about moving into different price points. This exchange marked a turning point in the pitch, leading Cuban to withdraw from investment consideration. His exit influenced other Sharks' perspectives on the business potential.

Greiner watched the exchange between Cuban and the Lamagnas with keen interest. She emphasized how the founders' inability to embrace the t-shirt concept influenced her choice. She revealed that she would have partnered with Cuban if the Lamagnas had shown a willingness to explore affordable options. Their hesitation led to her withdrawal from investment consideration.

Peter Jones remained engaged even after other Sharks stepped away. He highlighted his ability to take the brand global within 30 days. The Lamagnas countered with an offer of 20% equity. Jones stood firm on his original offer, citing the company's early stage and his potential value addition. The founders decided to maintain majority control and declined the deal.

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Post tank journey

By November 2023, the company reached $10 million in lifetime sales, per Shark Tank Blog. Their environmental impact grew significantly, with over 60,000 pounds of oyster shells recycled. The company's efforts led to seeding more than 350,000 oysters along coastal areas. Their retail presence expanded to multiple upscale stores across the country.

In December 2021, they launched a seasonal pop-up store on Newbury Street in Boston. Their social media following grew to 49,000 Instagram followers, showing increased brand recognition. The company maintained its premium positioning while continuing its ocean conservation mission.

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