Shark Tank season 16 episode 3 recap: Mark and Lori team up while a guest shark steals a deal

Shark Tank season 16 released its third episode on November 1, 2024. The latest season premiered on October 18, 2024 on ABC. The show features investors, known as sharks, who help entrepreneurs seeking funding to reach the next step in their entrepreneurial journey.

Shark Tank was first launched as an American remake of a British show, Dragon's Den, on August 9, 2009. Since then, it has seen successful spin-offs in different countries across the world which follow the same concept.

The current season boasts sharks like Kevin O'Leary, Mark Cuban, Lori Greiner, and Daymond John. Cuban has announced he would retire from the show after the end of season 16. The show also invites guest sharks who provide fresh perspectives while increasing the chances of acquiring funding for the pitchers.

In episode 3, viewers got to see four pitches from companies, namely Sugardoh Hair Removal, Kobee's Lip Balm, Doatnut Gluten-Free Doughnuts, and Yardsale Magnetic Ski Poles. Guest shark and owner of Texas-based jewelry brand, Kendra Scott, stole a deal under Kevin O'Leary's nose. Meanwhile, Mark and Lori joined hands to invest in one of the companies.

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What happened in Shark Tank season 16 episode 3?

Yardsale Ski Poles owners Kelly McGee and Cristina Ashbaugh were the first to walk in and present their product to the sharks. They walked into the tank seeking $200K for a 10% stake. Once they disclosed that they earn a 75% profit on their product, Kevin O'Leary and guest shark Kendra Scott expressed their interest in the company.

Lori suggested that the business owners should seek an investor who would be interested in skiing. Since Lori was not, she decided to back out of the deal. While Lori also didn't like the name of the company, Daymond defended it, even though he did not make an offer.

None of the sharks were interested in their initial proposal, which prompted the owners to offer a 5% royalty with the deal. While Kevin backed away from the deal, Kendra made a counteroffer and requested 10% ownership in the firm for $250,000 plus a royalty of $5 per item until $300,000 is recouped. The co-owners agreed and Kendra scooped the deal from Kevin's feet.

Next up on Shark Tank was Kobee's Lip Balm owned by Kobe Harris. He entered the show and sought $300,000 for a 6% stake in the company. Judges were impressed by Kobe who started this business venture when he was in college. In the end, only Kevin made an offer and asked for a 20% stake instead of 6% which Kobe refused.

Aliyah Marandiz introduced Sugardoh on Shark Tank as a unique hair-removal wax designed with natural ingredients such as sugar, citrus, and water. Aliyah shared that she wanted $500,000 for a 5% stake in the company.

Sharks were impressed by the revenue of the company as it went from $50,000 in 2020 to $6.5 million. Aliyah later revealed that the company was in $1.5 million debt, which detracted the sharks from offering any money.

The last company to present was Doatnut, whose owner was Kimberly Aguirre. Kim came into Shark Tank seeking $100,000 for a 10 percent stake in her oat-based, gluten-free donut company. The donuts were crafted from organic oat groats and sweetened naturally with the help of monk fruit.

Sharks agreed that the potential growth for the brand could only come from switching to direct-to-consumer sales. That would require Kim to ship her products in a climate-controlled setting, which would increase the cost of her donuts to $10 each. Eventually, Lori and Mark liked the idea enough that they decided to team up and invested $200k for a 30% stake in the company.

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Shark Tank airs on Fridays on ABC, with the next episode set to air on November 8.