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Kendra Bennett pitched Honey Bunchies snack bars on Shark Tank season 14, seeking $200,000 for 10% equity. After she presented strong sales data and expansion plans, Barbara Corcoran questioned her optimistic projections. Bennett broke down while defending her family's commitment.
"This is everything. We have put it on the line and we've been through a lot of hard times. We took a huge hit during covid and we pushed through. We got through it. I don't know how. It was hard work, a lot of tears and fighting but we did it," Bennett stated, her voice cracking.
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While all five Shark Tank investors praised the honey-based bars' taste, they declined to invest. The company later rebranded as Bon Bee in 2023, securing major retail partnerships nationwide.
Shark Tank pitch turns emotional as Honey Bunchies founder details struggles
The Bennett family began making honey-based snack bars in a commercial kitchen in Longmont, Colorado. The Shark Tank company’s recipe stemmed from a health need when Bennett's father required an alternative to candy bars and cola during his missions as an F-4 fighter pilot in Vietnam.
His consumption of these quick energy sources led to hyperglycemia and near-diabetic conditions, prompting his wife to create a honey-based snack. Their product stood out with a 42% pure honey content combined with nuts and sunflower kernels. The bars met multiple dietary requirements being gluten-free, dairy-free, soy-free, and grain-free.
This unique combination helped the company secure spots in Whole Foods, Safeway, Natural Grocers, and various independent retailers. By 2022, production costs stabilized at 81 cents per bar with a retail price of $2.99. The family maintained hands-on involvement in production, with Kendra, her parents, and her brother making each bar.
Sales reached $300,000 by mid-2022, with projections indicating $519,000 by year-end. Bennett's Shark Tank pitch valued the company at $2 million. She presented expansion plans including testing in the Dallas area 7-11 stores, aiming to reach 1,000 locations.
The distribution strategy included partnerships with three nationwide distributors. Market presence extended to 1,200 Whole Foods locations, supported by rising online sales and a potential private label agreement with two athletes.
The Shark Tank investors tested the products, noting their quality and market fit. The business data showed substantial room for growth through automated production methods and expanded distribution channels. Bennett detailed plans for implementing automated machinery to meet increasing demand from major retailers.
Mark Cuban stepped out first, citing market competition in the energy bar sector. Lori Greiner followed, stating her personal preference against honey products. Barbara Corcoran expressed concerns about Bennett's sales projections. Daymond John mentioned risks in family business investments.
As all the Sharks except Kevin stepped out, Bennett revealed the impact of COVID-19 on their operations. Her voice cracked as she explained the family's total commitment to the business. She also stated:
“I know we have something special, and I hear it every day. People email us and beg us to never go away. If you go and look at any of our reviews, we're five-star rated. Our heart's completely into it."
However, Kevin O'Leary also declined to invest by highlighting the extensive work required for scaling the business.
Post tank performance
As per sharktankrecap.com, the episode's airing brought immediate results. The company website received 10,000 visitors that night, leading to a surge in orders. In April 2023, the company underwent a strategic rebranding, changing its name to Bon Bee Honey to support long-term growth.
The Seven-Eleven testing phase proceeded as planned, starting with Dallas locations. Annual revenue reached $3.5 million by July 2024. Distribution expanded to include Kroger's, Natural Grocer's, HyVee, 7-11, Whole Foods, and King Sooper locations.
The anticipated Walmart rollout materialized in 2024, adding another major retail partner. The company maintained its commitment to product quality while scaling operations to meet increasing demands.
Watch new episodes of Shark Tank on ABC network.
