"Three offers you have on table" — When sharks fought to invest in a Shark Tank pitch

Shark Tank, ABC's entrepreneurial reality show now in its sixteenth season, has seen numerous pitches over its run. In season 9, episode 10 aired on November 12, 2017, Tom Burden, from Ohio, walked into the tank with Grypmat, a non-slip tool mat manufacturer.

The former F-16 weapons mechanic entered seeking $200,000 for 10% equity. Sharks instantly started a bidding war. Daymond John was the first to make an offer, followed by Richard and Robert, while Mark entered the bidding last. As Mark was advising the entrepreneur before making his offer, Daymond interrupted:

"Tom, are you going to concentrate on the businesses as well you're concentrating on these three offers you have on the table? Because now you're talking to somebody that does not have an offer yet," he reminded Burden.

Ultimately, Burden walked away with $360,000 and three major investors, Mark Cuban, Lori Greiner, and Richard Branson, for 30% equity.

Burden's Shark Tank pitch revealed strong financials, with $400,000 in sales from 10,000 units within 10 months and profit margins between $150,000-$200,000. The product, created during his Air Force days, solved a critical problem by securely holding tools at a 70-degree angle on curved surfaces.

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Air Force mechanic sparks bidding war on Shark Tank with tool mat invention

The bidding started in Shark Tank season 9 episode 10 with Daymond John's offer of $200,000 for 25% equity in Grypmat. Reading Burden's reaction, Daymond adjusted his stake to 20%.

Showing his strong interest in the company, he stated:

"Every time I've got to prove my love. I got 200,000 for 20%."

Robert Herjavec saw broader market applications and proposed teaming up with Richard Branson.

"I mean you know a lot about airplanes, I know a lot about cars. I see it as a big automotive industry product," Robert told Branson.

Their combined offer stood at $400,000 for 40% equity, with each shark taking an equal share. However, the slow response made Richard recognize Burden's desire to retain more control, leading him to propose $200,000 for 15% equity.

Burden's clear mission emerged through his response:

"I'll be honest with you guys, my mission here is to get as many sharks to take a bite out of grip today as possible."

The momentum shifted as another Shark Tank investor, Robert, immediately matched Branson's terms. Not wanting to lose his position, Daymond quickly revised his offer to match the others. This created three identical offers on the table, each shark willing to invest $200,000 for 15% equity.

However, Mark Cuban observed key operational gaps in Burden's business model.

"What you're missing is infrastructure corporately. You don't have a sales guy right. The more you have to deal with all that, the less time you have to do everything else," Cuban pointed out.

Daymond attempted to refocus the discussion on existing offers by highlighting three standing offers of $200,000 for 15% from himself, Richard, and Robert.

As soon as Daymond ended his statement, Mark Cuban and Lori Greiner joined forces, bringing their combined expertise to the table. Their initial offer matched the cash requirement at $200,000 but asked for 20% equity. The differentiating factor came through their operational support proposition.

"We'll take over everything. We'll have inventory systems, custom delivery systems for you, so wherever you need to ship it," Cuban explained.

Shark Tank judges' strategy included managing complete business infrastructure at cost price.

Burden assessed his options and made a strategic counter-proposal. He pointed to Lori, Richard, and Mark, suggesting a modified deal: $360,000 for a 30% equity split among the three sharks. "Would you do 30 at $360,000?" he asked, gesturing to each shark in turn. The three identified sharks quickly accepted the terms.

Lori described Burden as a "smart dude," recognizing the strategic thinking behind his counteroffer. The final partnership brought together Lori's retail expertise, Richard's aviation industry knowledge, and Mark's business scaling experience.

The deal proved transformative for Grypmat. The company's sales multiplied tenfold following the episode's air date. The partnership opened doors to major opportunities, including contracts with NASA and the Air Force, as per Shark Tank Blog.

The sharks' guidance helped expand distribution channels and improve operational efficiency.

After the Shark Tank deal, Burden shared his experiences at a 2019 Fox interview in Columbus, Ohio. He discussed developing new product lines aimed at mechanics and DIY enthusiasts. Burden also revealed submitting an Air Force Research and Development grant application focused on aircraft maintenance optimization.

The conversation also covered his approach to project tracking and goal management, which helped build Grypmat's market presence.

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Fans can catch Shark Tank season 16 on the ABC network.