What happened to Taverns To Go on Shark Tank season 16 episode 6? Details explored

Shark Tank season 16 episode 6 saw several entrepreneurs pitch their businesses to the sharks, including Taverns-to-go's Enda and Paul from Ireland. The two showcased their portable tavern to the sharks.

Their ask was for $400,000 for 10% equity in their company and said they had over 25 models that customers could choose from. Lori thought it was "really cute" and the sharks asked the founders about their cost, sales, profits, and more.

While Todd Graves, Mark Cuban, and Daymond John bowed out, Lori Greiner and Kevin O'Lery showed interest. The entrepreneurs accepted Lori Greiner's deal of $400,000 for a 15% stake and $30 royalty until the $400,000 was paid back.

They accepted the investor's offer and Lori hugged the two and sealed the deal.

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Taverns to Go's Shark Tank pitch explored

Ahead of Edna and Paul's segment, the narrator explained the next product was set to bring the party to the customer's backyards. The two walked onto the stage with glasses of beer as they told them what they sought. They noted that since they were both from Ireland, they were good at two things, construction and drinking.

Paul asked if it wasn't true that nothing was better than meeting up with friends at their favorite bar and sipping their favorite drink after a "hard day's work." Edna added that they just wanted to "kick back and relax."

"Or simply toast those cherished friendships and celebrate life. But what if you don't feel like going anywhere and you simply want the party to come to you?" The entrepreneurs said.

Paul explained that was where their "Irish ingenuity" came into play and introduced Taverns-To-Go to the Shark Tank season 16 sharks. Paul explained that the product could be delivered and assembled in "under 90 minutes" in their backyards.

Edna stated that the taverns were crafted from "pressure-treated lumber" and could be used in any climate, making them "perfect" for anywhere in the continental USA. They added that with the sharks' help, they could go global.

Paul explained they had over 25 models for customers to choose from and that there was a "tavern perfect for every backyard." They added that the customers could personalize the product to their liking.

"So sharks, we would like you to raise a glass and embark on this Taverns-To-Go adventure with us," they concluded.

Lori Greiner was impressed with the product and asked about the per-unit cost. The entrepreneurs explained that their sample product retailed at $3,795 and that their delivery charges differed according to location. They explained that the delivery prices could go up to $590.

Kevin O'Leary asked about the total cost including the assembly and the shipping costs and Paul stated it was "typically about $2,200 including overhead. Lori further asked about their sales.

"So right now, year to date, we're at $2.2 million," Paul said.

Mark Cuban and Lori said "Wow" while the latter asked when they started the business. The Shark Tank season 16 entrepreneurs said they started in 2020 when Covid hit. Enda added they were about to hit the "$10 million mark."

Kevin asked the Shark Tank contestants how much money they started with and Paul said "A couple hundred dollars" to build the first bar. The sharks praised the two as Lori said they put their "backs into it."

Daymond asked how they were outsourcing the building part of the business and the Taverns-To-Go founders said they had their own "in-house crews."

"For instance, we've got orders in California, Illinois. We'll send a truck with maybe 20 bars and the guys will go and deliver along the route," Paul explained.

Kevin asked what it cost them to acquire the "next incremental customer" and they said it was around $200 to $250. Kevin further asked them what they believed their sales would be in the current year.

The Shark Tank season 16 stars said they were on track to do $4 million in sales and that they had a profit margin of 30% to 40%. Kevin showed interest and offered $4000,000 for a 33.3% stake.

Lori also made an offer of $400,000 for a 15% stake and a $30 royalty until her investment is paid back. The entrepreneurs placed a counteroffer of $400,000 for a 12.5% stake and a $30 royalty until $600,000 is paid back. Lori didn't budge and the two accepted her offer.

Taverns-To-Go's original ask was for $400,000 for 10% equity and they walked away with a deal from Lori Greiner of $400,000 for a 15% stake and a $30 royalty on Shark Tank season 16.

Episodes of Shark Tank season 16 are available to stream on ABC and Hulu.