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'Shark Tank' investor Daymond John makes a $150,000 investment in a wooden bow tie company
Two Guys Bow Ties launched in Tulsa, Oklahoma in 2012 and now the company has landed a partnership with Shark Tank investor and fashion mogul Daymond John.
Designers Adam Teague and Tim Paslay created the product to combine old-school craftsmanship with modern design.
The company sells wooden bow ties, lapels and fedoras to a customer base that exists almost solely online.
The company has earned $1 million in two years.
Shark Tank investor Kevin O’Leary told the co-founders that their product would fit perfectly in his “Platform of Love” wedding services. O'Leary offered $150,000 for 15%.
Out of respect for the other investors the company's co-founders asked to hear other deals from the tank.
Daymond John offered the men $150,000 for 20 percent and Mark Cuban immediately went out. Lori Greiner exited while citing O’Leary and John as better partners for this type of product.
The Two Guys Bow Ties team asked Carter and John if they would be willing to partner. Carter agreed but asked for an equity bump to 30%.
Carter said he wasn't interested in working with the company after they countered with 20% equity for $150,000 and a 5% royalty until the original investment was returned.
(Two Guys Bow Tie)
John proceeded on his own with a $150,000 investment offer for 20% equity and a 10% royalty until his money is paid back.
Fubu's founder agreed to a counter offer for $150,000 at 17.5% and a 10% royalty until his money is returned.
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