Hand Out Gloves - Versatile Winter Gloves that Free Up Your Hands Pitched on Shark Tank

The final entrepreneurs in the Shark Tank this week were presenting their business Hand Out Gloves. They were looking for $150k and a $150k loan for 20% of the business. They have developed gloves that contain a strategic zipper allowing you to free all five fingers from the glove. This allows you the dexterity to quickly do something with your hands and then go right back to using the gloves.

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As for their numbers, they have seen $125k in sales so far this year. They have several different models of gloves. Their slim model costs $11 to make, wholesales for $20, and retails for $40. Their pro model costs $32 to make, wholesales for $60, and retails for $120.

The only Shark that stuck with them was Barbara, who wanted to do half the deal and find another Shark to partner with. All the other Sharks had different problems ranging from it simply not being in their wheelhouse to being concerned about competition. They all went out, but before Barbara could rescind her offer, one of the entrepreneurs had a creative idea.

He had revealed earlier that he is actually already a wealthy former business man. This 84 year old entrepreneur decided to offer up $300k of his own money into the company as capital. Barbara then said that she would be willing to give them an additional $300k line of credit for 25% of the business. They quickly accepted that deal and Barbara found herself a new future husband!

Anyway, this was an interesting pitch for several reasons. First of all, they came in with the intention of asking for a loan. They didn’t want to give up too much equity, but preferred the risk of putting debt on the company. I am not certain of this, but I believe this is the first time ever on Shark Tank that we have seen a presentation that starts with a loan. As well, I don’t believe we have ever seen one of the entrepreneurs presenting offer to put up their own money! Generally, the entrepreneurs are there because they don’t have any of their own money to put into the business!

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That being said, the question in some people’s minds might be, if that guy could have just put that money into the business himself, why go to the Sharks and give up equity?

All I can really say to that is: experience. Yes, the entrepreneur who committed to putting up that $300k is an experienced businessman, however that doesn’t mean that he has the same kind of experience that Barbara has. As well, the experience of being on Shark Tank in general can give their new product all kinds of exposure. Finally, with an advocate like Barbara behind you, with all the contacts she has, there is great value to what she brings to the table other than simply her experience.

I can’t say much more on this product, though. I am definitely not a sports nut, nor am I outdoorsy. The value of owning a pair of these gloves would be totally lost on me, because I would never use them. I mean, to be fair, I do live at the beach. If I lived in a different climate, then maybe I would have more of a need for them.

Anyway, I hope they are able to just keep growing and growing this brand with Barbara’s help. Lori was right when she said that it is a crowded market and it will be an uphill battle to beat out the competition! I wish them luck!

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