Although "Shark Tank" judges are impressed by innovative products and even participate in pitches wholeheartedly for the show, they become ruthless and incisive as soon as they get down to business. The likes of Kevin O'Leary and Mark Cuban along with fellow sharks are ready to tear apart an entrepreneur for the slightest fumble when it comes to numbers and business models. That didn't stop one brave entrepreneur, Lucas Bradbury, from asking for an audaciously high $2.5 million for his plant-based meats fast-food chain, Project Pollo. While his menu impressed the panel, the sharks didn't mince their words during the negotiation.
Bradbury came into the Shark Tank stating that his company, Project Pollo "demands change” and its aim is to make plant-based foods more accessible. While plant-based foods have been a hit in the market and in the tank, his ask of $2.5 million for 5% of his company, placed Project Pollo's valuation at a whopping $50 million according to the founder.
While this claim shocked the Sharks, the samples from Bradbury calmed them down for a bit. Kevin O'Leary even went on to say that it was the best fake chicken he ever had. To further sell his proposition, Bradbury shared that he had opened 12 restaurants in the past couple of years, and he had made $10 million from lifetime sales, following which he expected to close the year with $6 to $7 million in sales. He explained that he wanted to go as fast as possible despite having $60,000 in the bank.
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His sales had also kept up with the pace, as the company went from $10,000 a week to $23,000 a week in his first restaurant in Austin. He shared that the company planned to open one location per month and he had raised $1.5 million at a $17.5 million valuation.
While the food thoroughly impressed the Sharks, the valuation was hard to digest. Kevin O’Leary went out from the beginning as the valuation was completely unreasonable to him. "I'm choking on it not the chicken I'm choking on the valuation," he said. "I'm getting deep fried like it's just it's it's brutal! I I can't go there, I'm out I'm out," he added. Mark Cuban followed in Mr Wonderful's footsteps citing issues with the food not being healthy. He claimed that just because the meat is plant-based, it doesn't mean it's healthy. On top of that the valuation was unsettling as well for him.
Next was the show's guest judge, Kevin Hart who backed out saying that the business did not resonate with him and it was a very risky investment for him. While Bradbury tried to negotiate, Hart stood firm on his decision.
Barbara Corcoran backed out as well citing issues with the breakneck pace of growth. She said the business reminded her of "Tom and Chi" which expanded in a similar fashion before going bankrupt after a couple of years. Lori Greiner shared the same concerns and stepped back as well.
Thus, the founder of Project Pollo who came in with a daring ask, had to leave "Shark Tank" empty-handed. However, according to Shark Tank Recap, this did not discourage the entrepreneur as he kept expanding his fast-food chain at the same pace.
