Lori closed the deal while the Sharks mocked Handy Pan founders. Lori also questioned them about their low sales margins.
It is safe to say Lori Greiner has a keen eye for finding successful businesses on Shark Tank. It shouldn't surprise that Lori Greiner is a master at selling innovative household products, despite her success with household product pitches like Scrub Daddy or Squatty Potty.
Lori was immediately enthralled when Handy Pan founders Josh Conway & Adam Chaudry entered the tank to pitch their unique frying pan with a built in strainer. The Sharks laughed at the pitch, as if it was a repeat of the past, and questioned if such a product was needed, much like Scrub Daddy did. Lori sat quietly and watched the demonstration, and was impressed. Lori was astonished to discover that the Sharks had only made $7000 in sales. This explains why they sought a $10,000 investment in return for a 20% stake in their brand.
While the Sharks continued to make fun of Handy Pan founders and question them about their low sales margins. Lori ignored them all and simply declared that she would give the money to them. The speed with which Lori concluded the Handy Pan deal was impressive. She didn't need to negotiate or get into a bidding war. Lori explained why she decided to invest in the company by saying that she had nothing to lose, given the small investment amount.
One fan tweeted: "#sharktank @LoriGreiner Lori, you can't go wrong with these pans! It's such a good investment and looks great! ". @LoriGreiner made a perfect offer. She's 100% correct. A fan wrote, "#SharkTank," Another fan wrote, "I love Lori’s attitude -- it’s the power to be rich with money and spend #sharktank." "If @LoriGreiner loves the product, that's a great sign!" They also have patents! This is worth the company's valuation! A fan observed that #SharkTank #HandyPan was being used.
Fans were also intrigued by Lori's "boss move", but Lori's Handy Pan was not the only thing that caught their attention. One fan commented, "Wow @LoriGreiner absolutely boss move in tank!" I love the strainer pan idea. #sharktank." "#sharktank, I want the frying pan with built-in grease strainer!" Declared a fan. It's a great thing! @LoriGreiner is on the verge of making #HandyPan a household word! A fan predicted #SharkTank. "The HANDYPAN really is handy. I gotta admit. "#SharkTank #ABC," said a fan.
Every Friday, at 8.7c on ABC, 'Shark Tank 13' airs.
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