The mistake that cost this CEO a $1 million 'Shark Tank' deal with Kevin O'Leary (via CNBCMakeIt)
First, Chet Beiler achieved something rare: He received a $1 million investment proposal from "Shark Tank" star Kevin O'Leary.On Friday's episode of ABC's "Shark Tank," Beiler pitched the show's panel of investors on his Lancaster, Pennsylvania-based DIY henhouse company, OverEZ Chicken Coops. The company had made $9 million in annual revenue at the time of filming, and $21 million in lifetime revenue.
Mark Cuban and Lori Greiner also declined to offer investment money, citing Beiler's European focus and inability to concisely pitch his company in a couple sentences. Instead of negotiating, Beiler circled back to Herjavec, saying he'd traveled to Prague to generate interest abroad for his henhouses, which currently start at $1,199. That's when John pulled his offer out of frustration, and O'Leary cut in with a piece of advice.
"If you actually come in with business that makes sense, and I can make more money with my 4%, I'm going to support you," O'Leary replied. "That's what I do with all of my entrepreneurs."
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