What Happened To Glow Recipe After Shark Tank?
Sarah Lee and Christine Chang knew that making it on "Shark Tank" was a long shot, according to Glow Recipe's blog. The line for the open casting call was filled with dozens of business hopefuls just like them, all wanting to get their company off the ground. "[B]ut taking the leap had often paid off over our careers," the duo concluded in their blog. Two weeks later, they were invited to audition, and a few months after that, they were invited to do their pitch on during Season 7 of the show.
Most of the Sharks seemed very impressed with the Korean skincare products they were given to test during the pitch. They were also happy to hear how successful the company already was. Lee and Chang informed the Sharks that sales were projected to be at $1 million by the end of the year, after just five months in business.
The one thing Glow Recipe needed now was a big investor. That's where the Sharks come in. The asking price was $425,000 for 10% equity, but most of the Sharks wanted more for the amount of cash they'd be investing. Barbara Corcoran, Kevin O'Leary, and Robert Herjavec each offered the requested money, however, Corcoran wanted 40% equity, O'Leary demanded 50%, and Herjavec was willing to do 25%. Lori Greiner and Mark Cuban passed on this one. After some negotiating, Lee and Chang ultimately accepted the deal with Herjavec.