Have you ever seen the TV show Shark Tank? The show features a panel of investors who consider offers from aspiring entrepreneurs and small businesses. If the panel likes the offer, they invest in it – typically for about 20% of the company. Today we are going to discuss the cactus jack shark tank.
Cactus Jack shark tank’s debut on Shark Tank was one of my favorites. As an entrepreneur and inventor, Cactus Jack shark tank’s goal is to make workouts more comfortable while still having the same slimming results. “Cactus” Jack Barrington appears on episode 105 of the Shark Tank with his Body Jac push-up system.
All in all, this episode was full of excitement. I loved how the sharks competed against each other to get their hands on this innovative company. But what now? What will happen to Cactus Jack after Shark Tank? The following article will discuss what happened to the cactus jack shark tank after the show.
About Boby Jac by Cactus Jack
Jack Barrington enters the Shark Tank with his Body Jac push-up system in episode 105. He is a successful entrepreneur and has created One-Shot cleaning tablets that have sold more than 10 million units.
Cactus Jack shark tank or the Body Jac, which uses bands to make it easier for people to do pushups and customize their workout according to output desired muscles groups, gets demonstrated by his daughter. She is also one of the trainers on staff at Chicago Fitness Company, where the product debuted earlier this year.
Jack hopes to start a business model for this invention to expose him to less risk than before. But will they take up Jack’s offer?
Cactus Jack on Shark Tank
The Cactus Jack shark tank had the most imaginative mind among the shark tank contestants. Cactus Jack’s appearance on Shark Tank was one of the best. Cactus Jack invented a new workout tool called the Body Jack.
Cactus Jack shark tank, a 65-year-old long-time entrepreneur from Iowa, has never had to work a job because he can rely on his creative and innovative mind. For years, Cactus Jack has been inventing products that others have seen fit enough to successfully put out on the market.
However, after appearing on Shark Tank, he received two offers for funding from Lori Greiner and Mark Cuban – both with 20% stakes in the company! In addition to these offers, there were also many more people interested in investing in his company, giving him more options.
If you are interested in learning more about what happened to Cactus Jack after shark tank, then make sure to check out this article.
Body Jac During Shark Tank
Cactus Jack and his daughter enter the Shark Tank with the Body Jac, a device that assists people in performing pushups. He tells them what he is asking for his product – $180,000 for 20%. Then immediately jumped into why this business was created.
It all began when Cactus Jack shark tank went to see his doctor after being told by him that he needed to lose some weight because of health issues related to obesity like diabetes.
After trying out doing pushups at home one day and failing miserably, an idea came about: create something easier than regular pull-ups or sit-up devices.
Barringer has his daughter do pushups on the Body Jack before all the judges and investors. It works by attaching different weighted bands to the equipment, depending on how heavy a workout you want.
Barbara Corcoran points out that Barringer’s daughter doesn’t look like someone who needs to work out, but he looks like someone who could use some exercise.
She then asks if he has been using it himself- which would be great for advertising purposes – because she’s skeptical about whether or not this product helps with weight loss after looking at him carefully and examining his body type (Barbara is a successful businesswoman).
After admitting he hasn’t used it personally, she wonders why Barringer isn’t going around telling people about how easy this product will help them lose weight? Useful for marketing.
After looking over the patents Corcoran has presented, he asks him what manufacturing and anticipated sales prices would be. According to Barringer, it would cost around $20-30 dollars to make, and they sell for about $180 dollars.
Kevin O’Leary quickly states that all Barringer has is just another ordinary workout equipment piece on the market with so much competition already existing. According to O’Leary, the only way this product will succeed is if he spends a large budget creating a name for it and claiming some market share.
He asks if Barringer had ever done something like this before, answering “yes.” He explains that while having launched his first Tablet cleaner in an ammunition box shape and resembling bullets since its launch, 10 million units have been sold, making millions of revenue in return.
But after achieving so much success in his life, Robert Herjavec questions why he even needs investors when he already has so much money. He explains that because of the high risks involved with being a start-up entrepreneur (and all the fear and pressure that come along with it), not to mention having endured many financial ups and downs throughout his family’s history as well, this new product launch is taking on a safer approach.
The unsatisfied O’Leary decides not to invest because he thinks Barringer is taking a safe route and placing all the risk on the investor. “That’s a terrible ratio; it’s not worth my time,” Kevin states. “I don’t get the sense that you’re taking any risk there.”
After quickly following suit, Max offers his reasoning for turning down their offer: “It makes no sense to me to give 20% of this company away when I could just keep all of it if I were investing from my pocketbook.” Barbara’s proposal isn’t too far off from what they are looking for.
She seeks $180K in exchange for her 16%. Although Kevin is willing to invest $90K himself and become a partner with Cactus Jack on 50/50 terms, he won’t do so unless he can convince one or both of the other sharks. Barbara agrees as long as John uses Body Jac before and after photos to make things more believable.
After much consideration, Daymond John’s offer to invest in both Body Jac and the Cactus Jack company for $180k for half of them was accepted. Moreover, Corcoran and Harrington offered him $180k collectively as long as he gave up half his company and lost 30 pounds, but they were rejected after considering both offers.
The Aftermath
Cactus Jack shark tank’s episode was one of the most exciting yet. The sharks were begging to get their hands on this innovative company, and they fought hard to ensure that they would be the ones who take Cactus Jack off the show.
The sharks bought out the company for a whopping $750,000.
However, Cactus Jack shark tank is not doomed to make all decisions now. He still has 50% of his company, but he will now have two partners regulating his work. One of them is Daymond John, who has been featured in Forbes Magazine as one of the Top 20 Richest Entrepreneurs with over $300 million dollars.
Daymond John is an excellent businessman and has had his fair share of business success. I am confident that Daymond John will be able to help Cactus Jack move his company forward and reach new heights.
What Happens to Entrepreneurs After Shark Tank?
In the case of the Cactus Jack shark tank, the company received a total of $180,000 in investment after their Shark Tank appearance. The sharks were all very interested in this new product and couldn’t wait to get their hands on this innovative company. These funds will ramp up production for Cactus Jack and marketing efforts.
After the deal was made between Barringer, Harrington, and Corcoran for Cactus Jack, he kept to his word by losing 30 lbs. Sadly, there wasn’t much success or support from Body Jac’s website after the deal was finalized.
Barbara has admitted that this particular business decision is her worst ever, and she doesn’t offer any more detail as to where things went wrong. All we know is that it failed so badly at one point in time that ABC’s recap of Jack’s journey had been removed from their site.
The Future of Cactus Jack
Cassidy explained the products and his goals of bringing them to market. He also noted that he was a college dropout and suffered from depression. The sharks were intrigued by this backstory, and they seemed to be impressed with the product.
In the end, they all wanted a piece of Cassidy’s company – but not for free. They argued over who would offer him what percentage of their company in return for an investment, with Robert Herjavec finally winning 40%.
In addition to giving Cassidy $200,000 for 40% of his company on top of the $200,000 he got from the other sharks, Herjavec will also get exclusive rights to sell Cactus Jack’s tools on Amazon.
Conclusion
The goal of entrepreneurs on Shark Tank is to get investment. What happens after they get invested? They try to live up to the expectations placed on them by the Sharks and work hard to grow their company. Some entrepreneurs find themselves on a downward spiral as they struggle to live up to their expectations.
Cactus Jack shark tank’s products failed to sell after their appearance on Shark Tank, and the company was unable to recover from their mistakes. In fact, in September 2014, the company filed for Chapter 7 bankruptcy.
This is not an uncommon occurrence for entrepreneurs that get on the show. Unfortunately, sometimes the reality of being an entrepreneur doesn’t line up with the fantasy of being on Shark Tank, and things can get ugly if you don’t take care of business. If you’re looking for a reality TV show that will give you more insight into what it’s like to be a small business owner in today’s market, I recommend reading Small Business Revolution.
