All Shark Tank fans know that convincing all the 5 Shark Tank judges is next to impossible. Some contestants are lucky enough to get a deal with one or two investor judges.
However, a father and son duo did not just go home with a staggering $125,000 deal; all the judges also teamed up to invest in their business for a 25% equity stake.
Mark and Kenzo Singer had one goal: to get a $25,000 deal for a 5% stake. They started their pitch with a hilarious joke that made the judges laugh.
The duo’s product is simple but smart and innovative: folded reading glasses that are both fashionable and convenient.
“As I got older, I needed reading glasses more and more and they were never with me when I needed them,” Mark said.
“I thought the solution was to buy a dozen pairs and put them everywhere. I still didn’t have them when I needed them.”
They showed the judges how their reading glasses work and how their product can solve a specific problem.
The judges did not only laugh because of the duo’s sense of humor but they also found their product cool and clever.
According to the Singers, their brand Eyewris has won four international design awards. Thanks to Kenzo, who came up with the idea of making foldable reading glasses.
He is a structural engineer from Cornell University who gave up his engineering job to focus on their business.
“We designed everything from skyscrapers to soccer stadiums and thought that you know, ‘A physics at the scale of a skyscraper also applies to something as small as a pair of reading glasses,’” explained Kenzo.
It turns out that the Singers are not new to making innovative products. Mark Singer is also the founder of Gorilla Glue, which is now owned by the Ragland family. The success of Gorilla Glue helped him save money to build Eyewris.
What’s more amazing is that in just 9 months of establishing their business, they have brought in about $28,000 in sales, which made the Shark Tank judges wonder why they still needed a shark. Mark’s response moved them and made one of the judges cry.
“Your most valuable commodity isn’t your money, it’s your time,” Mark answered emotionally. “I don’t have it in me to build another company. My time has passed. My main reason for being here is to leave Kenzo in good hands, and by that, I mean with successful, smart, honest, and ethical people like yourselves.”
Teary-eyed Lori Greiner offered them $25,000 for a 10% equity stake while Daymond John said he would double Greiner’s offer for the same percentage if they were allowed to team up.
Though the duo did not want to give away as much equity, Mark said they could increase it to %10 if they would get to work with three of the sharks. Hearing this, Kevin O’Leary offered $50,000 for 10% equity, saying it was an extraordinary situation.
The other two sharks, Mark Cuban and Barbara Corcoran, did not want to be left out so they also gave their specific offers.
“Every single Shark wants to back you guys,” O’Leary said. “Practically never happens.” At the end of the show, the shark tank judges could not be happier with the Singers’ decision. The duo accepted all the offers and left with a $125,000 deal for a 20% equity stake.
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“I couldn’t be prouder of my dad,” Kenzo said, after striking the deal. “I’ve never seen him get emotional like that.” At the end of it all, it was not just the money Mark wanted to leave his son, but also his legacy.
Watch one of the best Shark Tank pitches in the video below: