Steve Nakisher and Shane Talbott pitched their tea line company to the Sharks in Season 3 of Shark Tank. Talbott Teas is a premium tea company that offers a variety of different flavors, blending unique ingredients to create affordable options for tea lovers.
They need the Sharks’ help with distribution in addition to the investment. Did any of the Sharks invest in this growing beverage industry? Let’s find out what happened to the business and how it is doing now.
| Company Name | Talbott Teas | |
| Founder/Co-Founder | Steve Nakisher and Shane Talbott | |
| Founded | 2003 | |
| Product | line of Teas | |
| Asked For | $250k for 20% equity | |
| Final Deal | $250k for 35% equity | |
| Shark | Kevin O’Leary | |
| Episode | S3 E5 | |
| Air Date | Feb 17th, 2012 | |
| Business Status | Acquired by Tadin Herb & Tea Co | |
| Website | Visit Website | |
| Headquarters | Illinois, United States | |
| Annual (Revenue) | $0M *estimated | |
| Worth / Valuation | $1.25 Million | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Steve and Shane asked the Sharks for $250,000 in exchange for 20% equity in their company. They also demonstrated their line of teas and had the Sharks taste them.
Robert Herjavec asked about sales, and Steve responded by saying that in 2009, they had $100,000 in sales and $350,000 in 2010, and by 2011, combining purchase orders and already sold items, they had reached $500,000 in sales.
Lori Greiner asked how sales were growing so rapidly, and Shane explained that in 2010, they were featured on “Oprah’s Favorite Things,” which significantly boosted their sales. Additionally, being featured on QVC was another reason for the increase in sales.
The company has a profit margin of 50%, with each tea box retailing for $10-$15 and providing 30 servings. They have invested a total of $300,000 of their own money into the business and plan to eventually sell the company after reaching $100 million in revenue.
Daymond John said he is out because he already has an investment in this space.
Mark Cuban said he is out because he doesn’t drink tea.
Kevin O’Leary liked the story and sales growth of the business but was concerned about its valuation. He offered $250,000 for 40% equity in the company. Robert and Lori declined to invest, leaving Steve and Shane with only Kevin’s offer.
Steve countered with $250,000 for 30% equity. Kevin then countered with 35% equity, which Steve and Shane accepted.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Mark Cuban | No Offer |
| Kevin O’Leary | $250k for 40% equity $250k for 35% equity |
| Robert Herjavec | No Offer |
| Lori Greiner | No Offer |
| Daymond John | No Offer |
| Founder’s (Countered) | $250k for 30% equity |
| Final Deals | $250k for 35% equity |
Talbott Teas Shark Tank Update
Outside of Shark Tank, Daymond John and Kevin O’Leary partnered to finalize a deal for Talbott Teas. They transformed the company into a “Jamba Juice” business, leading to a significant increase in sales.
During research on Talbott Teas, we found that in February 2012, the company was sold to Tadin Herb and Tea. The deal amount was not disclosed.
Check out Shark Tank Season 3 Business Update.
Recent updates on businesses featured in Shark Tank Season 3 are available for your visit.
