The wife and husband team, Stephanie Rensing and Daniel Rensing, pitched their product business on Shark Tank Season 3 to make baking easier for people. Their company, The Smart Baker, offers products like the Cheat Sheet Baking Apron, Cupcake Tower, Pre-Cut Parchment Paper, and many more.
They needed the Sharks’ help to increase their sales and expand the business. So, did any Shark invest in their business to support their growth? Let’s find out.
| Company Name | The Smart Baker | |
| Founder/Co-Founder | Stephanie Rensing and Daniel Rensing | |
| Founded | 2009 | |
| Product | The items that make baking easier | |
| Asked For | $75k for 25% equity | |
| Final Deal | $75k for 40% equity + a 5% royalty until the money back | |
| Shark | Barbara Corcoran | |
| Episode | S3 E7 | |
| Air Date | March 2nd, 2012 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Rockledge, Florida, United States | |
| Annual (Revenue) | $1M *estimated | |
| Worth / Valuation | $300,000 | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Stephanie and Daniel asked the Sharks for $75,000 in exchange for 25% equity in their company. They demonstrated their products, including the Cheat Sheet Baking Apron and others, explaining how these products help make baking easier for people.
They revealed that within just a few weeks of launching the Cheat Sheet Baking Apron, all the products were sold out.
Kevin O’Leary asked about their sales, and Daniel explained that overall, they had reached $72,000 in sales. In the past three months alone, they generated $35,000 in sales, and their projection was to hit $140,000 by the end of the year, with an expected net margin of around $100,000.
Currently, the company’s best-selling product is the Cupcake Tower, with sales totaling $40,000 so far. Their future plan is to focus on trade shows to drive more sales and expand their business.
Mark Cuban is interested in internet-based businesses, but since The Smart Baker is currently focused only on retail, he decided not to invest and said he is out.
Kevin O’Leary did not believe that the business was investable for him, so he decided to pass and is out.
Robert Herjavec mentioned that he lacks sufficient knowledge about the baking and cooking business, so he is out.
Daymond John offered $75,000 but wanted 40% equity in the company.
Barbara Corcoran offered $75,000 for 40% equity plus a 5% royalty, leveraging her experience in the bakery industry.
Daniel countered Barbara’s offer with $100,000 for 40% equity plus a 5% royalty, but Barbara declined. Stephanie and Daniel accepted Barbara’s original offer of $75,000 for 40% equity plus a 5% royalty.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Mark Cuban | No Offer |
| Kevin O’Leary | No Offer |
| Robert Herjavec | No Offer |
| Barbara Corcoran | $75k for 40% equity + a 5% royalty until the money back |
| Daymond John | $75k for 40% equity |
| Founder’s (Countered) | $100k for 40% equity + a 5% royalty until the money back (Barbara) |
| Final Deals | $75k for 40% equity + a 5% royalty until the money back |
The Smart Baker Shark Tank Update
After the Shark Tank offer, during the final discussions, Stephanie and Daniel couldn’t agree with Barbara on cost-cutting measures, which led to the deal falling through. However, despite this, their sales saw a significant increase after appearing on the show.
As of September 2024, the company’s products are available on Amazon, and they generate an estimated $1 million in annual revenue from both online and retail stores.
Check out Shark Tank Season 3 Business Update.
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