The Perfect Pear before Shark Tank
The Perfect Pear was founded by Susan Knapp from her passion in cooking and her single product of Cinnamon Pear Jelly. During the late 90’s, Susan saw that there was a demand for pear products so she decided to create a line of products in addition to her jelly. The result was Susan winning numerous awards at events such as the California State Fair in Sacramento. Recognitions like these along with customers loving Susan’s quality food products had allowed Susan to expand her idea and turn it into a real business. Susan was able to grow her business in early 2000 with her dedication and passion. Susan was already in six-hundred fifty stores before entering the Tank and had grossed over $750,000. Despite the tough economy, Susan’s product was so successful that she could not keep up with demand so she needed an investment to solve this problem. Susan applied to be on Shark Tank and was on the second episode of the first season.
The Perfect Pear on Shark Tank
Susan entered the Tank seeing $500,000 for 15% of her company. Susan explained how the business got started, but Susan only got a couple of sentences in before Kevin O’Leary jumped in and asked if the company had any sales. Susan mentioned that she was grossing over $750,000 which excited all the Sharks, but she was only netting $15,000. All of the Sharks tried Susan’s product and were impressed with the taste. Daymond asked her why she needed the money and Susan mentioned it was to fund purchase orders and how she could not get the funding for from a bank because of the economy.
The Sharks then addressed her valuation of over $3,000,000 and Susan tried to back it up with her own investment of over $800,000 in the company. Although the Sharks were impressed with Susan, her product, and her passion, they were not impressed by her reasoning and numbers. Kevin O’Leary was the first Shark to make an offer of $500,000 for 70%, a common theme of wanting control of the business in season one. Susan quickly turned down that offer. Daymond offered Susan the $500,000 for 51% and Kevin Harrington and Robert together offered Susan the money for 50%. Susan stepped outside to think about the offers.
As Susan was outside, Kevin O’Leary was quick to address his concern of the sharks only wanting 50% when he felt they could get 70% or 80%. The other sharks did not agree with this, however, and called Susan back in without changing any of the offers. Susan countered the Sharks offers with her new offer of $500,000 for 49%, but Robert quickly declined saying he needed some say in the decisions that would be made in the business which he would get with 50%. Daymond mentioned that he needed an answer to his offer which would give him control of the company, but Susan declined his offer as well so Daymond went out. Despite being upset with Robert and Kevin Harrington, Kevin O’Leary was convincing Susan to take their offer by reminding her that she makes no money. After some thought and hesitation, Susan took Kevin Harrington and Robert’s offer. Daymond was upset that Susan didn’t take her offer and felt that he should of came into Kevin Harrington and Robert’s deal right as Susan left.
The Perfect Pear after Shark Tank
Although Shark Tank did not have as nearly as many viewers as it does today, the Shark Tank effect still existed in season one and it helped Susan increase her sales after the show to over $80,000 a month. Robert did not end up closing his end of the deal for undisclosed reasons. However, Kevin Harrington closed his end and had helped Susan get her product onto the Home Shopping Network. Some retailers that The Perfect Pear is in include Whole Foods and Lunardi’s. The product can also be purchased directly from Susan’s website. Susan is a great example to future entrepreneurs who come in the Tank about the positive feedback one will get of having a proven business with sales and purchase orders. With her proven track record and passion, Susan was able to get a deal with a great business partner and continues to grow her successful business.
Did The Perfect Pear Succeed?
The Perfect Pear succeeded both in closing a deal with one Shark and becoming a successful business. Susan continues to successfully sell her product and her sales have increased since airing on the show.
Where can I buy The Perfect Pear?
The Perfect Pear can be bought directly from Susan’s website at http://www.aperfectpear.com. Susan also has a list of retailers that sell her product at http://www.aperfectpear.com/where-to-buy.html.
What are their Sales?
Susan mentioned that she was doing over $80,000 a month since airing on Shark Tank. It is likely that the number has increased since her update.