Before Shark Tank
On Shark Tank
Making his appearance at the beginning of the show’s fourth episode, Kuadey explains his desperation for funding from the sharks during a brief prologue that gives insight to his struggles at home. Once he is actually standing in front of the sharks, he transforms into a man who is very confident in the success of his business. He opens with his asking price, $150k for a 30% stake in his company. Following that, it is explained how nearly 10% of all purchased gift cards are unused by their recipients. With $80 billion worth of gift cards being sold in 2008, that means that there is an $8 billion market going untouched. After hearing such a large number like that, the sharks’ interest immediately picks up while Kuadey explains how his company will buy gift cards for about 65% to 70% of the card’s actual worth and then proceed to sell it at a discount of 10%.
After he is done speaking, Robert Herjavec asks to get into a little more detail with numbers. Gift Card Rescue only made $55k in sales, but were expecting to make a 25% profit on the anticipated $120k they
With the question and answer portion of the show over, Herjavec redirects the discussion back to the original asking price that Kuadey asked for earlier on the episode. If one of the sharks were to buy into the company at the rate he asked for, that meant the entire business would be worth about $500k. When asked why his company was worth that amount, he responded by saying Gift Card Rescue has a lot of room for growth and better sales and also that the online empire, Amazon, wanted to have a partnership with him. This revelation momentarily stunned them into silence. Daymond John was the first shark to speak, stating that he liked Kudey but was not fond of the kind of business he was attempting to run, and so he would not invest into it. Barbara Corcoran quickly followed suit, but O’Leary stopped to offer $150k for 50% of the company. Not satisfied with this deal, Kuadey proposed that he sell 40% for $150k. O’Leary was unwilling to make the adjustment to his offer which allowed Herjavec to jump in and state that he would partner with O’Leary and up the price to $200k for a 50% stake. With such a sweet deal on the table, even he can’t resist and decides to accept the offer.
After Shark Tank
If you are interested in making some money off of the gift cards you have laying around collecting dust or which to buy a discounted card for yourself or as a gift for someone else, you can visit GiftCardRescue.com. On the website they offer discounted cards for over 450 popular brands. All card and money transfers have a 100% money back guarantee. They also have a customer support team that works diligently to satisfy the needs of every customer.
Search @GiftCardRescue on twitter and look at all of the tweets from buyers and sellers begging for a response to “where is my money?” and “where are my cards?” after a month or more of unanswered calls and emails. They require your birth date and last 4 digits of your SSN to become their customer – 2 days after you place the order. If you refuse, the order is cancelled and a refund is promised in 4-6 weeks (their terms state 7-10 business days), and in my experience, doesn’t happen. Congratulations, Shark Tank, for creating this “success story”.
4-4-16 Kwame Kuadey, CEO of Gift Card Rescue (GCR) gives new meaning to the word cockroach as he and his employees pretend to be a legitimate company when some of them are nothing more than low forms of life and lying fraudsters. I speak from personal experience as I am still waiting for a payment from them that they promised would be mailed back on Feb 25, 2016. Any doubters can read up on the many, many on-line complaints as well as those filed with the Greater Maryland Better Business Bureau. A similarly disgruntled and angry customer posted his views describing Kuadey as a Nigergian scam artist after viewing Kuadey’s picture on line. GCR took issue with those remarks and responded accordingly implying a lack of sensitivity by the writer. Those of us who have been victimized by Gift Card Rescue may not feel too sorry for Kuadey. It should be noted that he is from Ghana which would make him a Ghanaian scam artist, not a Nigerian scam artist.
Company Just Failed.
DO NOT .. I REPEAT .. DO NOT WORK WITH THIS COMPANY . THEY ARE THE SCUM OF THE EARTH . THEY WILL TAKE YOUR GIFT CARD AND NOT SEND YOU YOUR MONEY .
That is why it is out of business. Poor customer service