Liquid Money Before Shark Tank
Before Patrick McCarthy even started working on Liquid Money, he worked as a sales person in many large corporations such as Microsoft, BroadVision, Autodesk and SAP America. He claims that he has built a reputation working for over twenty years for these companies, giving him the reputation of being one of the most successful and innovative sales leaders.
Because he was leading entire sales teams, Patrick McCarthy started looking into ways to boost productivity. He came across a study that was conducted in Japan, which showed the employees became more productive around the smell of money, which is how Patrick McCarthy came up with the idea to start producing his own fragrance. He teamed up with Larry Murrison, who is well known for his perfume creations.
Patrick McCarthy decided to use the ingredients that are being used to make real United States of America dollars, and turn it into a perfume called Liquid Money. The ingredients include extracts of linen, silk and cotton, and the box even has snippets of real United States of America dollars in it. The reason why Patrick McCarthy needs an investment from the Sharks is because they have a lot of connections, which means that they could make Liquid Money more popular and make it available all around the world
Liquid Money During Shark Tank
“Patrick McCarthy and two female models walk confidently towards the Sharks, and as they are walking, the two female models throw dollar bills in the air”
“Some of the Sharks seem impressed by Patrick McCarthy’s entrance”
Patrick McCarthy starts his presentation by introducing himself to the Sharks, and states that he is the founder and creator of Liquid Money. Patrick McCarthy states that he is looking for an investment of one hundred thousand dollars, in return for five percent of his company.
Patrick McCarthy continues his presentation by stating that sharks have an incredible sense of smell, allowing them to smell a single drop of blood in thousand gallons of water. Patrick McCarthy states that humans also can get excited by smell, and that there is one smell in particular that humans are very interested in and makes them hungry for more.
“Patrick McCarthy takes out a wad of dollar bills and smells on it”
“Patrick McCarthy asks the Sharks if he could get an Amen!”
“Robert Herjavec and Daymond John both shout out Amen!”
Patrick McCarthy states that it got him to think about money and the smell of money. If such a fragrance holds so much power, then why hasn’t anyone bottled it yet? This is exactly the reason why Patrick McCarthy developed a perfume, which smells exactly like money.
“The two female models take out a bottle of Money perfume and show it to the Sharks”
Patrick McCarthy introduces Money, and according to him, it is the sweet smell of success.
“The Sharks start to laugh out loud, they still can’t believe the perfume is real”
Patrick McCarthy states that the perfume is available in two forms; His Money and Her Money, thus the smell of money can be purchased and used by both men and women.
Patrick McCarthy continues his presentation by stating that his fragrance is based on three core elements; cotton, silk and linen. According to Patrick McCarthy, these three elements can also be found in real USA dollars. Everyone knows that money cannot buy happiness, but who cares? As long as you can smell like a million dollars, you will be just fine.
“Patrick McCarthy states that his models are going to give the Sharks some Money”
“The two female models walk towards the Sharks and give them samples of the perfume”
“Kevin O’Leary states that he loves this pitch”
“Robert Herjavec states that the perfume actually smells pretty good”
“Kevin O’Leary asks Patrick McCarthy if he owns the name of his fragrance”
Patrick McCarthy answers the question by saying that he trademarked the name “Money”, and that he was really surprised he was able to get it. Patrick McCarthy was able to trademark the name “Money” under the fragrances category.
“Daymond John asks Patrick McCarthy what his annual sales are”
Patrick McCarthy answers the question by saying that he has sold fifty two thousand dollars’ worth of perfume, year to date.
“Kevin O’Leary asks Patrick McCarthy which retailers are carrying Liquid Money right now”
Patrick McCarthy answers the question by saying that he has been able to only get a very limited of retail space, because of the fact that there is so much competition.
Kevin O’Leary states that Patrick McCarthy won’t be able to get in any large box retailers because of the fact that ninety percent of them would never give him any space. According to Kevin O’Leary, large box retailers protect their spaces like drug dealers protect their turf.
Daymond John states that large box retailers will give Patrick McCarthy the space he needs, but he will have to pay about one and a half million dollars. This has everything to do with the fact that the perfume costs one dollar to make and fifty dollars to sell.
Patrick McCarthy states that he is talking to CVS at the moment, and that they are very interested in distributing Liquid Money.
“Daymond John asks Patrick McCarthy how much money he has invested in the company”
Patrick McCarthy answers the question by saying that he has invested about fifty thousand dollars of his own money, in order to create Liquid Money.
“Robert Herjavec asks Patrick McCarthy how he came up with the idea”
Patrick McCarthy answers the question by saying that he once withdrew money from an ATM, but the bills were so new that they stuck together. Because of the fact that the bills were so new, they had a unique fragrance to them.
“Robert Herjavec states that he never really knew that money had its own smell”
“Barbara Corcoran states that money definitely has a strong unique smell”
“Kevin O’Leary states that Robert Herjavec just doesn’t have enough money, which is why he never knew that money had its own unique smell”
Patrick McCarthy states that after he smelled the newly pressed dollar bills, he read about a study in Japan, which stated that the money fragrance actually increases productivity when employees smell it. Patrick McCarthy continues by stating that it is called Ambient Scenting, and that it is a one hundred million dollar industry, and is growing yearly.
Mark Cuban states that the Ambient Scenting market sounds more enticing than selling perfume to regular consumers.
“Mark Cuban asks Patrick McCarthy if he has looked into pumping his own fragrance into an ambient environment”
Patrick McCarthy answers the question by saying that he hasn’t, but that he has been approached by banks, who want to use the perfume as a welcoming gift.
Kevin O’Leary states that there is a little problem, because Patrick McCarthy has to get huge distribution, and he has to buy his way in, which means that he is going to need millions.
Patrick McCarthy states that he has put out one press release on Liquid Money, and made the perfume explode worldwide. According to Patrick McCarthy, his perfume is very popular in Poland, Croatia and China.
Kevin O’Leary states that fifty thousand dollars in sales is not an explosion, it is more like an implosion, which is bad news for a company.
Patrick McCarthy states that you purchase Liquid Money because of the name, and you come back because of the fragrance and scent of success.
Daymond John states that one hundred thousand dollars will only buy Patrick McCarthy a single page in one of the books that the big guys are in.
“Barbara Corcoran asks Patrick McCarthy how much money he has got left to invest in his company and products”
Patrick McCarthy answers the question by saying that he frankly doesn’t want to put any more of his own money into his business and products.
“Daymond John asks Patrick McCarthy why he is only offering the Sharks five percent of his business, for one hundred thousand dollars”
Patrick McCarthy answers the question by saying that the market is in the billions for perfume and accessories, which means that a small percentage would already make the Sharks very rich, should they decide to invest in Liquid Money.
Mark Cuban states that when someone starts by saying that the market is worth billions, that person shows him that he doesn’t have confidence in his own product, which is an instant red flag. Mark Cuban states that if Patrick McCarthy wants his money, but he doesn’t believe enough in the fact that he can sell Liquid Money, then he is a wantepreneur, not an entrepreneur. Mark Cuban states that for that reason, he is out.
Kevin O’Leary states that he has been rich and that he has been poor, and he could definitely say that being rich is far better than being poor.
“Kevin O’Leary asks Patrick McCarthy if the paper snippets are actually money”
Patrick McCarthy answers the question by saying that the paper snippets are actual dollar bills that he purchases from the Department of Treasury.
“Kevin O’Leary asks Patrick McCarthy if there is a business that would take the paper snippets and tape it back together to make dollar bills out of them again”
“The Sharks start laughing out loud again”
Kevin O’Leary states that the only valuation that Patrick McCarthy has got is the fact that he was able to trademark the name “Money” in the fragrance category, but everything else is pretty much insane. Kevin O’Leary continues by stating that he loves money, and that he is emotionally involved with it, and money loves him too. Kevin O’Leary is out as well.
Daymond John states that he knows seventy five percent of all fragrances are sold duty-free, and for the rest, you would need a huge backing. Daymond John states that he likes the idea of licensing the trademark name “Money”, which is why he offers a hundred thousand dollars, in exchange for an eighty percent stake in Liquid Money.
Barbara Corcoran states that she thinks the packaging is great, but that the fragrance doesn’t really smell like money to her. She continues by stating that she always smells the new bills before she puts them in her wallet, and the smell is pretty subtle. Barbara Corcoran doesn’t want to invest in Liquid Money and states that she is out.
Daymond John states that his offer is still on the table, and that Patrick McCarthy should tell him what he thinks about it.
Patrick McCarthy states that eighty percent of the company is a too high percentage, and that he really would like to have the controlling share of his own company.
Robert Herjavec states that it really disturbs him that the Sharks had to show him the right path to go on with his product, which is licensing. Robert Herjavec states that he doesn’t think Liquid Money is a perfume product, it’s more of a licensing product. Robert Herjavec doesn’t want to invest in Liquid Money and states that he is out.
Patrick McCarthy states towards Daymond John that he thinks eighty percent is too high, because there is a tremendous market for Liquid Money.
Daymond John states that he just lost his opportunity, and that he is out as well.
At the end interview, Patrick McCarthy states that he has no regrets turning down Daymond John’s offer, because eighty percent was just out of line.
Liquid Money Update – Now After Shark Tank
Patrick McCarthy showed up on Shark Tank, hoping to secure an investment from the Sharks for the very unique fragrance that he developed. His product is called Liquid Money, which is a perfume that is made out of the same elements as actual dollar bills, and has a strong “freshly pressed” dollar bill scent. Unfortunately for Patrick McCarthy, he did not manage to secure an investment from any of the Sharks. It seems like his grand entrée, where two models where throwing money in the air and “made it rain” did not impress the Sharks a lot.
There is no mention of Liquid Money being the best or worst on Shark Tank; however, none of the Sharks actually believed that the product could work as a perfume. Daymond John did offer one hundred thousand dollars in exchange for eighty of Liquid Money, but Patrick McCarthy turned this offer down.
Even though Patrick McCarthy did not manage to get an investment from any of the Sharks, it seems like he did not give up on his idea or his money fragrance. You can visit the Liquid Money website at www.liquidmoney.com, and on this website, you can find more information about Patrick McCarthy himself, on which media sources he appeared and what his liquid money fragrance is all about.
You can also visit the Liquid Money shop and purchase either the Her Money, His Money or His & Her Money Collection. Both His and Her Money goes for $42,50, while the His & Her Money Collection goes for $85. It seems like there is a sale going on at this very moment, making the fragrances significantly cheaper. If you are interested in trying out the Liquid Money fragrance, you should definitely have a look at the website.
There are not a lot of websites that actually talk about Liquid Money or have reviews about the perfume itself. The one website that I found rated Liquid Money a two and a half out of five stars, because of the fact that the users feel like it is more of a novelty product, instead of being an actual perfume. The people that did use Liquid Money as a fragrance have stated that the scent is weak and not very long lasting, which makes the perfume too expensive.