Proper Good Before Shark Tank
Proper Good is a company that creates quick, ready-to-eat meals that can be eaten after just being heated in the microwave for about 90 seconds. This company carries a variety of meals such as soup, chili, oatmeal, and even curry. Their oatmeal’s and their soups appear to be their most popular choices. The main flavors of oatmeal are caramel pecan, cinnamon roll & pecan, apple cinnamon, and banana bread. Their soups, on the other hand, are available in flavors such as Red Pepper and Meatball, Southwest Chili, Meatball Minestrone, and more. In addition to that, the foods are pre-packaged and can sustain being on the shelf of a pantry for months. Though, once the food is cooked, it will only be good for up to three days in the refrigerator.
The great thing about Proper Good’s foods is that the meals are made from high-quality ingredients, making it healthier and heartier than other instant, microwavable meals. Proper Good makes their meals keto and plant-based-friendly, as well as free from all gluten, dairy, and preservatives. The main ingredients in their foods is turmeric and bone broth, which is said to be great for giving the immune system a boost. Although, the bone broth is not in the plant-based soup options. Overall, Proper Good bases their business on three big concepts: “the siblings love eating well, dining easy, and having fun with food”.
Proper Good was founded in 2019 by a brother and sister duo, Chris and Jennifer Jane. The siblings both attended college and gained experience in business before launching Proper Good. Chris attended Stanford Business School and received an undergraduate degree for finance, while Jennifer graduated with her degree in marketing. After college, they moved to Bozeman, Montana, where they founded Montana Mex. Given that the brother and sister have studied within the realm of business, this business venture was mostly easy for them. By the beginning of 2019, Chris and Jennifer had chosen to move on from the company due to Chris wanting to study to get his master’s degree in Business Administration. Jennifer went on to work as a Creative Director and Founding Partner with Active Ingredient Group.
During Chris’s time returning to school, he started thinking about quick, healthy meal options. Though, he realized how few options there were, and how many of them weren’t as healthy and natural as they claim to be. Due to that, he came up with the idea to create pre-packaged meal options made from all-natural, clean ingredients. Hence, Proper Good. Between Chris’s experience in business, both at Montana Mex and college, and Jennifer’s creative skills, they launched Proper Good in 2019, and started fulfilling orders by April of 2020. Shortly after, they started selling their meals on Amazon, as well as on their Proper Good website. But now they want to try to get their products onto physical store shelves. To do so, they will make their debut on Shark Tank and hopefully wow the sharks with their ready-to-eat meals.
Proper Good on Shark Tank
Chris and Jennifer Jane make their debut on the Shark Tank stage dressed up in Victorian costumes. They are in search of a $400,000 investment in exchange for a 10% equity in their $4 million company, Proper Good. After giving the sharks a sample of their soup to try, the siblings begin telling their story. They share how they came up with the idea and how they were able to start their business with just their previous experience from Montana Mex. After making it clear what Proper Good is, they reveal that the soups, and other meals, can last up to 8 months in the pantry. So far, the sharks seem to like the business, and they love the soups. Nonetheless, they want to know how the Jane’s would use a shark’s investment to better their company. To this, the founders explain that they have talked about plans to expand their company and hopefully get their products into stores. Chris and Jennifer turn to guest shark, Peter Jones, stating that they are ecstatic to be pitching in front of him.
When it comes to Proper Good’s sales, there is a little bit of struggle. For instance, Chris and Jennifer reveal that they have recently been losing money. In 2020, sales were relatively good; they did $556,000 in sales; however, it took a turn almost a year later. By the middle of 2021, the company had already done a little more than $1 million I sales; however, their net profit was only $300,000. Proper Good soups are being sold at between $4 and $8, with a pack of 12 being $72. The 12-pack costs the Jane’s $30 to manufacture. Additionally, their customer acquisitions are $32. During the time of filming, the company was in competition with a few other soup brands; however, Proper Good’s soups are unique as they can be eaten hot or cold and they have a long-lasting shelf life.
Daymond John goes out first; he likes the idea and the taste of the soup, but he doesn’t want to invest in a business that he isn’t excited about. Lori Greiner leaves shortly after because she thinks it’s too soon to invest in Proper Good. Kevin O’Leary agrees with Lori, hence why he drops out next. The guest shark, Peter Jones, is familiar with investing in the food industry, so he shares his knowledge on how customer acquisitions are bad for net profits. With that possibility, both the founders and the investor will be at a loss. For that reason, he is not going to invest.
The only shark still interested in investing in Proper Good is Mark Cuban. He believes that he can help Chris and Jennifer expand Proper Good and reach a goal of $25 million worth of sales within just a few years. Given that, he offers the siblings $400,000 in exchange for a 25% equity stake. He also asks them if they are open to altering their packaging and switching up their marketing tactics; the founders say yes. Chris and Jennifer attempt to counter Mark for a 20% equity instead. Mark agrees and Proper Good receives a deal with the shark.
Proper Good Now in 2023 – The After Shark Tank Update
After a successful Shark Tank pitch and a deal from Mark Cuban, Proper Good appears to be doing great as of December 2023. The deal with Mark has yet to be finalized. Although the deal with still in the works, some believe that Chris and Jennifer may not need that investment after their appearance on Shark Tank. After the show aired, just a week later, the siblings stated that they had sold the amount of inventory that it’d usually that almost four months to sell. Although we don’t have information regarding exactly how much they profited from those sales, we do know that Proper Good now has an annual revenue of $2 million as of 2021. Proper Good Foods have officially reached the shelves of 2,000 Walmart locations! Furthermore, in November, the company finalized their investment from The Artisan Group and YETI Capital, which granted them $3.5 million. The siblings have claimed that that money will be used for launching their direct-to-consumer sales, as well as expanding their products into more stores.