Truffle Shuffle Before Shark Tank
Truffle Shuffle is a service in which consumers can order pre-prepped meal kits and follow an online cooking class to make unique truffle dishes. Recipes for these dishes can be found on the Truffle Shuffle website, and the online classes can be taken live on Zoom or by watching a pre-recorded session. During each session, a professional chef will teach and guide consumers through the steps needed in order to produce the best tasting meals. The chefs in question are Chef Jason, Chef Tucker, Chef Jeremy, Chef Connie, Chef Sarah, and Chef Tyler.
Truffle Shuffle offers more than 50 classes, and each session only takes up to one hour to complete. This service also sells product related to truffles. Just some of their products are Truffle and White Cheddar Kettle Corn, Brown Butter Truffle Honey, and Balinese Truffle Salt. Along with others. These products can be purchased on their website, as well as on Amazon and Whole Foods.
Chef Jason McKinney and Chef Tyler Vorce are the initial founders of Truffle Shuffle, along with Sarah, Jason’s wife. The entrepreneurial trio founded the company in 2018. The originally started selling their truffles in restaurants; however, when the pandemic started, restaurants were being closed temporarily, putting a damper on their business. This occurrence also kept them from getting rid of their inventory, which left them with $20,000 worth of truffles. To keep Truffle Shuffle running, the chefs had the idea to move their business to a more virtual setting. Thus bringing their meal kits and online cooking classes to a reality. Given that the pandemic was in full force at the time, their business took off pretty quickly.
The chefs began hosting the virtual classes in Jason’s apartment at first. Once the Truffle Shuffle business took off, they opened four small kitchens and hired 46 employees. They continued their online classes from the kitchens and, at times, they had star guess such as E-40, Snoop Dogg, and Ronnie Lott in their sessions. The switch to actual kitchens led them to be able to fill and ship 10,000 kits every week, with each kit costing $99. By 2020, Truffle Shuffle had seen $486,000 in sales and another $1.4 million in sales in 2021. And while this was a great success for the chefs and their business venture, they struggled to choose between continuing the online classes or going back to in-person restaurant sales. Now that the pandemic has finally calmed down, their business could really go either way, but which would benefit the company more? They’re hoping a shark can guide them through this decision. Can the Truffle Shuffle chefs impress the sharks and land a deal?
Truffle Shuffle on Shark Tank
Chef Jason McKinney and Chef Tyler Vorce enter the Shark Tank stage hoping to land a $500,000 deal with a shark in exchange for 5% of their company, Truffle Shuffle. The chefs hand each shark a sample of their truffles while they introduce the business and begin their pitch. The sharks love the treats. Jason and Tyler tell the sharks about their careers as chefs and explain how Truffle Shuffle came to be. They also mentioned their virtual cooking classes, thinking that that would intrigue the sharks. However, before the sharks begin the negotiations, Jason and Tyler begin to talk numbers.
The chefs explain that their truffle salt, for example, sells for $20 each, while it only costs them $2.80 to produce. Their classes cost consumers anywhere from $95 to $125. With that in mind, the company made $65,000 within just the first year. After two years, they made $486,000 in sales. From there, their sales continue to grow rapidly, up to $1.4 million. Overall, they’re sitting at a profit margin of 60%. Already, the sharks are intrigued, and they want to start presenting their offers to Jason and Tyler.
Lori Greiner, Mark Cuban, and Daymond John immediately drop out of the deal due to money issues. They think it’s expensive and Mark believes that they will need a lot of money to keep it going. Placing the first offer on the table, Robert Herjavec offers the duo $500,000 for a 20% equity in Truffle Shuffle. Kevin O’Leary follows him in and offers Jason and Tyler $500,000 for a 25% equity and a 9.5% interest rate. He then adds in that he wants the duo to shift their focus to their products. To that, Robert scoffs at Kevin, telling him that he doesn’t know the business enough.
Jason and Tyler request that Robert and Mark team up together and each invest $250,000 for a 7% equity; however, they respond saying no because Robert wants to invest in it alone. This leads Mark to match Robert’s offer, but with an equity of 18%. The chefs counter Mark for a 15% equity first, then they adjust it to 17%. They follow up by asking Mark if he would be willing to increase his invest any higher, to which he offers them $501,000 in exchange for the 18% equity in Truffle Shuffle. Jason and Tyler accept Mark’s offer.
Truffle Shuffle Now in 2023 – The After Shark Tank Update
Following Truffle Shuffle’s appearance on Shark Tank, the deal between Mark Cuban and Chef Jason and Chef Tyler has been secured and closed. Since then, the company has been succeeding with their marketing and business tactics, as well as reaching a longtime goal of “a million master chefs in their own home”. The chefs have announced that they used their time in the Shark Tank as a means of pushing limits in order to get their business to reach higher successes, and they believe that their partnership with Mark will be more than worth it.
Their appearance on Shark Tank, as well as their help from Mark, has not only grown Truffle Shuffle tremendously, but it’s also spiked their sales quite a bit. They’ve slightly altered the prices of their cooking classes; they’re now $50-$250. The prices vary depending on the recipe the consumer would like to follow. Earlier this year, they had a rapper, Raekwon, featured on one of their sessions as well. Truffle Shuffle has started offering Food Is Love membership where consumers ca purchase a membership plan of either bronze, silver, gold, or platinum. These memberships are priced at $1,724-$5,800.
Additionally, Truffle Shuffle had the chance to be featured on the Kelly Clarkson Show and has been seen being sold on Amazon, Whole Foods, and their website. Speaking of their website, the company recently launched their newest featured to their site. They now offer the Wine-o-matic 5000, where consumers can tell it what kinds of wine they have at home, and the website will generate which me kits will go best with said wine. Overall, Truffle Shuffle has certainly succeeded and grown into a long-lasting, positive business. As of 2023, the business has an estimated net worth of $6 million.