Posted on 06/02/2023 11:05:30 AM PDT by Red Badger
Edited on 06/02/2023 1:40:46 PM PDT by Jim Robinson. [history]
John is one of the longtime “sharks” on the hit reality competition show on ABC. On “Shark Tank,” small business owners compete to secure investments from entrepreneurs in an effort to take their companies to the next level.
Al “Bubba” Baker, his wife Sabrina, and daughter Brittani allege that John cut them out of profits and tried to seize control of the business, Bubba Q’s Boneless Baby Back Ribs, after they brokered a deal with the investor following an appearance on the show in 2013.
(Excerpt) Read more at dailywire.com ...
A deal is a deal.
Not surprising at all. I’ve often wondered how long until the deals unravel and one side or the other sours.
The Bakers’ are majority shareholders, and as such, they presumably run all daily operations of the company
So how does John “cut them out of their share of profits” or do business planning without them?
I’ve worked with a lot of small/family companies - they sometimes exhibit the dysfunction, biases and craziness of the family or its head.
I would never do business with the sharks. For most of them it’s all about the revenue. For many small business owners, scaling up is not always the answer. It brings other problems like investors, logistics, personnel, distribution channels, etc.
“I would never do business with the sharks. For most of them it’s all about the revenue. For many small business owners, scaling up is not always the answer. It brings other problems like investors, logistics, personnel, distribution channels, etc.”
They were facing bankruptcy with only $150k of revenues for the previous year. A week after the airing they had $400k of orders.
By 2017 revenue was several million per year.
Not unusual for people to negotiate a deal for what they want, then later when prosperity comes to feel cheated by their deal. I’ve seen it in real life.
[The family later said they received around 4 percent of the stated $16 million in revenue...]
What was the profit from that revenue after expenses? If profit is 6% and the Bakers are getting 4% (~2/3rds) then that is what they agreed to when they sold 35% ownership for 100K.
Based on the evidence here, the family got greedy and tried to kill the golden goose.
Percent of revenue is meaningless.
As the late Tina Turner once said (as Aunty Entity): “Bust a deal, face the wheel.”
I love watching the show. It’s amazing what people can come up with. With that, if I did invent/ create something, I would say I’d want the widget made in the USA, not overseas.
Exactly my point.
“Exactly my point.”
Exactly opposite your point.
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