What Happened To Talbott Teas After Shark Tank?
The investors on ABC's "Shark Tank" have seen hundreds of pitches throughout 13 seasons, which is why entrepreneurs are pressured to come up with a product or idea that sets them apart from the competition. According to The Hustle, 20% of the pitches that appear on the show are from the food and beverage industry. Fashion and beauty follows at 19%, lifestyle and home makes up 16%, and children and education is around 10% of the pitches. The food and drink industry appears to be on the rise, with a 4% increase in related pitches from the show's premiere to season 10. Additionally, there's a 57% chance you'll strike a deal if you show up to the tank with a food or beverage product.
Those who are brave enough to sign up for the show will be sharing their ideas with self-made tycoons such as Mark Cuban, Robert Herjavec, Barbara Corcoran, Lori Greiner, Kevin O'Leary, and Daymond John, according to ABC. When the owners of Talbott Teas made the plunge in season 3 episode 3, which originally aired in 2012, they were hoping to swim – not sink – with the sharks.
A win from the start
Shane Talbott, the founder of Talbott Teas, created the brand with pampering in mind. Due to his background in the salon and spa industry, Talbott says that his attention to detail helps him select "sensuous textures and striking shades of flavor," in the premium tea leaves that flow together seamlessly in his products. As the brand continued to gain momentum, it caught the attention of Oprah Winfrey. Talbott Teas created a custom blend for her store.
In 2012, Shane Talbott and his partner Steve Nakisher pitched their high-quality tea idea on "Shark Tank." According to Shark Tank Blog, the business had many factors the Sharks look for: increasing sales, expansion and branding plans, and the general uniqueness of the product. The Sharks were also impressed that Talbott and Nakisher had so much of their own money — $300,000 — invested in the business. All of these points combined with the tea's taste and the Oprah endorsement had one of the Sharks biting at the end of the pitch.
It was a wonderful deal
Though many of the "Shark Tank" investors like the product and idea, all but one backed out from a deal with Talbott Teas for various reasons, per Shark Tank Blog. Entrepreneurs Shane Talbott and Steve Nakisher came into the tank looking for $250,000 for a 20% share in their business; however, they accepted Kevin O'Leary's offer of $250,000 for 35% of the business. Just days after the episode aired, a video with Talbott, Nakisher, and Daymond John revealed that John had actually joined the deal as well. That wasn't all, though. The two Sharks then worked together to get Talbott Teas into Jamba Juice retail stores.
From there, the success just kept getting sweeter. According to Shark Tank Success, Jamba Juice CEO James White fell in love with the company and ended up buying it out completely for an undisclosed amount in 2018. Though we don't know how much money Talbott and Nakisher made, the looks on their faces in the "Shark Tank" update episode indicate they probably landed a pretty great deal.