Marian Cruz came onto Shark Tank with the aim of securing an investment $35,000 dollars, in exchange for a share of 30% in her business, Turbobaster. The sharks were interested in finding out more about Marian and we’ll see whether the sharks were willing to invest their funds in her business idea. After we finish our coverage of the negotiations be sure to look over our Turbobaster review to learn how their business is doing since the show aired in Season 1.
Shark Tank Turbobaster Update
Because the concept for the product was in the prototyping phase of development Marian was not able to give sharks an estimate of the manufacturing costs for her Turbobaster. Marian believed that the margins would be adequate when she offered them for sale between $19.99 to $29.99 at retail outlets.
Each time sharks demanded Marian an inquiry she was unable answer the question. They were interested in knowing the number of millions of units from other products were sold, however, she had not conducted the study. Also, she didn’t know how much her estimate of manufacturing cost would be per unit.
Given her lack of knowledge about her own market for products It was going to be very unlikely for Marian to get a deal.
Kevin O’Leary was losing his patience, and decided to walk out of the business without offering an offer to Marian the company. Barbara Corcoran and Robert Herjavec were also unable to leave due to the fact that Marian could not produce figures that reflected the margins she earned, her manufacturing costs and business forecasts for the future.
Daymond John was willing to pay $50,000 in exchange for 51% equity. Kevin Harrington offered $35,000 for 100% equity with an 2% royalty which will be returned to Marian’s pockets for the duration of. It was now time for Marian to decide about which one to accept. She chose to accept Kevin’s offer, but politely declined Daymond’s offer to sell the entirety of her business.
Let’s review of our Turbobaster update. Unfortunately, the company of Marian was out of business, and she didn’t really get any momentum after her appearance as a guest on Shark Tank. The product she created was just a prototype , and it was never able to reach mass production in retail stores.
The company has not been in operations since at least the year 2010. That’s the year that Turbobaster’s social media sites and websites have been updated since the last time. This means that this is the last Turbobaster update.