Zinger Key Points
- Al Baker patented a way to take the bones out of a slab of ribs and began selling the boneless ribs at scale.
- On Shark Tank, Baker ended up choosing Daymond John’s offer of $300,000 for 30% of the company.
Former Detroit Lions Defensive Rookie of the Year, Al Baker, went from chasing quarterbacks on the field to chasing his dreams as a barbecue entrepreneur following his NFL career. But, after securing a deal on ABC's "Shark Tank," Baker’s business “has been a nightmare” rather than a dream come true.
Baker patented a way to take the bones out of a slab of ribs and began selling the boneless ribs at scale. Then, with the help of his daughter, Baker was selected as a contestant on Shark Tank and was able to pitch his business venture to the Shark Tank hosts.
Kevin O’Leary and Daymond John offered to invest in Baker’s BBQ business. Baker ended up choosing John’s offer of $300,000 for 30% of the company. But, a month after Baker’s episode was filmed, John’s offer was amended to only $100,000 for 35% of the company.
Also Read: Barbara Corcoran's Narrow Escape From Being Fired Before Becoming A 'Shark Tank' Icon
According to a recent article from the L.A. Times, John also reportedly introduced Baker to Nate Holzapfel, a former Shark Tank contestant who was supposed to help Baker set up an e-commerce presence for his business.
But Holzapfel allegedly wasn’t transparent with Baker regarding financial statements and failed to live up to his obligations as an e-commerce manager. Baker, who said he looked at John like family, is not the first Shark Tank contestant to run into problems after appearing on the reality TV show, the L.A. Times reports.
In fact, Alan Kaufman, a contestant from the very first season of Shark Tank, sued John and the producers of Shark Tank for refusing to disclose the fact that John had breached contractual agreements in the past. Kaufman and John ended up settling for $20,000.
Although reality TV shows like Shark Tank often highlight the success stories of their previous contestants, it seems that Baker's journey post-show has been a disappointment.
Now Read: VeeCon 2023: Daymond John On How He Landed A Role On 'Shark Tank' And How To Think About Business
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.