Mr. Wonderful
During the past few years I’ve been recording hour-long episodes of the popular TV series Shark Tank. Since this is their tenth season, I have more than one hundred shows ready to go whenever I’m struck by the impulse to use my elliptical machine for a morning workout. But since this show has now consumed about 80% of my recording capacity, I have dug into the backlog and begun to view episodes from the comfort and convenience of my couch, while recovering from neck surgery.
On each episode, five wealthy business people listen to “the pitch” of four different entrepreneurs seeking cash to expand their fledgling businesses. Most of the time an offer is negotiated and accepted. Occasionally the entrepreneur leaves empty handed (always vowing to press on and prove the “Sharks” were wrong not to have invested with them). Mostly, I agree with the sharks.
Two men who usually sit on the panel of sharks include Mark Cuban, the famous billionaire owner of an NBA professional basketball team, and “Mr. Wonderful” who is known for picking the presentations apart as he explains to each supplicant why they are totally overvaluing their business. His favorite parting line when his lowball offer is rejected: “You’re dead to me.” Truly a wonderful guy.
On a recent show one young woman, a single mother of two, was seeking a $350,000 investment for 25% of her dress line for young mothers who wanted to spend more time playing with their children.
“To my four-year-old son,” she said, “a grass stain is the sign of a day well spent. To me, it’s a large dry cleaning bill.”
Her dresses were quite fashionable, but could still be thrown into the washing machine at the end of the day. She had been in business for five years, and her annual sales for the previous year had reached $1,200,000. Even Mr. Wonderful was impressed, though he argued that she had valued her business at much more than he thought it was worth. This position, of course, is always part of his negotiating strategy.
When asked by one of the women on the panel, the entrepreneur shared her back story.
Though she was a single mom, she was determined to help other moms play more with their young children. She had taught herself to sew even though she didn’t previously know a thing about sewing or patterns. Her own mother, she said, hadn’t played with her. There had been abuse and addiction, but the mother “did the best she could. We all have trauma in our childhoods,” she said, “and I needed to leave that behind to pursue my goal.”
At this point even Mr. Wonderful took out his handkerchief to dab tears from his eyes.
One of the women on the panel offered the full amount asked — $350,000 for 25% of the business. Everyone was thrilled, the two women hugged. The entrepreneur had succeeded where few others had – obtaining her exact asking price.
Surprisingly, as Mr. Wonderful was putting his handkerchief back in his pocket, he said, “This is the best fashion presentation I’ve ever seen in the past ten years.”
Amen, Mr. Wonderful. Amen.
Alan