Biz Tips: Shark Tank Deal: Cup Board Pro Accepts a Collective $100,000 From The Sharks

Biz Tips: Shark Tank Deal: Cup Board Pro Accepts a Collective $100,000 From The Sharks

Biz Tip:

Shark Tank Deal: Cup Board Pro Accepts a Collective $100,000 From The Sharks

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Siblings Christian, Keira and Kaley Young enter The Shark Tank seeking $100,000 for a 10% share of their late father’s business, Cup Board Pro. Keith Young was a firehouse chef for the New York City fire department. He designed and patented the Cup Board Pro to solve the problem of where to put both solid and liquid waste that is generated in the cutting process. These wastes can accumulate in the cup that attaches to the cutting board. This prevents liquid wastes from overflowing the working space of the cutting board and solid wastes from reducing the amount of usable workspace available.

Keith Young, a two time champion on “Chopped,” had to put his innovation on hold several times over the years. His wife was diagnosed with, and would later pass away from, breast cancer which was the first time that he halted forward progress on his company. Later, Keith himself would be diagnosed with cancer after receiving his first shipment of 2,000 boards. Keith’s cancer was acquired as a result of breathing in toxic dust during the 9/11 cleanup. Keith passed away 3 months ago and his children came to The Shark Tank to carry on his legacy and his business.

In a very emotional introduction to their business, Keith’s audition video for “The Shark Tank” was aired. Keith explained his product in his own words and he didn’t leave a dry eye in The Tank. The Cup Board Pro has a special embossing to honor the number of New York City firefighters that did in 9/11.

The Young siblings explain to The Sharks that they are seeking funds to renew their tooling, order additional inventory, and to increase their marketing and advertising. They also share that they are achieving healthy profit margins on the Cup Board Pro which is very attractive to investors. They are currently running the business since their father passed away and they are hoping to get the assistance from The Sharks to be able to carry on his legacy.

In a rare move, The Sharks ask the Youngs to step out of The Tanks so they can discuss this deal among themselves. When they return, The Sharks make a collective deal for the Cup Board Pro. They each offer to invest $20,000 for a total of $100,000 for a 20% share of the company. All profits they earn will be given back to a charity that their dad supported for his fellow fireman with cancer. The Young siblings quickly accept the deal.

What are your thoughts on The Shark’s deal on the Cup Board Pro?

For a full summary of this episode, check out this article. Shark Tank airs on Sundays at 9:00 PM EST on ABC.

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