Biz Tips: The Profit: Marcus Lemonis Walks Away from The Casery Deal, But Is Presented with Possible New Opportunity

Biz Tips: The Profit: Marcus Lemonis Walks Away from The Casery Deal, But Is Presented with Possible New Opportunity

Biz Tip:

The Profit: Marcus Lemonis Walks Away from The Casery Deal, But Is Presented with Possible New Opportunity

The Casery

This week, Marcus Lemonis travels to Los Angeles, California to help The Casery, a startup that offers fashionable and designer iPhone cases. According to CNBC, the company’s “young CEO does whatever he pleases, leaving his partners demoralized and the business unable to grow.” Will Lemonis be able to help turn the business around and keep things from completely falling apart?

Visiting their store, Lemonis meets owner Matthew Harlow and the production staff. He’s immediately concerned, however, that Matt doesn’t seem to know every employees’ name. He also views their other products, which include screen protectors, pockets and phone rings—and puts them to the test by dropping his own phone. Last year, they did $1.7 million in revenue, but they are losing money.

Lemonis likes the designs on the phone cases but he thinks they should be more balanced, especially since they’re targeted at women. They then look at the financials with the creative director Charlotte and COO/CFO Skyler. He decides to offer $700,000 for 41 percent equity and Matt counters him at 39. Lemonis declines so Matt ultimately accepts his initial offer. He will, however, double Matt and Charlotte’s equity—leaving Lemonis with 31 percent.

The group holds a focus group outside of UCLA next and they put their cases to the test. Many people say the designs are extremely feminine, while others point out that they should offer Android cases. Despite the feedback, Matt is resistant to change. Lemonis worries that he won’t listen to anybody but himself. They visit a trade show next to reinforce how they’re not always beneficial without a plan. Lemonis then confronts Matt about his attitude and, per CNBC, “blames his new contention on insecurity.” Matt says Lemonis should be less of an “a–hole.”

Next, Lemonis and the group visit T-Mobile, which they hope leads to a deal. They are also introduced to Public Pool, who will help them create a variety of new designs. Skyler and Charlotte then confront Matt about being away too much at training and sessions, which he pays for through the company. Matt pushes back and tells them to accept his decisions, but Skyler says he’s being self-centered. Lemonis encourages them to hold Matt accountable.

Two weeks later, Matt, Charlotte and Skyler meet with Lemonis about an apparent “cash crisis.” Lemonis questions how that could be based on how “well” they’re doing, but Skyler says the bills are piling up. Lemonis offers a band-aid of $150,000 but says he wants $1 per product for the rest of Matt’s life. In a heated exchange, Lemonis also accuses Matt of misrepresenting the business.

The team visits JD Custom Designs next to create new designs for the T-Mobile presentation. Just before they travel to Seattle for the presentation, Lemonis meets with the trio and attempts to put the final touches on everything. Charlotte and Skyler don’t believe Matt puts the company first and Matt says he wants majority ownership in the deal. Matt says he either wants full control or for Lemonis to buy him out—or no deal. Lemonis says there will no longer be a deal and tells Matt to pay the $150,000 back. Lemonis calls him “a smug pr–k” and says he needs to be more respectful toward his partners.

Ultimately, Lemonis walks away from the deal. He later receives a call from Charlotte, however, who presents him with a potential new deal if she and Skyler leave The Casey—with a “to be continued” ending.

See how social media reacted to The Casery below:

Social Media Reacts to The Casery’s Appearance on “The Profit”

“The Profit” airs every Tuesday at 10 p.m. on CNBC.

What are your thoughts on The Casery’s phone cases and designs? How did you feel about Matt’s attitude? Do you think Lemonis will end up doing a deal with Charlotte and Skyler? Sound off in the comments section below!

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