In Season 1 Episode 6, Jonathan Miller appeared on Shark tank seeking $150,000 for 15% of custom energy bars, Element Bars.
Here’s a quick recap before we dive into the Element Bars Shark Tank update.
Shark Tank Pitch Recap
- : It’s an interesting business but the valuation is insane and:
1) There’s nothing proprietary about the process
2) His bar gave him a sugar high and now he’s crashing
He’s conflicted because he really likes Jonathan but he can’t invest.
Out - : She sees Jonathan as a mini Shark but she doesn’t get the business and she doesn’t believe the market is there – if it is, somebody is going to knock it off.
Out - The Sharks ask him to pull out a number but he can’t negotiate with himself.
- : He thinks the valuation is still crazy and he would have to have a 75% equity stake int the business.
Out - : He’s impressed by Jonathan but not the business. He suggests that Jonathan forget about Element Bars, and work for him.
Out - : He bought into the custom nutrition concept about 7 years ago. He believes his company might be interested in Element Bars.
Offer: $150K for 100% + 4% royalty in perpetuity to Jonathan contingent on a deal with Kevin’s nutrition company. - Jonathan makes a counter to Daymond’s offer.
Counter Offer: $150K for a 20% equity stake - The Sharks laugh at the offer but Jonathan remains firm.
- : “You’re a great salesman but you’re not a great business guy.”
Out - : He’s offended by the counter offer but considers Jonathan a beast.
Out - Jonathan rejects Kevin’s offer. A 4% royalty isn’t enough motivation for him and he wants to see the business grow.
- : He returns a new counter offer. He wants to license Element Bars.
Counter Offer: $150K for 35% + 4% royalty in perpetuity to Jonathan. - Jonathan makes a counter offer of 25%. Kevin brings it back up to 30% and Jonathan accepts the offer.
| Season 1 Episode 6 | |
|---|---|
| Episode Number | #106 |
| Network | |
| Air Date | September 13, 2009 |
| Business Pitch | Customizable energy bars where customers choose the ingredients |
|---|---|
| Entrepreneur/Founder | Jonathan Miller |
| Asked For | $150,000 for 15% |
| Deal | $150,000 for 30% + 4% royalty and rights to license product |
| Shark | Kevin Harrington |
| Business Status | In Business |
|---|---|
| Estimated Valuation | — |
| Website | — |
After Shark Tank Update
Element Bars experienced a wave of interest following the airing of his Shark Tank episode.
Johnathan, however, was not prepared for the surge in traffic that would come after appearing on Shark Tank and the website experienced some issues leading to some customers unable to place orders.
The deal with Kevin Harrington unfortunately did not close and Johnathan was forced to continue the journey without the help of a Shark.
Fortunately for the business, Johnathan managed to navigate through these difficulties buy changing their business model to include private label and wholesale opportunities.
Where Are They Now?
2022 UpdateElement Bars is still in business today, though they are no longer shipping direct to consumers and have now pivoted to using a co-packer to help them reach customers nationwide.
How COOL is this! I am just watching old Shark Tank episodes that I hadn’t seen in years and saw this episode. This guy was great and seeing it’s still going strong and everyone got what they wanted, I absolutely Love seeing that!