Shane Talbott and Steven Nakisher own Talbott Teas
They have a long history of being flashy and stylish. The first thing they did together was open a salon and spa, where Shane ran a Tea Bar for their clients. Specialty Tea Blends were getting more and more popular, so they decided to start putting them in packages and selling them to their customers. Shane also worked for Oprah Winfrey for more than 10 years as her personal hair colorist. This chance would soon come back and be worth a lot in the near future.
In December 2010
Oprah Winfrey would talk about Talbot Teas as one of her favourite things of the year on her show. Getting the stamp of approval from Oprah can only be a good thing, and their sales went up a lot. As the business grew, the list of specialty teas that were still being made grew along with it.
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Shane Talbot and Steven Nakisher went into the Shark Tank
for the first time at the end of 2011. In 2010, they made $350,000 in sales, and so far in 2011, they’ve already made more than $500,000. They had also done well on the QVC channel, which the Sharks like to hear. The profit margin was about 50%, not counting what they paid themselves, which helped get more people interested.
Shane and Steven wanted to buy a 20 percent share of the tea business for $250,000. So far, they have put $300,000 of their own money into the business, and they think that with the Sharks’ help, they can grow it into a million-dollar business. Kevin O’Leary thinks they have a good idea, so he gives them $250,000 for 35% of the tea business.
NEWS ABOUT TALBOTT TEAS
Talbott Teas did not air until February 2012, which was a few months later. Since then, Kevin O’Leary brought good friends Daymond John and Barbara Corcoran back into the deal after the Show. They told James White, who is the CEO of Jamba Juice, about Talbott Teas. White liked their specialty blended teas so much that Jamba Juice bought the whole company
The price wasn’t said
but you can bet that all three Sharks are smiling all the way to the bank since they were all involved in the final deal. After Making a Deal on the Shark Tank, a lot of businesses seem to move very quickly, and the Talbott Tea Success Story is no different. Even in their wildest dreams, they could not have imagined how drastically their lives would change in just one year.