Sarah Blain, the single mother entrepreneur who owns the South Florida-based business Sealed By Santa, appeared on Friday night’s “Shark Tank” to try get a $150,000 investment for 20 percent of her company. After a video visit from Santa Claus, three offers and some tears, she left with a deal from infomercial queen Lori Greiner.
Blain, whose company in Boca Raton offers customized letters from the North Pole complete with an authentic postmark, as well as reindeer food and a certificate that the receiving kid made the Nice List, got an initial offer from Kevin “Mr. Wonderful” O’Leary. But it was for a third of the company, which she explained was too much equity. She then started to cry, elaborating that she was now a single mother who needed to keep it around the 20 percent in an order to protect her business for her and her two daughters. She also explained that the day “Shark Tank” called was the day that her husband left, making it both the worst and best days.
She wound up accepting Lori’s offer of $150,000, consisting of a loan of $75,000, for 22.5 percent of the company, after being intrigued by the idea of adding a Tooth Fairy letter option.
Read more on Sarah here.