Sarah Blain, the single mom entrepreneur whose Boca Raton-based business Sealed By Santa was recently featured in the Palm Beach Post, appeared on Friday night’s “Shark Tank” to try and get a $150,000 investment for 20 percent of her company. After a video visit from St. Nick himself, three offers and some tears, she left with a deal from QVC queen Lori Greiner.
Blain, whose company 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 notoriously prickly Kevin “Mr. Wonderful” O’Leary. (He, incidentally, did not make the Nice List.) 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. (If you’ve had both profound loss and gain in quick succession, this makes so much sense.)
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. (Kids lose teeth year-round, doncha know.)
Read more on Sarah here.