Permaplug founder Zak appeared on Shark Tank Season 16 Episode 18 and wowed the sharks with his witty responses to their questions. It even pulled Lori in at one point when she just wanted to do the same with him, and it created a humorous moment during the negotiations.
Zak hails from a small town near Dallas, Texas, and is seeking $350,000 for 15% of the company. Explaining the product, he said,
"Permaplug charger lock is a proprietary, fully patented locking system that secures your charger and cables into place, so they can't be moved, stolen, or accidentally misplaced."
He then demonstrated how to install the lock on any outlet; however, calling him "Zak, honey, poopsie, baby," Kevin interrupted the pitch, all too excited about the valuation. Stopping to let him finish, the Shark Tank investor again circled back to the topic.
Zak, who wanted to play a little, claimed that he had $2000 in sales, which is arguably very little. However, spinning the whole thing, he soon revealed,
"$2000 in sales so far today. I have $456,000 in sales year to date."
This made everyone laugh out loud, and Mark immediately quipped,
"That's a great answer. This will goodown in Shark Tank's history right there."
Shark Tank entrepreneur Zak amazed the Sharks with his witty responses
Explaining how he was able to bring such a huge number of sales for his product, Zak said that he handles advertising himself. He is also an expert in SEO and has listed the product on Amazon even though he was hesitant to.
It was because the seller could not access the user data from their platform, but did it anyway because that resulted in 60% of his revenue.
After all the number talk was done, Kevin made an offer that matched Zak's ask; however, he topped it off with a $2 royalty for every unit sold in perpetuity, which means that the royalty stays forever and does not end even when he has made his money back.
Revealing that the company is just run by him and his wife right now as they are surviving on his savings and her job while also tackling two young kids. Robert appreciated the drive and said,
"Good for you, man. You know, everybody I meet wants to be successful, but so few people are willing to sacrifice and pay the price."
Daniel made an offer but asked for 25% with no royalty. Soon, Lori jumped in and asked him if he wanted to hear her good news or bad news first. He chose the bad one, to which Lori replied that she is out.
Then, for good news, she said she is back in. The Shark Tank investor just wanted to be playful about it and do it exactly how he did them in the beginning with his sales numbers.
This resulted in a huge round of laughter. She then made a deal with a $1 royalty, offering 350,000 for 20%, until she makes her money back. He accepted the offer, and during the post-pitch interview, claimed that he was hoping Lori would join the team because he knows how much she can do to boost a company and product like his.
Shark Tank Season 16 episodes release weekly on ABC at 8 PM Eastern Time on Fridays. They are later available to watch on Hulu.