Shark Tank Highlights: Bobbi Peterson’s Big Mouth Toothbrush
In Season 14, Episode 15 of Shark Tank, which aired on March 3, 2023, Bobbi Peterson pitched her innovative business, Big Mouth Toothbrush. Seeking an investment of $150,000 in exchange for a 10% equity stake, Bobbi showcased her unique wide toothbrushes designed for an enhanced brushing experience. Although initially faced with decision-making from all Sharks, a surprising twist occurred when she eventually struck a deal with Kevin O’Leary.
The Negotiation Begins
Kevin O’Leary, affectionately known as Mr. Wonderful, offered Bobbi $150,000 for a 25% stake in her business, along with a $5 royalty for every unit sold indefinitely. Bobbi challenged him by asking for a reduced equity share of 20% and a lower royalty of $2. Before an agreement could be reached, Barbara Corcoran interjected.
“I’ll take that deal.”
This unexpected intervention caught both Bobbi and the rest of the Shark panel off guard, especially as Barbara celebrated her keen negotiation skills by outmaneuvering Kevin.
Barbara Corcoran’s Initial Hesitation
At first, Barbara expressed reservations about investing in Big Mouth Toothbrush. During Bobbi’s demonstration, the orthodontist explained how the wider head of her toothbrush provided superior coverage and a more soothing brushing experience. Despite being impressed with the concept, the Sharks questioned the product’s differentiation in the crowded oral care market.
To alleviate their concerns, Bobbi revealed that she currently holds a design patent for her toothbrush head and is working on securing a utility patent. She confidently stated:
“I can’t answer why they [major toothbrush companies] don’t have it, I can just answer the question as to why I did it.”
Sales and Market Insight
When questioned about pricing by Robert Herjavec, Bobbi shared that her toothbrushes retail at $69.99, with production costs of approximately $14 per unit. She noted that she has sold 60,000 units within the first six months post-launch, a significant feat, though interrupted by stock shortages after a successful Black History Month campaign.
Interestingly, Bobbi revealed her name has generational significance—her name, as well as those of her mother and daughter, are all Barbara, hinting at a legacy of entrepreneurship within her family.
Shark Tank’s Competitive Landscape
Barbara soon stepped back from consideration, expressing concerns over the saturated market Bobbi entered. Robert echoed this sentiment, acknowledging the significant competition in a field where substantial financial backing is often required to succeed.
“I don’t wanna be in a market where you have to spend millions of dollars to go up against people with a product that costs $69. I think there’s a lot of pain in that,”
he stated, ultimately deciding against investing. Mark Cuban concurred, citing the daunting challenge of balancing both a busy practice and running a consumer product company.
The Deal That Changed Everything
Amidst Bobbi’s responses to Barbara’s questions about her funding needs—which included staffing, storage solutions, and retail expansion—she noted the importance of financial support. Barbara, initially considering a partnership, ultimately concluded:
“I admire you. I respect you tremendously but it’s not a business for me. I’m out.”
This left Kevin as the sole Shark. Bobbi negotiated further, but before reaching a conclusion, Barbara returned to the table with a compelling counteroffer: $150,000 for 20% equity and a $2 royalty. The deal was struck, showcasing a rare and exciting moment in Shark Tank history.
What’s Next for Big Mouth Toothbrush?
As Big Mouth Toothbrush gears up for future growth, the company is projected to reach an estimated net worth of $500,000 by 2025. For fans of the show, new episodes of Shark Tank are aired every Friday at 8 PM ET on ABC.