Joel Clark is the co-founder and CEO of Kodiak Cakes. He describes the initial counteroffer made by investor Kevin O'Leary during their 2013 Shark Tank pitch.
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“So the first offer was Kevin. So Kevin says, I'll give you that 500 grand, but I want half the business.”
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More from Joel Clark
AssertionNot checkable as stated
Joel Clark's father borrowed $260,000 against his home to fund Target inventory
“So he went down to the bank. He got a check on his home equity line. So he had to borrow the money and he showed back up to my office with a check for 260,000 bucks.”
Joel ClarkDec 7, 2020▶ 57:40Kodiak Cakes: Joel Clark
PredictionHeld up
Joel Clark projected Kodiak Cakes would surpass $200 million in 2020 revenue
“Yeah, we should go over that this year.”
Joel ClarkDec 7, 2020▶ 1:09:32Kodiak Cakes: Joel Clark
AssertionNot checkable as stated
John Clark launched Kodiak Cakes using $1,400 earned from flipping a truck
“John drove it around for a while, and then he sold it, and he made 1400 bucks. And so he was kind of like, look, I think I can actually start my business on this.”
Joel ClarkDec 7, 2020▶ 14:32Kodiak Cakes: Joel Clark
AssertionNot checkable as stated
Joel Clark: Kodiak Cakes generated $29,000 in total revenue in 1997
“What I do remember is so, you know, when I took it over later in two, in 1997, the revenue that year was 29,000 dollars total revenue.”
Joel ClarkDec 7, 2020▶ 24:37Kodiak Cakes: Joel Clark
AssertionNot checkable as stated
Joel Clark: John Clark sold Kodiak Cakes to him for one dollar
“What we did to actually formalize it, we actually made a little contract and John literally sold me the business for a dollar.”
Joel ClarkDec 7, 2020▶ 25:36Kodiak Cakes: Joel Clark
AssertionNot checkable as stated
Joel Clark incorporated Kodiak Cakes in 1999, returning 50% equity to John
“It was in not until about 1999 that I actually incorporated the business. And then I went back to John and I gave him half the shares back.”
Joel ClarkDec 7, 2020▶ 26:05Kodiak Cakes: Joel Clark
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