With Cab 20, a band he manages, Tom Callahan introduces a brand-new sound to the Shark Tank. He intends to link the young musicians with the proper individuals by enlisting the help of the Sharks, who can provide not just financial assistance but also contacts and marketing experience. For “over 25 years,” Callahan has been in charge of promotions and marketing for a variety of bands.
With the Sharks’ help, he believes Cab 20 can circumvent the mega-marketing juggernaut that is today’s music industry and become an independent smash. Will the music sway the Shark Tank investors, or will they swim to the beat of a different drum?
Rock Band Before Shark Tank:
Lee Dahlberg started the firm Rock Bands. Lee developed his own band and discovered that it was in high demand since everyone who saw it wanted one. Lee Dahlberg was a fashion model before joining the show, and his experience and enthusiasm for the industry drove him to sell his home and start the business.
Initially, stores were showing interest in Lee’s products. However, as Lee was building his firm for over five years, he ran into a slew of issues that resulted in lower sales than he had intended. Lee requested to be on Shark Tank in the hopes of receiving assistance from the Sharks in resolving these issues and growing his business and was accepted for season four.
Rock Band on Shark Tank:
Lee Entered the Tank with A Goal of $100,000 for A 20% Stake. Lee Began by Stating that His Product Was Exactly What It Sounded Like: Stones on Bands, but That the Stones Also Contained “healing Components.” It Also Comes with A Backstage Equipment Box with The Stone’s Symbolism Disclosed. Lee Went on To Say that He Got Into Retail but That It Was Difficult for Him. Mr. Robin Leach, a Well-Known Figure Among the Wealthy, Appears out Of Nowhere and Begins Hawking the Product, Which Has All of The Sharks Laughing and Engaged.
Kevin Disputed Lee’s Claim that His Product Has Healing Properties, to Which Lee Responded that It Was only An Expression Since the Item Makes People Smile. Lee Subsequently Revealed that He Had Earned $300,000 Over the Course of Five-And-A-Half Years, Which Angered the Sharks. Lee Attempted to Defuse the Situation by Stating that A Recent Italian Business Had Licenced the Product Name “rock Bands” in America from Him, with Lee Receiving 40% of Sales.
The Sharks Promptly Inquired as To Whether the 40% Would Come from Gross or Net Revenue, and Lee Made the Usual Error of Not Directly Addressing the Question, Which Always Irritates the Sharks, but Finally Informed Them that The 40% Would Come from Profit. Lee Also Expressed Worry About a $150,000 Purchase Order that Was Cancelled by The Firm, and Lee Did Nothing to Try to Have the Deal Legally Concluded.
Mark Sought to Shift the Conversation to The Positive Side of The Business by Asking for Numbers, and Lee Responded that The Complete Set Costs $12 to Manufacture, that It Wholesales for $50, and That It It Retails for Between $100 and $150, Which Impressed the Sharks. Lee Also Stated that He Needed the Funds to Upgrade His Website and Engage Attorneys Since Others Were Infringing on His Trademark, Such as With “rock Bands” Clothes.
Kevin Made a $100,000 Bid for The Entire Firm Because He Saw Potential in The Brand and Believed He Could Profit from It Rather than The Goods Lee Was Selling. Barbara Made an Uncommon Comment when She Said Lee Was Unfortunate and That It Wouldn’t Change, but The Sharks All Grumbled and Thought Barbara Was Being Hasty. Barbara Disregarded Them and Told Kevin that She Wanted to Join Him in His Agreement, Which He Gladly Accepted. Because of A Prior Successful Investment in A Comparable Business, Daymond Was Interested and Offered Lee $100,000 for A 40% Stake if Mark Would Come In, Which He Did.
Barbara Advised Lee that Selling His Firm Would Allow Him to Pursue Other Prospects Rather than Dealing with His Current Challenges. Daymond and Mark Persuaded Lee that They Could Licence the Jewellery Brand Based on Their Prior Success Stories. Lee Accepted Mark and Daymond’s Offer and Left the Tank Quite Satisfied After Hearing from Daymond that He Required an Answer or He Would Go out And Seeing Possibilities in The Licencing Market.
After Shark Tank, Rock Bands:
The Arrangement with Daymond and Mark Appears to Have Fallen Through Since Lee’s Website Claims that They Are Still Looking for Investors. the Failure to Close the Sale Is Most Likely Due to Lee’s Prior Issues, Such as Infringement.
Customers May Still Purchase Products from Lee’s Website, Indicating that Rock Bands as A Firm Still Exists. However, It Does Not Appear that Lee’s Firm Has Developed Significantly Since the Programme, and His Facebook Profile Has Not Been Updated for Over a Year, Indicating that He Isn’t Particularly Active with His Company.
Lee Did an Excellent Job in The Tank by Discussing the Challenges with His Firm and How He Was Attempting to Remedy Them, as Keeping Any Flaws Inside Your Company Hidden Can Result in A Loss-Loss Situation in The Long Run, as The Sharks Will Discover During Due-Diligence.
However, It’s Possible that There Were More Issues than Were Highlighted in The Episode, and That This Has Deterred Lee from Expanding the Firm Further. Lee’s Firm Does not look to be growing in the future, since he has been seeking investors for some time and does not appear to be pressing for them, but he still has a wonderful trademark and business expertise.