Jamba Juice owns Talbott Teas, a Chicago-based tea company specializing in high-quality gourmet teas. When Talbott and Nakisher appeared on Shark Tank, Kevin O’Leary offered them a 35 percent equity stake.
When Shane Talbott and Dr. Steven Nakisher established Talbott Teas in 2003, they were the first to do so. For over a decade, Shane Talbott, Oprah Winfrey’s hair colorist, has had over two decades of experience in the salon and spa industry. Psychologist and businessman Dr. Steven Nakisher have a dual background.
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Talbott Tea History
Some of Talbott Tea’s most notable collaborations with the entertainment industry include its Ruby Slippers Blend for the 70th anniversary of Warner Brothers’ groundbreaking The Wizard of Oz film, its Clara’s Tea Slippers Blend for The Nutcracker performances by The Joffrey Ballet, as well as a gift set for the cast and crew of Slumdog Millionaire to be given to them at the 91st Academy Awards in 2009.
Talbott’s Chocolate Almond Allure tea won two awards at the AIDS Foundation of Chicago’s Annual World of Chocolate Event in December 2011. Talbott Teas was selected by Oprah Winfrey in 2012 as one of her favorite things.
After making an appearance on Shark Tank in February 2011, Nakisher and Talbott secured a $250,000 investment from Kevin O’Leary in exchange for a 35% stake in their company. As a result, Jamba Juice purchased Talbott Teas in 2012.
Talbott Teas: Shark Tank
This ABC hit series offers more than just entertainment to the average Shark Tank viewer. It teaches viewers how to sell their products to high-profile customers. Talbott Teas, a successful Shark Tank company, provides valuable sales advice.
Shane Talbott and Steven Nakisher, the founders of Talbott Teas, appeared on the show in 2012 and described their product as “a cup of couture” and “steeped in style,” respectively. But the Sharks weren’t just swayed by the eloquent wording or the 23 flavorful blends.
When the Talbott Teas duo first started, they already had a great product and a lot of success. Profit margins had increased from $100,000 to more than $500,000 in just three years. Talbott and Nakisher appeared on the show and asked for $250,000 for a 20% stake in their company.
A partnership with investor Kevin O’Leary was formed after Nakisher and Talbott provided the business details, and Talbott focused on the creative aspects of the business. Of course, the partners didn’t get exactly what they wanted in terms of equity (and this is a good lesson in improving negotiation skills). Despite this, the deal was a success.
How Did Talbott Teas Convince the Sharks?
Selling a product isn’t just about a good idea or a great product; it’s about your ability to sell it and convince the customer that it’s worth their time and money. For Talbott Tea to succeed, its founders realized they would need more than just a brilliant business plan. They needed to win over the Sharks’ trust to collect the funds they sought.
Talbott Teas used three tried-and-true sales strategies to persuade the Sharks that their company was worth an investment: knowing the customer’s needs, preparing for the pitch, and nurturing the customer relationship. These strategies can be applied to your own sales efforts.
- Know the customer’s needs
- Prepare for the pitch
- Nurture the customer relationship
Talbott After the Shark Tank pitch
For an unknown sum, Jamba Juice purchased Talbott Teas in February 2012, and the teas were available in all Jamba Juice locations by the fall of that year. It was part of the deal that Steve Nakisher and Shane Talbott were allowed to retain their distribution rights with their former merchants.
A few months later, in February of that year, Talbott Teas made its debut. Daymond John and Barbara Corcoran were brought back into the deal by Kevin O’Leary after the show. Jamba Juice CEO James White was introduced to Talbott Teas by them.
After falling in love with Jamba Juice’s specialized blended teas, White purchased the entire company. There was no word on the final price, but with three Sharks involved, you know they are all grinning ear to ear. This is especially true for Shane Talbot and Steven Nakisher, both of whom can be seen beaming in the Season 4 Shark Tank Update Video.
It’s not uncommon for companies to see rapid growth after a Shark Tank deal, and Talbott Tea is no exception. They had no idea how much their lives would change in just a year, not even in their wildest dreams.
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Talbott Teas Net Worth?
In exchange for a 20% stake in the tea company, Shane and Steven were seeking $250,000.00. So far, they have put $300k of their own money into the business. With the help of the Sharks, they believe they can grow it into a million-dollar company. When it comes down to it, Kevin O’Leary believes in them enough to part with $250k for a 35% stake in the tea company.