The Smart Baker Update – Daniel Rensing – Season 3 Episode 7

The Smart Baker(s)

The Smart Baker took a deal on Shark Tank with Barbara Corcoran in the Shark Tank, but like so many the ink never dried on the paperwork after the cameras quit rolling.  The story of how they got there is quite fascinating, as well as what happened after they left.

“It took 10 YEARS to become an overnight success” Daymond John

The whole journey started when they simply asked why there wasn’t an easier way to_______ fill in the blank.  One by one they started creating products that solved their own problems, as well as hundreds of thousands of other bakers just like them.  It’s a phenomenal story with great lessons for any entrepreneur and its only on SHARK TANK PODCAST!

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This Shark Tank Session is brought to you by:

bluehost

THE SHARK TANK DEAL: Barbara 75k For 40% + 5% royalty (The deal was never finalized)

(ASK: 75k for 25%)

Episode 307 – Aired 3/2012

Contacted by Shark Tank: August/September 2009

Show Filmed: July or August 2011

Sales At Time Of Taping: 72,000 in sales YTD

Taping Time: about 2 hours (Call Guinness)

2013 Sales: around 500k (big deals inked that didn’t hit the books)

Projected 2014 Sales: 1.5 million (Disclaimer – Daniel hates projections, but I forced his hand)

The Shark Tank Effect:

  •  Joann’s Fabrics, Hallmark,  Madison Square Garden, Hershey’s Theme park, Royal Caribbean, Bed Bath & Beyond…the list goes on & on
  • Tremendous scaling from Aprons online to customized corporate
  • Show aired in March, sales eclipsed entire prior year in March alone
  • “It’s not all about money and dollars, but the experience was a tremendous investment in our future”
  • Daniel thinks not closing the deal was a detriment to getting an update on the show, but they have been discussing it with Clay…(The Smart Baker has seen tremendous success and merits one based on the typical metrics)

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In This Shark Tank Update You Will Hear:

  • How new companies are formed around SOLVING PROBLEMS!  Enter the Smart Baker
  • Stephanie did NOT want to go on Shark Tank because at the time the gross sales were just over 3k per month. (among other things)
  • Like a typical husband, Daniel went ahead and submitted an application and Smart Baker was headed to Shark Tank
  • The Smart Baker didn’t invent anything new, but they identified a market that was being underserved = HUGE
  • Are you playing Devil’s advocate with your business?  You better start
  • Why Smart Baker said NO to Bed, Bath, & Beyond as well as  QVC, and  other big box retail and what you can learn from their experience
  • The psychology behind the investor discussion & what to do when Daymond says Barbara likes to “Kiss butt & lie”
  • The BREAKDOWN between Barbara & The Smart Baker – How, When, & Why.
  • Thoughts on the deal they got from an investor AFTER they left the Shark Tank…
  • Plus a whole lot more…

What you didn’t see on the show:

  • Mr. Wonderful was as sappy as Robert Herjavec and wanted to have them renew their vows on TV (Why Shark Tank, why?)

Items/People We Talked About During The Session: (Should You Get To Know Them??)

A Tool, App, or Hack that Smart Baker couldn’t survive without:

Adobe Illustrator (Daniel got his degree in graphic design, so yeah, he’s a pretty big deal with illustrator)

Party online with The Smart Baker:

Freshly Picked on TwitterFacebook, & InstaGram

shark tank

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Until Next Time…Bu-Bye!

TJ

 

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About the Author

TJ Hale

TJ Hale

TJ Hale is host of the popular "Shark Tank Podcast" where he interviews entrepreneurs from the show, casting directors and producers, the SHARKS themselves, and also real-life entrepreneurs. TJ is married with two sons. When he's not consulting entreprneurs or rubbing shoulders with Sharks, he's often spending time with family or practicing to one day become the Phoenix Suns mascot, the Suns Gorilla - no, seriously, click here, here, or here to check that out. To learn more about TJ, or to connect with him on social media, head over to the about page or click here.