Kressa Peterson, an entrepreneur from Woodstock, Georgia, pitches her waterproof product that allows you to shower in public with privacy, but gives “timeouts” to misbehaving (and skeptical) sharks on ABC’s ‘Shark Tank.’ (Photo: Eric McCandless, ABC)
“Shark Tank” returned from a monthlong break with new guest shark Alli Webb of Drybar fame and an entrepreneur who’s not afraid to put the sharks in their place.
Kressa Peterson and her family certainly knew how to make an entrance. Her husband, wearing a bright pink tutu and wings, danced toward the sharks like either a deranged tooth fairy. He’s The Dirty Fairy, there to help show off her product by slinging mud and sand onto their two children.
The Petersons are obstacle-course junkies. After getting all muddy, they realized the sad reality of trying to rinse off in public: “It’s not private, and you cannot get clean with your workout clothes on,” Kressa Peterson said. That’s where the Shower Toga comes handy. The silver cloth hangs over the body, allowing users to strip and wash off while keeping their modesty in check. It even converts into a duffel bag to carry dirty clothes.
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Peterson came up with the idea after she developed breast cancer, as a way focus her overwhelmed brain.
Peterson quit her job as a broker of horses, rented out their house, and bought a trailer to take the product across the country. truck. The Shower Toga costs $2.85 to make, but are sold for $34.99 at retail and $16 wholesale, a profit margin that shark Robert Herjavec loved.
Are they better than plastic bags? A ‘Shark Tank’ shower-modesty product faces the test on ABC’s reality show. (Photo: Eric McCandless, ABC)
“Mr Wonderful” Kevin O’Leary, however, wasn’t sold: “Isn’t your competition a garbage bag?”
“Oh my gosh, that’s like saying a balloon is the same thing as a condom,” Peterson said defiantly.
But O’Leary wasn’t persuaded: “I don’t want to take any air out of the Shower Toga balloon, but it works the same way and costs $2.”
“It’s not a plastic bag,” Peterson said, rolling her eyes at one point. When O’Leary said he was out, she decided, like a scolding parent, to give him a timeout. “I’m going to do you a favor. I’m going to give you 30 seconds. You sit and you think for 30 seconds. ”
O’Leary wasn’t the only one to find himself with a timeout; Herjavec soon joined him. While fellow shark Lori Greiner also declined to make a deal, her words of inspiration kept her from incurring Peterson’s wraith: “I don’t see why you need to take on an investor. You make a great margin. You’re out there selling it. You’re pounding down doors. Not often do I say this, but in this circumstance I wouldn’t take on an investor.”
But Peterson made a deal. Mark Cuban and Webb partnered, offering Peterson the $80,000 she asked for in exchange for a 40 percent stake.
“You remind me of myself,” Webb said. “You’re clearly not taking no for an answer. You’re clearly not afraid to stand up to these guys. I think that’s a really important thing for women in business. You have to be able to sit in a room full of men who are telling you your idea isn’t good, and say, ‘No, it actually is good.”
Though it was more than the 33% equity she wanted to give , Peterson accepted the deal, but not before rolling her eyes at O’Leary again after he interrupted her.
“I know I’m supposed to negotiate, but I get two of you, how do I negotiate that?” Peterson said, looking to her family with tears in her eyes. “You got a deal.”
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