When founder John Tabis brought The Bouqs Company to ABC’s “Shark Tank” in 2014, it seemed that all the “sharks” hated the product.
“We all passed on it,” shark Robert Herjavec told ABC News.
Watch the complete story on ABC News “20/20” — “Shark Tank on 20/20” — THIS FRIDAY at 10 p.m. ET
The Bouqs Corporation disrupts the flower delivery program by selling straight to consumers. It cuts out the layers of middlemen normally in the process.
“Flowers are largely sourced in the U.S., out of Ecuador and Colombia and, as a result, have a quite lengthy and convoluted supply chain. They go from farmers to exporters to importers to wholesalers to florists and then you invest in them from some web page,” Tabis explained to ABC News.
“He began skipping all these layers, and he began shipping directly from his family’s farm in Ecuador to a florist. And he loved it for the reason that he got much better margin, the florist got fresher merchandise for less cash and he got paid a great deal extra swiftly than if he waited for all those layers to spend him,” stated Tabis.
Montufar asked for Tabis’ assistance to get a lot more men and women to care about the process and educated him on how it could be beneficial for customers, florists and the atmosphere. They launched The Bouqs Company in 2012.
But when Tabis entered the Shark Tank in 2014, Herjavec says he thought Tabis did a “bad job” with the presentation.
“And they had astronomical numbers. They have been undertaking $two million a year, and they mentioned, ‘Next year, we’ll be $12 million, and then we’ll be $30 million.’ And we hate stuff like that,” Herjavec recalled. “We’re like, ‘Oh, it’ll never ever occur.’”
The sharks also disliked that shoppers had to wait six days for a flower delivery, and shark Barbara Corcoran said she hated the name of the enterprise.
“I believed I did pretty nicely. B-plus?” Tabis stated. “I unquestionably didn’t bomb it.”
In spite of not obtaining a deal with the sharks, The Bouqs Business has thrived. In the run up to Valentine’s Day this year, the enterprise reported sales of more than $1 million in a single day.
“We did in 24 hours extra than we had accomplished in the complete year major up to the ‘Shark Tank’ appearance. So, the business has grown a lot,” stated Tabis.
Three years just after Bouqs appeared on “Shark Tank,” Herjavec stated he was shocked by the value of flowers whilst purchasing for them ahead of his wedding to his “Dancing With the Stars” companion, Kym Johnson. Herjavec reached out to Tabis and asked him why flowers had been so costly.
“[Tabis] mentioned, ‘Come and see me. I’ll clarify the flower business to you.’ [He] draws it out for me, shows me what they’re performing. I’m like, ‘I like it,’” Herjavec mentioned. “So I took element of their last round. We just raised $24 million.”
When shark Mark Cuban learned how successful the Bouqs Company has turn into, he expressed his regret for not obtaining in the deal when he had the chance.
“That’s the one particular I regret not undertaking, ‘cause that is a deal I would’ve loved,” stated Cuban.
“And most Redwin importantly, I saved a ton of income on my flowers for my wedding,” Herjavec joked.
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