Rick the Magician on Shark Tank: A Magical Pitch
Rick the Magician, aka Rick Merrill, is a professional magician who has been performing magic tricks for over 20 years. In 2015, he took his talents to the popular ABC reality show Shark Tank, hoping to secure an investment to take his business to the next level.
The Pitch
Rick walked into the Shark Tank set confidently, introducing himself as a professional magician with a unique business model. He explained that he performs magic tricks at corporate events, private parties, and even on TV shows. However, his main focus is on teaching magic to others through his online course and instructional DVDs.
Rick demonstrated a few impressive magic tricks, leaving the Sharks in awe. He then presented his business plan, stating that he had sold over $1 million worth of instructional DVDs and online courses in the past year. He was seeking an investment of $100,000 in exchange for 20% equity in his company.
The Sharks' Reactions
The Sharks were impressed not only by Rick's magical skills but also by his business acumen. Mark Cuban was the first to speak up, asking Rick about his marketing strategy and how he plans to scale his business. Rick explained that he uses social media and online advertising to reach potential customers.
Lori Greiner was fascinated by Rick's online course and instructional DVDs, asking about the production costs and profit margins. Rick revealed that he produces his DVDs for around $5 each and sells them for $50, making a significant profit.
Robert Herjavec was skeptical about the scalability of Rick's business, questioning whether he could maintain his current sales pace. Rick assured him that he has a steady stream of customers and is constantly creating new content to keep them engaged.
The Deal
After some negotiation, Rick accepted an offer from Lori Greiner. She invested $100,000 in exchange for 25% equity in his company. Lori's deal was contingent on her becoming involved in the marketing and sales strategy of Rick's business.
Rick left the Shark Tank set with a smile on his face, grateful for the investment and partnership with Lori Greiner. With her help, he aimed to take his magical business to new heights.
Update
Since appearing on Shark Tank, Rick the Magician has continued to grow his business. He has expanded his online course offerings and has performed at numerous high-profile events. His partnership with Lori Greiner has helped him reach a wider audience, and he remains one of the most successful Shark Tank contestants in the entertainment industry.