Bussiness
Topsail Steamer founder makes a deal with teeth on ‘Shark Tank’ reality show
In her Oct. 25 appearance on the sometimes cut-throat reality show “Shark Tank,” the founder of a local seafood company made a deal to grow her business.
Danielle Mahon, owner of Topsail Steamer, served one of her signature, make-at-home seafood boils to the Sharks on the ABC series. And two of them bit.
On the show, entrepreneurs pitch their business ideas to five potential investors. If one of them wants a deal, negotiations take place to determine the amount of investment in return for a percentage of the business. Mahon filmed the episode this summer.
“It was an incredible experience, but pretty intense,” she said. “You only get one chance to do your pitch with no opportunity for do-overs.”
But Mahon’s delivery was smooth as she told the Sharks that Topsail Steamer sold $4.5 million worth of boils and other products last year and expects to do $5.7 million this year. She added that the company has about 28% food costs and 17% labor costs. Mahon asked the Sharks for a $350,000 investment for 8% of the company. Todd Graves, founder of the popular, Louisiana-based Raising Cane’s Chicken Fingers brand, was immediately interested in Topsail Steamer and encouraged Mahon to focus on growing sales, instead of pursuing franchisees. Eventually, Graves partnered with Shark Lori Greiner, who wants to focus on the direct-to-consumer side of the business, to offer the money for a 10% stake each.
After negotiations, Mahon agreed to the deal for 18% of the company.
“Here’s the thing. We’re going to take you to the moon, like fast,” Greiner said.
“I’m ready to go to the moon,” Mahon said.
It was Graves’ first deal on the show. Mahon said her plans are to grow Topsail Steamer to 400 brick-and-mortar locations.
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Allison Ballard is the food and dining reporter at the StarNews. You can reach her at aballard@gannett.com
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