No Deal

Hugo‘s Amazing Tape

Hugo's Amazing Tape is a product made by a pair of sisters from Los Angeles, CA, hoping to continue their father's legacy. This tape sticks only to itself and leaves no sticky residue. It's both re-useable and super strong because it is, in actuality, PVC in tape form.

Currently, the sister-entrepreneurs sell the product direct to consumer online and from their trunk at swap meets. The product used to have a patent but it has since expired because Hugo's Amazing Tape was actually invented twenty years before.

To produce a single roll of Hugo's Amazing Tape, it costs $1.27 per unit to be produced in Taiwan. This retails for $12.99 per unit. Since the tape has been selling, 2011, the company has grossed $500,000 in sales. In the previous year, they made $27,500 in total sales. The best sales year the company had sold $68,000 in product.

Making A Deal

The product is called Hugo's Amazing Tape because it was invented by their father, Hugo. Unfortunately, Hugo also died earlier in the same year that this deal was filmed and the sisters stated that they were pursuing the product and building a business around it because they wanted to see his legacy become a success.

However, neither sister has any kind of expertise in selling a product of this kind. One is an actress and a parenting coach and the other is a voice actress and hairdresser.

Because they were willing to sell up to 50% of the company in exchange for $50,000, Mark and Lori agreed to partner up to ask the sisters if they'd sell the entire business to them for $100,000. They do this despite the expired patent because Hugo's Amazing Tape is already on the market and they believe it'll take a while for competitors to catch up.

The sisters agree and this becomes one of the rare buyouts on the show, where an entrepreneur actually leaves their company entirely in a shark's hands.

Scroll chart to see it all!

Scroll chart to see it all!

View source History What links here

This page was last edited on 16 February 2020, at 10:35.