We're still working up our take on this deal. (Sometimes it takes us a little bit.) However, you might find our quick take interesting in the meantime. Check back when we've updated this deal to see all of our thoughts.
salted is a novel take for a restaurant, especially in these times of a novel virus. Rather than staffing up an expensive piece of real estate that will eat into the margins, open a kitchen anywhere and sell exclusively through the various delivery apps that are out there. Not only does this keep the costs down but the company can spin up alternative "brands" that appeal to specific customer segments without alienating other ones.
The entrepreneur does bring up being, in some ways simmilar to Plated, a deal Kevin was eventually involved with. Kevin responds that Plated was the largest exit return in Shark Tank history. (We need to get on plugging that into our deal database...)
Unfortunately, that this was the third pivot of the company's business model in five years, that the entrepreneur seemed to dodge some of Mark's questions, that a $10,000,000 value had been placed on the company, and that the company still lost $750,000 the previous year, it seemed like a deal was going to be... let's say... difficult.
And that was before the entrepreneur actively ignored and talked over Lori, the one shark that seemed actually interested in the business.
Hot tip... when you've engaged a shark enough that they want to speak to you, shut up? They're the ones with they money, after all...