Why dbest's Products Deal with Mark and Lori Fell Through

Happy Tuesday!

I recently caught up with dbest Products founder Richard Elden to hear about his time on Shark Tank and what has happened since appearing on Season 8. 

Richard and I talked about the growth of his company since the show, why his deal with Mark and Lori fell through, and more!

When I asked what inspired him to go on Shark Tank, Richard said, "A good friend of mine in our biz recommended it."

Richard shared that the best part about being on Shark Tank was the exposure it gave his company, and said that he had "nothing negative to say" about being on the show.

Since he had such a positive experience, I asked Richard if he’d go on again if he was given the chance and he confidently replied, "I always rave about my experience on the show, hell yeah!"

While initially landing a deal with Mark and Lori, it didn't end up going through. I asked Richard to share some insight into what happened.

Richard explained, "I pulled out a $3 million purchase order from my back pocket from QVC (not part of my original valuation) and I needed the money quick to pay for that inventory upfront.”

He continued, “Mark and Lori’s due diligence process took longer than I could wait, so I ended up getting the money from a local bank instead. That bank literally got in touch with me the day after seeing my episode on ABC."

Despite the deal falling through, Richard wouldn't change anything about his time on Shark Tank, stating, "I believe everything happens the way it's supposed to, so just like the rest of my life, I wouldn’t change anything in the past."

Since the show, dbest Products has experienced incredible growth. "I bought 8 more warehouses and expanded our line by over 300%, which also meant a lot more inventory," Richard shared.

He explained that without outside investors to pump in the extra capital, they had to learn to pull back and make sure sales and profits caught up with expansion needs.

Richard went on to say, "No risk, no reward, which also means great risk can result in great rewards."

He admitted to being shocked at their growth but said that he always pushes for more.

"Always push forward, always look for growth, especially when times get tough and it may seem scary. With great crisis comes great opportunity, and that is where we all have an opportunity to make big waves and stand out from the crowd."

Despite challenges during the pandemic, dbest Products has continued to grow. Richard proudly shared, "Today we are the #1 cart company in America with the #1 shopping cart/Trolley Dolly (including stair climbers), #1 teacher cart/Quik Carts, and the #1 soft-sided rolling cooler/ultra-compact Cooler Smart Carts, and we will continue to grow into more #1 spots every single day! We make dbest Products!"

Richard Elden's story is a testament to the power of perseverance, risk-taking, and seizing opportunities.

He was also kind enough to offer an exclusive discount to our readers, but you’ll need to act fast. For the month of April, use discount code SHARKTANKRECAP to save 20% on any order over $50.

Next week, I’m going to share an update from one of my favorite companies from Season 14! Any guesses?

Talk soon,
Andrew Smith

P.S. If you’d like to sponsor an upcoming edition of the Shark Tank Recap Newsletter, don’t forget to book your spot here.