Entrepreneurship class today was very interesting. We watched an episode of the popular show "Shark Tank". This is a show where entrepreneurs bring in business ideas, present them to investors, and wait to either being shot down, or supported under conditions. A man named Todd Wilson came in with what was left of a failing business in the food industry called Mr. Todd's Pies. He knew his information, and he recognized the potential in it. He was asking for $460,000 and he was willing to give up 10%. The biggest interest spark was when he informed the investors that he had McDonalds interested in selling his product.
The offer he took, was indeed the $460,000 but he also gave up 50% of his business. It was an offer worth taking for him. He wanted to see his business grow more than anything. He wanted to be personally successful - not just making wads of cash. This company was something he believed in and put his worth on. It made sense for him to actually go for the offer.
I would have asked for about 35% and I would have invested the full amount. He knew his facts, and he knew his information. He was passionate about his product, which means he knows how to sell it. I would have faith in Todd Wilson and *Mr. Todd's Pies.
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