Professional chefs Hugo and Debra Saavedra appeared on Season 7 of “Shark Tank” in November 2015, seeking $200,000 for 10% of their company. The detail of company ownership was a big one for the Saavedras, as they had owned businesses before, but made the mistake of selling off too much equity. Now that they were focused on Saavy Naturals, they were determined to keep the majority of their brand. Hugo and Debra were a huge hit with the sharks; not only was their product intriguing, but their happy marriage was an equally compelling element to an enticing business.
While discussing with the sharks, Hugo and Debra say that their business reached $750,000 in sales the year before, much of which came from a collaboration with a few Whole Foods locations. Kevin O’Leary didn’t agree with the Saavedra’s overly generous assessment that their company was worth $2 million, and said that he was out. Mark Cuban said that he was already linked with the brand Simple Sugars, and there would be a conflict of interest. Lori Greiner pulled herself out, but Barbara Corcoran was intrigued and came up with a unique offer so that the Saavedras still had the majority of their company. She gave them $100,000 for 40% of their business plus $100,000 for purchase orders. It certainly looked like a good deal on the show!
