BevBuckle
BevBuckle inventor Jay Kriner pitched the Sharks in episode 402, the season 4 premier. Jay set the tone for a fun fourth season with his “entertainment accessory,” a belt buckle that doubles as a holder for the beverage of your choice. He also coined the first “catch phrase” in season 4, as he let out a hearty “BA BAM” as he flipped down the BevBuckle to reveal its true purpose. The Sharks, and many fans, got quite a laugh out of Jay’s good-natured pitch. Jay sold BevBuckles at beer festivals all over the country and on his website. He had one licensing deal for BevBuckle, also known as The Beer Buckle, in place prior to taping.
BevBuckle Shark Tank Recap
Jay reveals interesting information on Shark Tank. He has two envelopes, one with an extensive list of retailers that wants to carry BevBuckle and another with a list of NASCAR venues that want sell the BevBuckle. Daymond John, unimpressed with the lists, promptly goes out. Mark Cuban likes the product, but not the numbers; he’s out. Robert Herjavec offers $50K for 75% equity because he thinks he’ll have to devote significant time to the business. Mr. Wonderful offers $50K for a 12% royalty on every BevBuckle sold. Barbara Corcoran offers $50 for 51% equity. Jay takes Barbara’s offer, BA BAM, they’re in business!
BevBuckle Shark Tank Update
Jay and Barbara did not consummate their deal, although Barbara advised him and is willing to come into a partnership in the future. Barbara will help Jay with funding a large order, if he needs it. It turns out Jay didn’t need the investment since he sold over $40K worth of BevBuckles on show night and the week that followed. Jay is in negotiations with Spencer Gifts and Urban Outfitters and other retailers. He expects a second order from Twisted Teas, who licensed the BevBuckle and he continues to develop his NASCAR opportunities. The BevBuckle, after some quality control issues in the past with foreign manufacturers, is manufactured in the USA.
On December 7, 2012, SharkTankBlog received an email from Jay Kriner updating BevBuckle’s progress. Here’s what he had to say:
- Bev Buckle is selling like crazy, especially for Christmas as it seems to be a hot gift item.
- Featured somehow in Playboy, Germany this month, asked for a copy and my wife is debating letting me frame it in the house!
- Our NASCAR Sprint Cup Series Tour starts in February. with the Daytona 500 where we will be track-side as a vendor selling to all those left turning beer drinkers!
- Had my little boy named Patek on 10/23 – doing great and not letting me sleep.
- Finally got our new packaging for the buckles: cool tin containers. I also put in a hand signed Thank You card in each for a personal touch. At least until things get too big, right now I’ve signed over 2,500.
- Started using new business tools to help through the growing pains and looking for a bigger facility that we can have a office, warehouse, store front and even a mini beer garden!
- Tomorrow I join country music singer Kevin Fowler and Thom Shepherd on his TOUR bus in TX as he is a big fan of the buckle.
The company was acquired by Sean Coffman, the founder of Carsforsale.com, for an undisclosed amount.
The company is still going strong in 2021. As of May, 2023, annual revenue is $1 million. Kriner is now a professional Formula 1 driver.
Barbara wanted 51% and I thought on shark tank deals done well made are final so if I go onto shark tank to get an shark interested if on spot I say yes but deal I figure isn’t fair after I leave I can withdraw the offer given to me ? See her to want 51% would mean she could run the company and be more than half owner of an company but still that’s like her still handing Jay 49% free money Just for his invention I’m sure he would of just been boss of people at an store or factory so boss of employees and wouldn’t to of had to made the product the bev buckle himself anymore well send designs to an better manufacturer for them to charge less to create the item and Jay just make sure inventory was correct while in facility orders of merchandise would come in they count all and box and ship to buyers so I don’t really see why not of taken Barbara’s deal when she would of brought in the big businesses so her running the ideas of advertising making sure fully advertised make deals with stores to place the bev buckle onto shelves at stores I mean I get it she would be the influence the most and would of gotten people involved to make the sales so pretty much would be like Jay working for Barbara and her saying yo your an good asset so I will let you be almost half owner bc of your invention I see it as he would made lots more than he does now so the deal was fair with all influence she would of had to offered .