Honey Bunchies Shark Tank Update – Shark Tank Season 14
Honey Bunchies’ pitch impresses Sharks with a unique snack bar but raises concerns about market competition. They walked away without a deal.
Kendra Bennett hopes to “bee” successful in the Shark Tank with Honey Bunchies, her honey-based snack bars, in Shark Tank Season 14 Episode 20. Kendra and her family started the business back in 2015 after her dad recreated an old honey bar recipe that Kendra’s mom had made over 35 years prior. They had no recipe to work from, but what he made is what you find in stores today. The name “Honey Bunchies” is what Kendra’s parents call each other!
They started by going door to door to “anyone that had a register” and selling wholesale from hand-held coolers. Each bar is hand-made by Kendra, her parents, and her brother in a commercial kitchen in Longmont, CO. The bars are 42% honey, which is then rolled in sunflower kernels, pecans, or peanuts. They’re also soy-free, gluten-free, and grain-free.
Check out other Shark Tank Season 14 Episodes.
About Honey Bunchies
| Category | Details |
|---|---|
| Business Name | Honey Bunchies |
| Founder | Kendra Bennett |
| Industry | Food and Beverage – Snack Bars |
| Product | Honey-based snack bars with nuts and sunflower kernels |
| Funding | Self-funded pre-Shark Tank |
| Investment Asked | $200,000 for 10% equity |
| Deal Status | No Deal |
| Valuation | $2,000,000 |
Honey Bunchies has grown over the years. The products are sold at selected Whole Foods, Safeways, Natural Grocers, independent shops, and Amazon. The bars cost $36 for a dozen. Honey Bunchies is set to roll out in Walmart later in 2023 with a new name.
They’re also testing in the Dallas area 7-11 stores; if that goes well, they’ll go to 1000 stores, and if that goes well, they’ll go nationwide. Kendra and family likely want the Sharks’ help to fuel this exponential growth with some automated machinery.
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Honey Bunchies Shark Tank Recap
Kendra entered the Shark Tank seeking $200,000 for 10% of her business. Her dad was an F-4 fighter pilot in Vietnam who lived on candy bars and cola. This caused him to become hyperglycemic and nearly diabetic. That doesn’t fly when you’re a fighter pilot.
Kendra’s mom gave him a honey-based snack that gave him a healthy source of energy. 35 years later, her father tried to recreate the recipe, but he didn’t get it right; he actually made something better! He made something unique in the energy bar market: 42% of every bar is pure honey mixed with nuts and topped with lightly salted sunflower kernels. They’re gluten-free, dairy-free, soy-free, and grain-free.
The Sharks try their samples and love them. Kendra tells the Sharks her dad named the bar after her mom, whom he called “honey bunchy.” Her dad started the company in 2010, but he had no business background, so the first three years were “building the foundation.” They started retailing in 2013 with Whole Foods. They’re currently in 1200 Whole Foods. They’re also in Kroger, Safeway, and Natural Grocers, plus many independent shops.
Pricing
The bars retail for $2.99 and cost 81 cents to make. Sales year to date (mid 2022) are $300,000, and she expects to end the year at $519,000 and profit $22,000.
In 2023, they were projecting $2.4 to $4.2 million due to a test in 7/11, relationships with 3 nationwide distributors, a national retailer who’ll sell whole boxes of bars, increased online sales, and a private label client owned by 2 athletes. She also has a booth at the annual 7/11 trade show to sell into 8500 stores. The Sharks question her enthusiasm about 7/11 orders.
Did Honey Bunchies Get a Deal on Shark Tank?
Mark says he loves the product, but he thinks the energy bar/candy bar business is too competitive; he’s out. Lori loves her parents’ story, but she’s not a big fan of honey; she’s out. Barbara thinks Kendra is too much of an optimist and optimists tend to overestimate; she’s out.
Daymond says family businesses are tough for an investor; he’s out. Kevin thinks the amount of work ahead for Kendra is unbelievable. Kendra tears up and talks about how her family put everything on the line. Kevin says he doesn’t make emotional decisions, he can’t take the journey with her; he’s out too.
Honey Bunchies Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The company changed its name to Bon Bee right before it appeared on Shark Tank.
Their products are all over the country now in Kroger’s, Natural Grocers, HyVee, 7/11, Whole Foods, King Sooper, and dozens of mom-and-pop grocers and health food stores. As of July 2023, the bars haven’t rolled out in Walmart, but Kendra said it would be “later in 2023.” By July 2024, the products were in Walmart. Annual revenue at this time is $3.5 million. The estimated net worth of Honey Bunchies is around $8 million.
The Shark Tank Blog will follow up on Honey Bunchies & Kendra Bennett as more details become available.
Posts about Honey Bunchies on Shark Tank Blog
Honey Bunchies Bars – (Now Bon Bee)
Where Can You Buy It?
Honey Bunchies bars are available for purchase on their official website, Amazon, and other retail stores. For more updates, check out their social media pages: Facebook and Twitter.
Quick Summary
- Kendra Bennett pitched Honey Bunchies, a honey-based snack bar business, on Shark Tank.
- The Sharks were impressed with the unique, healthy product but had concerns about the competitive market.
- Kendra’s emotional pitch highlighted the family’s dedication to their business.
Curious to know about other businesses that appeared on Shark Tank Season 14 Episode 20? Check out their business updates!
