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Gold Rush Nugget Bucket

gold rush nugget bucketMark Peterson hopes to strike gold when he pitches the Gold Rush Nugget Bucket, a gold panning kit inspired by his daughter, in Shark Tank episode 622. The kit is essentially a bucket with a set of screens, funnels, and pans that moves gold and silt into a concentration bowl. This method makes panning for gold easier than using the standard pan.

The Gold Rush Nugget Bucket is proudly made in the USA and holds several US and Canadian patents. It’s also endorsed by the Gold Prospectors Association of America (GPAA). Peterson’s been selling the product since 2012. The kit stows inside a 5 gallon bucket, weighs about seven pounds, and includes everything you need to pan for gold. If you want to pan for gold, you’ll need to shell out some green, it costs $99.95, plus shipping, on Amazon.

Mr. Peterson likely wants some cash from the Sharks to help get his product more widely distributed. Will a Shark offer some green cash to get some gold nuggets?

Gold Rush Nugget Bucket Shark Tank Recap

Mark enters seeking $60K for 15% of the company. He explains how the Gold Rush Nugget Bucket makes it easier to pan for gold. He demonstrates it and the questions start. His daughters had fun with buckets while looking for rocks, which is what gave him the idea.

He’s done $290K in sales with a 70% margin. He’s invested $192K and explains he has two patents. Mark goes abruptly out, Robert follows. Barbara wants one for her husband, but she’s out. Lori thinks it’s a toy, she’s out. Kevin thinks he needs to go into retail. He thinks it’s so frivolous, it has merit and offers $60K for 50%. Robert jumps back in and offers $60K for 25%. Mark takes Robert’s deal.

RESULT: DEAL with Robert for $60K for 25% of the company.

Gold Rush Nugget Bucket Shark Tank Update

The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Robert and Mark closed their deal, but there were some challenges that needed overcoming. The company is featured in Beyond the Tank episode 207. Read a full recap and update HERE.

Luckily, the company overcame the challenges. Mark and Robert ended up hiring a social media manager. Fast forward to May, 2022, and the company is still in business with $1.2 million in annual revenue.

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