Joe and Maranda Dowell hope to get some bread from a Shark to help them grow Joe’s Gourmet Fish Fry, their fried fish breading mix, in Shark Tank episode 908. The husband and wife team work together in the business now, but that wasn’t always the case. Joe’s been in the restaurant and catering business since the nineties, Maranda is a former retail real estate specialist and commodities professional. She joined the family business in 2015.
Joe and Maranda travel to large events in the south-east and fry up fish. Customers liked their food so much, they started asking to buy Joe’s special breading mix. That’s when he decided he had another business besides catering. To use it, just dip and fry. No flour or egg or anything. The mixture absorbs less oil and gives the fish a crunchier, less oily taste.
He has Joe’s Gourmet Fish Fry on the shelves in a bunch of Wal Mart, Goodsons and other stores from Illinois down through the southeastern US. He also sells online and on Amazon. A one pound bag is just $5 and a six pack is $25. He also wholesales to restaurants. On the socially responsible side, Joe and Maranda cook a big meal every month for the Safe House Outreach – a homeless advocacy group – located in downtown Atlanta. Joe likely wants a Shark to help him get broader distribution.
Will a Shark cook up a deal with the Dowells?
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Joe’s Gourmet Fish Fry Shark Tank Recap
Joe and Maranda enter the Shark Tank seeking $150,000 for 15% of their business. They give their pitch then hand out samples of shrimp, halibut, zucchini, chicken and scallops prepared with their mix. The Sharks like it! The couple reveals it costs them $1.75 to produce a bag. They wholesale it for $2.25-$2.50 and retail it for $5. Life time sales are $409,000 with $270,000 coming in this year (2017). The Wal Mart deal occurred just 7 weeks prior to taping.
Kevin doesn’t like the valuation and is the first Shark out. Lori likes the taste, but doesn’t see it as an investable business; she’s out. Mark quickly follows. Robert likes the product, but he goes out too. That leaves Daymond. He offers $150,000 for 25%. They counter with 18% and when Daymond holds firm, they take his offer.
Joe’s Gourmet Fish Fry 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 deal with Daymond never closed. Since appearing, they added a zip loc to their packaging. In 2019, the company announced it will be introducing a prepared fried catfish product in the over 1200 stores they have a presence in. The fish is provided by Inland Seafood, a Georgia-based company that already operates an extensive distribution network in the U.S. Southeast. They opened a restaurant inside a Wal Mart in Lithia Springs, Georgia. This is the first restaurant in what will be a franchise offering they announced in November, 2020. As of March, 2022, they are in over 1200 stores east of the Mississippi including Wal Mart, Winn Dixie, Publix, Meijer’s and more.
As of August, 2022, they have not attracted any new franchisees but the business is doing well with annual revenues around $5 million.
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