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Shark Tank: Simply Good Jars Accept $500,000 From Mark Cuban and Lori Greiner

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Philadelphia native, Jared Cannon, came to the Shark Tank hoping to save his business, Simply Good Jars. After pivoting to change his business model to fit life in a pandemic, Jared realizes that he will be giving up ownership of his company (of which he is a 51% owner right now) by partnering with a Shark. He feels that the value a Shark would bring to his company would be invaluable and he is willing to make that leap. Seeking a $500,000 investment in exchange for 7% equity in Simply Good Jars, Jared is hoping to land a strategic business partner that can help him to grow in his new cloud kitchen model and reinvent his marketing program.

Simply Good Jars are redesigning pre-packaged salads and capitalizing on a popular trend. Their salad-in-a-jar culinary creation provides a simple and healthy meal on-the-go. The delicious, fresh flavor coupled with a nine-day shelf life immediately catches the Sharks’ attention. When reviewing sales, it was clear Simply Good Jars, like other companies, saw a steep decline in 2020. At the time, their business model focused on a fleet of smart coolers in locations where there was a captive audience with little access to many food options such as hotels, airports, office buildings, etc. When those areas closed down, literally overnight, the company found themselves scrambling to reinvent the way they do business. They quickly made the pivot to retail, primarily grocery, and C-stores, since salad bars also went away overnight, these businesses were very willing to give Simply Good Jars a try. They also made a move to Cloud Kitchens as well.

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    Although the Sharks are concerned that Simply Good Jars have at least 12 other investors, are not yet profitable, and lost money the last two years, they love the product and are interested in investing in the company. Kevin O’Leary was the first to extend an offer, but he quickly partnered with Lori Greiner to make a collective offer to Jared. Because Kevin had great success with Plated and knows the logistics of how to make Simply Good Jars a national success, he wanted to partner with Lori Greiner to help from a marketing and branding perspective. Their offer featured a loan rather than an investment and would still give some shared equity between the Sharks. Mark Cuban also wanted to partner with Lori and collectively offered exactly what Jared asked for, $500,000 for 7% equity. Jared accepted Mark and Lori’s offer.

    If you were a Shark would you have invested in Simply Good Jars? Do you think that Jared made a good decision to partner with Mark and Lori over Kevin and Lori? Which Sharks would you have wanted to partner with? Start the conversation in the comments below!


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