Her clothing side hustle received a $250,000 offer on 'Shark Tank' despite working 50-hour weeks at her day job.
Ashley Sankar devotes 10 to 12 hours each day to her main job and then spends another 6 to 8 hours working on her side business.
On Friday's episode of ABC's "Shark Tank," it appeared that her additional efforts had paid off.
The founder of Phoenix-based clothing startup NineteenTwenty, along with her husband and part-time COO Zach Sankar, showcased the company's attire on the show. NineteenTwenty offers garments such as puffer jackets, windbreakers, and skirts that can transform into functional items like tote bags, pillows, or blankets.
Zach Sankar stated that the pair began selling clothes in December 2022 and generated $269,000 in annual revenue last year. They have sold out each quarterly batch of apparel they have ordered from their manufacturer, and if they could afford larger inventory purchases, they would have earned more, according to Ashley Sankar, a former U.S. Army logistics officer who now works as a senior program manager at Amazon, as per her LinkedIn profile.
""One drop per quarter is all we can afford," Ashley Sankar stated."
DON'T MISS: The ultimate guide to earning passive income online
Ashley Sankar founded the company to support her and her husband, who have been together since high school, while he pursued his dream of becoming a pilot. However, when the business grew larger than they anticipated, they put their aspirations on hold and decided to reinvest NineteenTwenty's profits back into the company instead of keeping the extra cash for themselves.
The duo requested $250,000 from the show's investor judges in exchange for a 10% equity stake in NineteenTwenty. However, they encountered three challenges: a disorganized financial presentation, the competitive nature of the apparel industry, and Ashley Sankar's part-time CEO status.
'We came to make a deal'
During the discussion of their startup's finances, the Sankars mentioned that NineteenTwenty had generated a total profit of $97,000, some of which was used for expenses such as research, development, and shipping.
"Cuban advised the Sankars that the shipping of their product comes before their profit is calculated. One of the biggest challenges they face is comprehending accounting and managing their cash flow. They may want to claim they made $97,000 because it sounds impressive, but in reality, they haven't earned more than $82,000, and it's likely that their actual profit is much lower."
Cuban and Lubetzky both declined to make an investment offer in NineteenTwenty due to the competitive environment in the clothing industry, and Ashley Sankar disputed Cuban's assessment, stating that NineteenTwenty works with financial consultants to arrive at its calculations.
Kevin O'Leary proposed to the Sankars a deal of $250,000 for 30% of their company, but only on the condition that Ashley Sankar quit her day job and devoted herself entirely to the business. "You're not fully committed because you have other jobs," O'Leary stated.
Robert Herjavec, another investor, objected to the suggestion. "That's rubbish and it's unjust," he exclaimed. "I launched my first business without knowing if it would succeed. I had to work a full-time job for six months."
When O'Leary said none of his CEOs worked other jobs, Ashley Sankar replied, "They work 100% of the time, but they don't work as much as I do."
Herjavec said, "You strike me as the kind of people who are going to figure it out," to which Ashley Sankar countered with 20%, which Herjavec declined.
In the end, the Sankars opted not to negotiate over 5%, accepting Herjavec's conditions.
"I'd rather have 70, 72% of something than have 100% of nothing," Ashley Sankar stated. "We came to make a deal."
To earn extra money online, sign up for CNBC's course on passive income streams, starting tips, and real-life success stories.
Sign up for CNBC Make It's newsletter to receive expert advice on work, money, and life.
Make It
You might also like
- Some high-paying work-from-anywhere jobs that companies are currently hiring for include the top 7 most in-demand positions.
- The Gen-Z duo took a risk and started a pasta sauce brand that generates $1 million in monthly revenue.
- How to increase your chances of getting more money at work, according to a former Google recruiter.
- The maximum amount you should spend on housing if you make $80,000 annually.
- He bought a sandwich shop for $125,000 at the age of 17 and sold it for $8 billion.