Oprah endorsed a T-shirt side hustle launched by a couple, and their business has the potential to generate $300,000 in revenue this year.
Ashley Green discovered the significance of photos when, at the age of 21, her mother passed away suddenly, leaving her with only a single photograph of them together.
In 2014, while on maternity leave, the lesson inspired her and her husband Kenny Green to launch Kaans Designs, a clothing company that offers coordinating outfits for families' "ideal photo opportunity," as stated on their website.
"Ashley's mission on "Shark Tank" was to create a brand that required documentation of memories, with a focus on taking pictures in her shirt and surrounded by family."
Ashley and Kenny, both 38, started their company in Fort Wayne, Indiana, as a side hustle. They used a $200 investment from Ashley's dad as their seed money.
Ashley has been working full-time for Kaans Designs since 2017, while Kenny alternates between full-time jobs as needed. The company employs two part-time workers and up to four seasonal employees, selling products ranging from $2 to $58.
The Greens requested $75,000 from the "Shark Tank" panel of investor judges in exchange for a 15% equity stake in Kaans Designs. Their small business is profitable, with $44,000 in earnings last year, and it has been featured on Oprah Winfrey's "favorite things" list twice. Additionally, Ashley stated that the company could generate $300,000 in sales by the end of 2024.
We are facing challenges in keeping up with demand and expanding our product line," said Ashley. "Our customers run out of options once they've gone through our current sets.
'I would bet on yourself'
Four judges withdrew from the panel without extending an investment offer. Kevin O'Leary and Daymond John both believed Kaans Designs didn't require an investor to flourish, with John estimating its potential value to be between $5 million and $10 million in the future.
Lori Greiner admitted she lacked sufficient knowledge about the fashion industry to invest. Meanwhile, Mark Cuban withdrew due to being unable to match the proposal presented by Todd Graves, a Shark Tank guest and the billionaire founder of Raising Cane's Chicken Fingers.
Graves proposed a $75,000 loan to the Greens in lieu of an investment, with a 10% stake in Kaans Designs' equity. Additionally, he requested that John Fubu, the founder of an apparel company, join the deal solely as a mentor.
""I'll be available to guide you, but I won't be investing," John replied."
Graves advised the Greens to retain as much ownership of their business as possible, stating, "You're working hard. You're making this happen. This is your story. I would bet on yourself."
The couple agreed to Graves' offer after the show's taping, and they closed the deal with a 10-year repayment term on the loan, the Greens say.
"This is a dream come true," Ashley declared on the show. "This proves that you can achieve your goals even if you start from home. You can accomplish anything in your garage, and eventually reach the world."
CNBC has the exclusive rights to air "Shark Tank" off-network.
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