BUSINESSCONNECTION
NAMES: Katie Sanchez and Melissa Elms
COMPANY: Bee Free Honee
WEBSITE:
beefreehonee.com
LOCATION: Minneapolis, Minnesota,
and Nolanville, Texas
INITIAL ASK: ;;;;,;;; for ;; percent
DEAL MADE: Mark Cuban, Barbara
Corcoran and guest Shark Chris Sacca
TOP BUSINESS TIP: There are no mistakes, only opportunities.
IN ;;;;, pastry chef Katie Sanchez, frazzled, with a newborn, misread a recipe for
apple jelly and instead created something
that looked like honey. It was a serendipitous outcome. She knew that, with the
decline of the honeybee, honey prices
were going through the roof. Also, she
made vegan pastries at her job, so she
knew there could be a huge market among
vegans for a honey alternative.
Fast-forward to ;;;;. Sanchez was
attending a natural products expo trade
show and met Melissa Elms. “After I
tasted [Bee Free Honee], I was absolutely
blown away,” says Elms. The two became
business partners in May ;;;;, working
virtually from their homes in Minnesota
and Texas.
Sweet
success
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Katie
Sanchez
While preparing for their Shark Tank
taping—broadcast in February ;;;;—the
Costco members did their homework on
some of the guest Sharks who sometimes
appear on the show, like Chris Sacca,
owner of Veggie Grill, a chain of West
Coast vegan restaurants. Their homework
paid off: Sacca was in their episode. He
was one of three Sharks to invest in Bee
Free Honee, and it’s now used in Veggie
Grill restaurants. That’s helped bump up
revenue: Though the company closed out
;;;; with ;;;;,;;; in revenue, it finished
;;;; at around ;;;;,;;;. C
Costco members go
swimming in the Shark Tank
STORIES BY LEAH INGRAM
SINCE DEBUTING IN ;;;;, the ABC TV
show Shark Tank has become a Friday-
night phenomenon. It’s estimated that
nearly ; million Americans tune in each
week for the hourlong show, which
involves entrepreneurs pitching their
business to the “Sharks”—Barbara
Corcoran, Mark Cuban, Lori Greiner,
Robert Herjavec, Daymond John and
Kevin O’Leary—in hopes that one of
them will invest in their startup.
According to Inc. magazine, more
than ;;,;;; companies apply to be on
Shark Tank, but only ;.; percent—yes, a
half percent—actually make it on. Even
fewer walk away with a Shark investor.
Talk about slim odds.
The Costco Connection found several
Costco-member-owned companies that
not only got on the show but also got a
deal. All agreed that Shark Tank was a
life-changing experience.
While it’s exciting to think about
starting a business and going on Shark
Tank, doing so requires stamina, perseverance and deep pockets. Entrepreneurs have to invest time and money in
audition videos, rehearsing, stocking up
on product and working with the show’s
legal team. There is a due diligence
period after the show when entrepreneurs must produce documentation,
financials and more. Then there is the
“quiet” period between taping and the
show’s broadcast—typically six months,
but sometimes longer—when you can
start working with your Shark but you
can’t talk about it.
Even with all of that, the Costco
members we interviewed wouldn’t have
changed a thing about their Shark Tank
experience.
Costco member and author Leah Ingram
covers a variety of health and lifestyle topics.
Sharkattack