Busy people tend to turn to quick and easy, but often unhealthy, meals. Simply Good Jars is a different kind of fast food. They are healthy salads in jars that can be eaten on the go. Founder Jared Cannon marketed the product on Shark Tank and has struck deals with Lori Greiner and Mark Cuban. By 2024, Simply Good Jars is valued at $6 million.
Jared Cannon’s Background
Jared Cannon is originally from Philadelphia, Pennsylvania and trained as a chef at the Culinary Institute of America. He holds a bachelor’s degree in restaurant management from Florida International University and an MBA from Temple University.
The Pennsylvania native began his career as a line cook at Outback Steakhouse and Iron Hill Brewery & Restaurant. In 2005, he became chef de cuisine at Bistro 821. A year later, he joined The Ritz-Carlton.
He was subsequently hired as sous chef at Stratos Restaurant Group and FS Food Group. In 2012, he returned to Iron Hill as executive chef and later served as executive chef at Di Bruno Bros and Tria.
Simply Good Jars founded
Cannon became CEO of Sapor Food Group in 2013, was hired as a regional manager for the restaurant chain Honeygrow in 2015, and founded his own company, Simply Good Jars, two years later.
After securing a $1,000 loan, he launched a line of gourmet salads in reusable jars. The containers can be returned to a partner store, which will prompt the company to donate a meal to a hungry person.
The founder placed the product in vending machines and refrigerated cases in high-traffic areas. In 2019, he had sales of $300,000 and $475,000 the following year. After the outbreak, he changed his business model and began selling in convenience stores.
Jared’s Shark Tank Speech
In 2021, Jared Cannon’s startup was losing about $900,000 per year. However, he believed that with enough funding, things would turn around. He appeared on Shark Tank Season 12 and offered $500,000 in exchange for 7% equity. At that point, Jared only had 51% ownership and would lose majority control if a deal was reached.
Kevin O’Leary and Lori Greiner were the first to believe in Jared’s vision. The two sharks teamed up to take out a $500,000 loan at an interest rate of 9.5% and an equity rate of 7%.
After discussing seeking help from more outside investors, Cuban said the company didn’t need more money. He asked Lowry to join him in offering $500,000 in cash in exchange for 10% of the company. Lowry agreed to exclude Kevin from the deal, and Jared accepted the offer.
What happened after Shark Tank?
After the Shark Tank show aired, over 750,000 inquiries were received. The salad company also saw a 1,500% increase in sales. Unfortunately, the deal with Mark and Lori has not yet been completed, according to Sharktankblog.com. As the saying goes, “Salads don’t make friends,” and that applies to Sharks, too!
Still, Jared followed Mark’s advice and stopped raising money to focus on sales. This helped the company land deals with convenience store Wawa and delivery service GoPuff. Jarred salads can also be purchased on their website, SimplyGoodJars.com.
Simply Good Jars has mostly five-star reviews on Facebook and Google, which is a good performance in itself. Sales in 2021 are between $700,000 and $750,000. According to konaequity.com, Simply Good Jars currently has annual revenue of $3.685 million.
The business is worth an estimated $6 million, but is still losing money. The best-case scenario is that it is acquired by a larger company, just as Plated was acquired by Albertsons for $300 million.
Categories: Shark Tank
Source: svlsf.edu.vn