Minus California Net Worth – Still in business after Shark Tank?

There are a lot of flashy products that claim to help with weight loss, and Minus Cal bars are one of them. Founders Crom Carmichael and Barrett Jacques claimed their new protein bar could block fat absorption. They pitched it on Shark Tank, but no deal was struck. As of 2024, Minus Cal is worth $0, as they went out of business in 2020.

Founder Background

Crome Carmichael grew up in South Bend, Indiana, and met Barrett Jacques after moving to Nashville. Both were Vanderbilt University alumni, where Crome earned a master’s degree and Barrett earned a business degree.

Carmichael began his career as a columnist for the Nashville Tennessean. He later became a business and political commentator for WLAC-AM and WSMV-TV. After retiring from the media industry, he became an angel investor.

Jacques, on the other hand, initially rose to fame in the music industry. After graduating from college, he signed with Sony Music Entertainment as a recording artist.

Founding minus Cal

As Barrett worked to expand his portfolio, he saw a healthy protein bar startup that could be profitable. While creating the product, he discovered Choleve, an ingredient derived from green tea.

He worked with Crom to extract Choleve from green tea and increase the concentration by 20 times. Otherwise, you would need to drink gallons of green tea to get the health benefits of Choleve.

The company was founded in 2017 and its founders claim the supplement can block fat absorption in the small intestine.

Shark Tank

Crom and Barrett appeared on Season 11 of Shark Tank, asking for $500,000 in exchange for a 20% stake. The duo got off to a rocky start when Robert Herjavec said the product tasted bad, to which the old man responded with “What?”

The entrepreneurs continued with their presentation, but the Sharks wanted revenge. Mark Cuban was skeptical and questioned whether their claims were true. Carmichael fought back to defend the product, but Barrett was more timid.

The Sharks didn’t like the valuation either, especially since they didn’t have significant sales to back it up. Not surprisingly, the duo walked away empty-handed.

The decline of Minus Cal

At the end of the episode, Cuban warned viewers not to buy any of the products. It seems viewers took the billionaire’s advice, because the company struggled after Shark Tank. The weight loss industry was highly competitive, and Minus Cal didn’t have the money to spend on advertising.

Minus Cal faded from social media in 2019, and they subsequently closed their online store. The lack of scientific research was a red flag for customers. Minus Cal officially closed in 2020 and has not released any sales figures.

Customers who have tried the product have mostly left negative reviews, with the average rating on Amazon being 2 stars out of 16. Positive reviews emphasize that the protein bar is filling and reduces cravings, but that it doesn’t taste good. One user claimed to have lost 25 pounds, but couldn’t verify it. The most recent review is from a fan who had just watched an episode of Shark Tank but had never used the product.

Today, Carmichael is the CEO and founder of Nashai Biotech LLC, a pharmaceutical research and development company.

Categories: Shark Tank
Source: svlsf.edu.vn