Back in 2013, two cousins from Maine went onto the TV show “Shark Tank” to pitch their idea for a food truck selling lobster rolls. Sabin Lomac and Jim Tselikis had tried out the concept in L.A. but wanted to expand their fleet to other cities.
They scored an investment and partnership with Shark Barbara Corcoran, a real estate maverick, and a little more than 10 years later, Cousins Maine Lobster has trucks in 24 states and seven brick-and-mortar restaurants for a total of more than 50 locations, as well as a successful franchise system.
As guests on RB’s Menu Feed podcast, Lomac and Tselikis talked about how their Maine connection and sustainability story helped seal the deal.
No doubt the Cousins’ story has inspired other restaurant dreamers to go on Shark Tank in hopes of getting money and mentorship. Some are lucky enough to go home with both, but may decide to go in a different direction. Others come away empty-handed. But even the losers can benefit— Shark Tank publicity often piques the interest of other investors.
Buena Papa Fry Bar is one of the most recent success stories, landing an investment from Shark Robert Herjavec last October. The concept was started by husband-and-wife team James and Johanna Windon, who came up with the idea of loading hand-cut, crispy french fries with global toppings, focusing on Latin-infused flavors inspired by Johanna Windon’s birthplace of Colombia.
Although the couple already had several locations operating in their home state of North Carolina, Herjavec’s cash infusion is fueling franchise expansion. Since their Shark Tank episode aired in October, they’ve signed nine franchise deals, including one that will introduce the brand across the United Arab Emirates. Other units are slated to open in Wilmington, Chapel Hill and Jacksonville, N.C. and South Florida.
“We are so excited that Buena Papa’s franchise program is hitting the ground running and opening in new cities soon, said the Windons in a statement. “These new cities will enjoy our culturally-inspired dishes and flavors from around the world while bringing those communities closer together by giving them a place to talk about their families’ and friends’ favorite dishes and traditions.”
The Windons’ goal to unite people of different cultures over food was part of their Shark Tank pitch and remains key to Buena Papa’s mission.
A change of direction
When Cinnaholic came on “Shark Tank” in 2014, the Berkeley, Calif.-based bakery already had a thriving brick-and-mortar business selling vegan, dairy-free cinnamon rolls in a variety of offbeat flavors. Robert Herjavec, who seems drawn to food concepts, took the bait, and Cinnaholic walked away with an investment.
A menu of vegan cinnamon rolls in offbeat flavor combinations has powered the success of Cinnaholic. | Photo courtesy of Cinnaholic.
But according to reports, he didn’t have quite the same vision as founders Shannon and Florian Radke; they wanted to expand the bakery’s brick-and-mortar footprint while Herjavec was more interested in a mail-order food business. The Radkes didn’t take the money, but instead set out on a franchise journey of their own.
The Shark Tank publicity sparked interest in their franchise plan, and Cinnaholic started expanding. There are now close to 100 locations across the U.S. and Canada, selling vegan cinnamon rolls, providing catering and introducing seasonal and customizable variations.
Corcoran is another Shark who seems to be attracted to food. After the Cousins Maine Lobster deal, she stayed away from restaurants for a while, but when chef Jae Kim made his pitch in 2016, Corcoran was intrigued. Kim was already operating a few food trucks and eateries in Austin, Texas, featuring a Korean BBQ-Mexican fusion menu. He named his business Chi’lantro—a blend of cilantro and kimchi—to reflect that fusion.
Corcoran agreed to invest to help Kim grow locations, but the deal never closed. But Shark Tank buzz and Kim’s determination spurred growth, and Chi’lantro now has 10 brick-and-mortar locations in Austin and two coming soon in Houston, according to the fast casual’s website.
Limited menu, limited success
Beyond Sushi, a plant-based sushi concept that got its start at a New York City vegetarian food festival, wanted to expand to actual restaurant locations when founder Guy Vaknin pitched the Sharks in 2018. The menu features sushi and dumplings made with fruits, vegetables and grains rather than meat and fish analogs. Vaknin was seeking capital to expand in both New York and the West Coast.
He struck a deal with Sharks Lori Greiner and Matt Higgins, but once again, the deal never closed. Beyond Sushi eventually opened six restaurants in New York City, but two shuttered during the pandemic. There are now four locations left, all with limited seating.
Whatever happened to Tom + Chee?
Grilled cheese and tomato soup concept Tom + Chee rushed off the set of Shark Tank in 2013 with a hefty investment from Mark Cuban and Barbara Corcoran, a partnership that resulted in an immediate bump in sales. Tom + Chee was heralded as one of the biggest restaurant success stories, eventually expanding to 35 stores.
But Cincinnati-based Tom + Chee hit some bumps in the franchising road and in 2017, was acquired by Gold Star Chili, another Cincinnati brand. According to the website, there were 12 locations open in 2023 and franchising remains active.
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