Shark Tank is a perfect platform for people who want to learn about business. It also presents a great opportunity for entrepreneurs to showcase their products in the real world. The five venture capitalists invest in deals they truly believe in, and while some bring in great revenue, others fall short of expectations. However, the real reason for this is often unknown to many.
Kevin O’Leary, aka Mr. Wonderful, detailed in an interview the real reason why many deals fall apart, even after they’ve accepted the said offer.
Kevin O’Leary reveals the real reason why certain products fail to perform after Shark Tank
Shark Tank has surely changed the lives of many entrepreneurs with its popularity and reach. From Barbara Corcoran’s The Comfy to Daymond John’s Bombas, some companies have brought in huge revenue for their investors. But on the other side of the coin, in this tough competition, some products and deals fail to leave their mark even after securing an investment.
According to judge Kevin O’Leary, not every deal actually goes through, and the reality is quite complicated. In an interview via Cheat Sheet, he explained that this happens because founders do not always present the full truth during their pitch. He said, “People are very optimistic when they’re sitting there on the carpet and the lights are on them.”
O’Leary then added that when the Sharks cross-check the facts, they don’t always match what was said during the pitch. He added “We go check the facts and they don’t always come out the way they said, and that may be why a deal doesn’t close.”
For those who might not know how the show works, once filming concludes, the venture capitalists take a deep dive into the finances, operations, and overall business of the companies they have invested in.
If they find any discrepancies, they either restructure the deal or reject it completely. While this might seem intimidating, it’s always a better approach for entrepreneurs to present real data instead of inflated numbers—because the truth will come out sooner or later.
The reason why Kevin O’Leary shifted to Florida
While Kevin O’Leary now has a business empire worth millions, in the past, he had to relocate simply because he couldn’t afford to live in a certain place. He revealed this during an interview on Maria Bartiromo’s Wall Street, explaining how the high taxes and cost of living in Massachusetts pushed him to move to Florida.
He said, “I left Taxachusetts, and I moved to Florida, and most of my neighbors where I live are from my hometown Boston. We cannot afford to live there anymore.” Apart from this, he also mentioned that the cost of homeownership has increased drastically—by nearly 35%. While this was certainly a deal-breaker for O’Leary, he is always ready to give financial advice.
In this interview, he encouraged people to save up to 10-12% of their salaries, which could eventually help them build over $1.5 million for retirement.
You can watch all the seasons of Shark Tank on Peacock.
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