Going before the Dragons’ Den has paid off for a Moncton business.
Sum Good founders, April Glavine and Matt Pennell made their pitch last week.
The product is a fresh fruit electrolyte freezie.
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They received two offers, one from Vincent Guzzo, and the other from Manjit Minhas.
After some contemplation, they went with Minhas, in a deal to receive $100,000 for 20 per cent of their company.
That was above their original ask for $75,000 for 15 per cent.
Glavine and Pennell never anticipated that they would ever appear in the Den, but over time they realized they needed their expertise.
On the show, they explained they hoped to expand Sum Good into the healthcare market and get their product into hospitals, and they needed the funds to purchase inventory.
For entrepreneurs considering the show, Glavine recommends doing your homework.
“Understanding their bios and their backgrounds. Wes Hall has a book out, and Arlene Dickinson has a book out. Going a little further and knowing them on a human level I think would pay in dividends too.”
Pennell adds be sure of your evaluation and know your financials.
“Make sure that your evaluation is accurate. Get help because that is such a stickler point. If your evaluation is not lining up, they will call you out.”
