Two college dropouts who turned a setback into a major success story have captured public attention. Starting with $300 from his final paycheck, Darien Craig launched a business that now generates $4 million annually. Recently, Mr Craig and his partner Brandon Echols starred in an episode of ABC's 'Shark Tank', and received an investment offer for their jointly owned business. Notably, Mr Craig co-founded Y'all Sweet Tea with Echols in 2021, following his departure from his previous job.
"The week I got fired, I had $7 to my name. With the last paycheck I received, I used the $300 from that check to purchase the first jars, sugar, and tea that would eventually catapult this idea," wrote Craig.
Y'all Sweet Tea has now expanded its reach, selling directly to consumers and stocking shelves in approximately 600 grocery stores across the southeastern United States, Mr Echols revealed on "Shark Tank." The company generated $4 million in revenue, with a notable profit of $800,000, in the previous year.
During the Shark Tank episode, Craig and Echols sought $500,000 in funding in exchange for 5% equity in Y'all Sweet Tea. Guest investor Rashaun Williams, a venture capitalist and minority owner of the Atlanta Falcons, countered with a $500,000 offer for 10% equity. Mr Williams expressed confidence in the founders, stating they didn't need guidance on running the business, and saw immense growth potential.
Meanwhile, Kevin O'Leary joined the negotiations, proposing a joint offer with Rashaun Williams: $500,000 for 20% equity, split equally between them. Lori Greiner countered with a joint offer with Williams: $500,000 for 15%. O'Leary quickly matched Greiner's terms. After Craig requested an additional $250,000, which was declined, Craig and Echols accepted Greiner and Williams' joint offer, valuing Williams' VC expertise and Greiner's retail savvy over Williams' solo proposal.
"Rashaun is an awesome businessman and Lori has so much experience in retail. It couldn't have been a better deal," Mr Echols said on the show.
