Rexburg business owners land $200K deal on ‘Shark Tank’
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REXBURG — Husband and wife team Kaitlyn and Jeremy Carlson of Rexburg have gained even more local fame after going on the ABC’s “Shark Tank” and pitching their ideas on revolutionizing the dessert industry.
They own Crispy Cones in Rexburg and Logan, Utah. A Crispy Cone is a fresh dough cone that’s grilled rotisserie-style and covered in cinnamon and sugar. It can be filled with hazelnut chocolate or cookie butter or gourmet soft-serve ice cream.
Carlson took their product to the national stage to get the “Sharks” to invest in their dream.
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Their pitch was well-received, but in the end, only one Shark wanted to invest. Watch them on the show here.
“Barbara Corcoran gave us the offer of $200,000 for 20 percent (equity in the company),” Carlson said. The couple had hoped to get a $200,000 investment for only 10 percent equity in the company. They tried to negotiate with Corcoran, but in the end accepted her offer.
“Last minute, I felt really, really good about it, so we decided to take the offer,” he said.
Off-screen, Corcoran’s team visited with the Carlsons to ensure they were serious about moving forward.
“We went into the Tank wanting Barbara Corcoran, so we were really motivated to close (the deal),” Jeremy said.
Viewers don’t see a lot of what happens on the show, he said.
“We were in the Tank for 45 minutes, for example,” Jeremy said. “And they only air about 12 minutes.”
Another thing the viewing public doesn’t realize is that, for whatever reason, some businesses don’t hold up to the due diligence process. Jeremy said a lot of the deals made on the show fall through for that reason.
That’s why, over the next several months, Corcoran’s team ran audits, went over financials and generally did their due diligence to confirm the company was a solid investment. In January, almost four months after making their pitch, they closed the deal.
Since then, the new partners have been busy. Corcoran and her team have been mentoring and helping the Carlsons. With her help, Crispy Cones is well on its way to becoming a national brand.
Jeremy said they hope to have 46 operating stores by the end of 2024. The next location will be opening in Provo, Utah, in June. They are looking forward to selling franchises in Florida and Texas. They will be keeping their company headquarters in the Rexburg area, where they now employ almost 30 people. They are set to add more jobs with the new headquarters, as well.
To other entrepreneurs out there chasing their dreams, Jeremy has this advice: “Put one foot in front of the other. Just keep going.”
Even when you’re tired and discouraged, he says to always have fun, a lesson he and Kaitlyn learned from Corcoran.
“We are having so much fun here,” he said.