Pork Barrel BBQ Sauce - Shark Tank Update

Brett Thompson and Heath Hall, both Washington D.C. professionals (Thompson a lobbyist and Hall a Capitol Hill think tank employee), pitched Pork Barrel Barbecue seeking $50,000 for 10% equity in their BBQ sauce and spice rub business. They cleverly named their company after the political term 'pork barrel spending,' joking that they wanted to 'take useless pork barrel spending and put our money to good use.' The duo had already won trophies at national BBQ competitions and were selling in small butcher shops with products that cost around $2 to produce and sold for $4, providing 50% profit margins.

They projected over $4 million in sales with $1 million in profit within the year, and had a 10,000-unit order in production. While most sharks were skeptical about the valuation and brand recognition needed for national distribution, Barbara Corcoran saw potential in the product quality and the founders' passion.

She offered $50,000 for 50% equity, which Thompson and Hall initially resisted, offering 40% instead.

However, Corcoran held firm at 50%, and the entrepreneurs ultimately accepted her deal.

Pork Barrel Barbecue became one of Barbara Corcoran's most successful Shark Tank investments, rapidly expanding into a multi-million dollar business. The company received multiple Shark Tank update segments showing remarkable growth - by Season 3, they had opened their own restaurant with Barbara appearing in a pig costume for the announcement.

The Season 6 update revealed they had achieved $10 million in sales and were in 5,000 stores with 3,000 more planned, including a major Sam's Club partnership worth $2 million in orders. The business leveraged the 'Shark Tank effect' perfectly, using the television exposure to secure nationwide distribution.

They expanded their product line to include bacon jerky in 2016 and continued innovating with new BBQ products. As of 2021, the company maintains strong annual revenue of approximately $4 million, proving that sometimes giving up significant equity to the right partner can lead to exponential growth and long-term success.