'Shark Tank': Mark Cuban made a 6-figure deal with franchise that sells 2,000-calorie sandwiches (via CNBCMakeIt)
Armenti founded Fat Shack back in 2010. In college in New Jersey, he played online poker to support himself, but after graduating, he knew he had to do something different. Armenti found a local bagel shop in New Jersey that closed at 3 p.m. and negotiated a deal with the owner to let him use the space to serve late night munchies from 6 p.m. to 4 a.m.
The Sharks sampled Fat Shack's massive sandwiches and seemed impressed. And they liked Fat Shack's $22 million in lifetime sales. While the Sharks were wary about the franchising profits, Kevin O'Leary offered $250,000 in exchange for a 25% stake in the business. Daymond John offered the same. Robert Herjavec offered $250,000 for a 17% stake, but with the caveat that he didn't want to take any money out of the business for distribution.
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