Shark Tank Update
Shark Tank Pitch
Happy Feet Shark Tank Update
Published:
3m
Louisville, KY
| Name | Happy Feet |
|---|---|
| Main Presenters | Pat Yates |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 2/7/2023 |
| Main Location | Louisville, KY Loading Map |
| Order Shown in Episode | 3 |
| Final Deal | Deal was made on the show with sharks Robert Herjavec for $375k for 25% of company. |
Happy Feet Shark Tank Pitch
Pat Yates created soft slippers that come in many designs for all ages. Pat gives each shark shoes suited to their tastes, like basketball themed for Mark, and hilariously gives Robert penguins, who return them for the lion design.
Happy Feet has done $6.5 million in sales over the last three years between internet and wholesale. Sales last year were $2.6 million with a $600k profit and $2.4 million the year before, most of which came online. Pat wants to expand into international markets and take the product into retail.
Happy Feet did a deal with Snooki, a reality TV star with a large following, and other influencers, who receive around a 12% commission on sales. The sharks see Pat as a good salesman and find him respectable.
Barbara senses that Happy Feet has peaked. Kevin and Lori go in together on a royalty deal, which Pat counters with an equity offer. Robert jumps back in and seals a deal with Pat.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $375k for 15% of company | |
| Sharks | Out | Barbara Corcoran | Out |
| Sharks | Out | Robert Herjavec | Out |
| Sharks | Offered | Kevin O'Leary | $375k for 5% of company and a $3 royalty until gets money back drops to $1.5 |
| Sharks | Offered | Lori Greiner, Kevin O'Leary | $375k for 6% of company and a $3 royalty until gets money back drops to $1.5 |
| Sharks | Out | Mark Cuban | Out |
| Company | Offered | $375k for 20% of company | |
| Sharks | Offered | Kevin O'Leary, Lori Greiner | $375k for 30% of company |
| Sharks | Offered | Robert Herjavec | $375k for 30% of company |
| Company | Deal | Robert Herjavec | $375k for 25% of company |
Mark Cuban
Out
Barbara Corcoran
Out
Kevin O'Leary
Offered
Lori Greiner
Offered
Robert Herjavec
Made Deal
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Happy Feet After Shark Tank
Pat Yates went on the The Quiet Light https://podcasts.apple.com/us/podcast/shark-tank-alumni-joins-the-quiet-light-team/id1034903908?i=1000545605954 in 2021. After college in the 1990s, Pat moved to Columbus, Ohio, and opened a coffee shop, which he later sold along with the rights for him to open another shop in the area, so Pat moved to Nashville, Tennessee, to do the same thing. Pat got into selling through kiosks in malls.Link Preview
The Quiet Light
Pat said Happy Feet had been patented in 1995, and he stumbled across it while walking through a tradeshow in Atlanta, Georgia, and he purchased the business from a family In 2001. In 2008, Pat's 16-year-old son came running to Pat to tell him Skooki from Jersey Shore was wearing Happy Feet, causing them to sell out of their white and pink slippers. Pat drove to Chicago three days later and signed a six-figure deal with Snooki's agent. Pat said Snooki was worth fifty times what they paid her in the long run.
According to quietlight.com https://quietlight.com/podcast/pat-yates, Pat and Robert agreed to a smaller deal after the fact and have had a great experience working with each other. Shark Tank opened more licensing opportunities for Happy Feet.Link Preview
quietlight.com
In season 7, we get an update that Pat Yates had been working with Robert for a year and a half, and Happy Feet has done $4.2 million in sales since Shark Tank. Happy Feet redid the website and moved into a new office with its 16 employees. They are hoping to do a deal with Dreamworks in the near future.
According to Pat Yates' LinkedIn https://www.linkedin.com/in/patyates https://x.com/patyates20 in 2022 he has a team that primarily runs Happy Feet, and he works as a broker for a marketplace for buying and selling internet businesses. Pat has been on a few podcasts and can talk your ear about business. He's quite captivating. Pat's Twitter is @patyates20 Link Preview
LinkedIn .Link Preview
@patyates20
Happy Feet's website is buyhappyfeet.com https://www.buyhappyfeet.com https://www.facebook.com/happyfeetslippers https://x.com/BuyHappyFeet. In 2023, Happy Feet is active on Facebook Link Preview
buyhappyfeet.com and its Twitter, @BuyHappyFeet Link Preview
Facebook .Link Preview
@BuyHappyFeet
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