The first to appear on Shark Tank Season 8 finale was Patrick and Harriet Mills. They asked for $500,000 for 10% of their wine-encouraged art studio franchise, Wine & Design. After much negotiation, the two walked away with a deal from Kevin O’Leary for $500,000 for 10% equity with $350,000 as a line of credit for 12% interest. Here’s our Wine & Design update for those who are curious to see what Patrick and Harriet are up to now.
Shark Tank Wine & Design Update
- Entrepreneur: Patrick and Harriet Mills
- Business: Art studio franchise
- Ask: $500,000 for 10% equity
- Result: $500,000 for 10% with $350,000 as a line of credit at 12% interest
- Shark: Kevin O’Leary
With a valuation of $5 million, Patrick and Harriet Mills had their work cut out for them. However, after explaining how Wine & Design worked to the sharks, they had the numbers to back up their high valuation. According to Patrick and Harriet, the company was expected to do $10 million in annual sales with a projection of up to $13 million the next year. The company already has multiple franchise locations, all of which are owned by women.
After letting the sharks know about the logistics of Wine & Design, Mark Cuban was the first to go out. He didn’t think that the number of locations and profits matched up. Kevin O’Leary and Robert Herjavec agreed that the two would need to sell the company to make their money back. Meanwhile, Barbara Corcoran thought that there was too much competition. Lori Greiner agreed, so they both went out.
Despite having reservations, Kevin still decided to give Patrick and Harriet an offer. Kevin would give them exactly what they wanted, $500,000 for 10% equity, but $350,000 would be a line of credit at 12% interest. Robert also decided to compete against Kevin, and offered $500,000 for 33.3% equity.
Patrick and Harriet decided to go with Kevin’s offer. Now, for our Wine and Design update.
It’s been several years since Shark Tank Season 8 ended. After appearing on Shark Tank, Wine & Design grew faster than ever, with dozens of new franchise partners. Also, the deal with Kevin seems to have pushed through, as Mr. Wonderful was invited to the grand opening of the company’s 82nd store in Raleigh in December 2019.
Harriet Mills continues to work as the CEO of Wine & Design, with the company claiming that its sales revenues have grown between 35% to 47% every year since 2011.
To date, Wine & Design is one of Kevin O’Leary’s biggest and most successful investments on Shark Tank.
For more company updates from Season 8 Episode 24, check below:
Before you go, visit our Season 8 products page for more company updates from Season 8.