Cinnaholic is a bakery in Berkeley, California, owned and run by Florian and Shannon Radke. The bakery is especially famous for its handmade cinnamon roll that does not contain eggs and other dairy products. This makes the cinnamon roll, and all other products that the bakery sells, utterly vegan.
Cinnaholic Net Worth
The net worth of the bakery, Cinnaholic, is estimated to be more than $500,000.
Cinnaholic Before Shark Tank
Cinnaholic, a cinnamon roll bakery franchise, was founded in 2010 in Berkeley, California, by Shannon and Florian Radke. The bakery was founded after Shannon and Florian met in 2008 as they organized a trip to the California coast.
Both Florian and Shannon fell in love with each other and decided to marry and later open a cinnamon franchise. They initially began the business on a food truck, and slowly expanded to a brick-and-mortar establishment in Berkeley, California.
In a span of a few years, Cinnaholic got so successful that the bakery received loads of positive reviews. Thus, Florian and Shannon decided to expand their market by selling their products across the United States of America. For this, the couple was looking for some guidance and assistance regarding financial operations from the Sharks.
Cinnaholic During Shark Tank
In their pitch, Florian and Shannon Radke sought $200,000 in exchange for a 20% share in their cinnamon franchise. They presented the Sharks with samples of their bakery’s products, which the Sharks absolutely love.
Florian and Shannon then stated that they needed the money from the Sharks to open new stores around the United States of America to expand their business and market. Barbara Corcoran showed little interest in the bakery and withdrew.
Robert Herjavec offered $200,000 in exchange for a 40% stake in the cinnamon franchise. Meanwhile, Kevin O’Leary offered the couple $200,000 in exchange for a 20% equity share.
After a brief consultation with each other, Shannon and Florian rejected Kevin’s offer. They also countered Robert’s offer by proposing a 35% stake in the company, instead of a 40% stake, in exchange for $200,000.
Robert Herjavec refused this counter shot from Shannon and Florian, and the couple resorted to agreeing with Robert’s initial offer of $200,000 in exchange for a 40% stake in the cinnamon franchise.
What Happened to Cinnaholic After Shark Tank Deal?
Although a deal was reached at Shark Tank, the contract with Robert Herjavec was never really completed. Still, Florian and Shannon worked hard to expand their business as they collaborated with the Atlanta Franchise Group to help them expand their bakeries across the United States of America.
More than 50 sites were planned by the end of 2020 to establish in 2021. At the end of the year, ten more sites for the cinnamon franchise were added. Later, 60 additional franchises began to be operational. All this expansion of the business resulted in the franchises generating more than $1 million in sales annually.