|
Net Worth |
$50 million |
|
Company name |
Cousins Maine Lobster |
|
Founders |
Tselikis and Sabin Lomac |
|
Relatiionship |
Cousins |
|
Nationality |
American |
|
Gender |
Males |
|
Profession |
Entrepreneurs |
|
Age |
No Info |
|
Marital Status |
No Info |
Cousins Maine Lobster is a company in the United States of America that makes and sells a variety of lobster rolls, such as Maine Roll and Connecticut Roll. On their official online website, the company offers three ways for customers to get their lobster rolls. The company has gone on to rampant success with a net worth well over $50 million.
A customer can find a truck nearby that sells lobster rolls from Cousins Maine Lobster, find a restaurant near their neighborhood or nearby that makes and sells lobster rolls from Cousins Maine Lobster or shop lobster rolls online through the company’s website. The valuation of Cousins Maine Lobster was $1.1 million when it appeared on Shark Tank.
Cousins Maine Lobster also has a mobile app through which customers can order lobster rolls. This will then be shipped by the company to the customers. The company has quite a reputation for delivering its renowned lobster rolls to any area in the United States of America.
Cousins Maine Lobster Net Worth
Cousins Maine Lobster’s net worth currently is estimated to be around $50 million.
Cousins Maine Lobster Founders
The founders of Cousins Maine Lobster are Jimmy Tselikis and Sabin Lomac. They are cousins who spent their childhood in Maine. They always used to be close despite the geographical separation at the time.
The duo co-founded the company in 2011 and continues to serve as directors of the company. The two cousins came up with the idea for the business when they saw a marketing opportunity in Los Angeles.
Therefore, they gathered up capital and resources and started small initially. They developed a food truck that was themed on lobsters and lobster rolls. Gradually, as the business was making a lot of profit, the duo expanded their business to form the company that is operating today.
Cousins Maine Lobster During Shark Tank
Jimmy Tselikis and Sabin Lomac entered Shark Tank seeking $55,000 in exchange for a 5% stake in Cousins Maine Lobster. This indicated that the cousins valued their company at $1.1 million.
The cousins initiated their pitch by presenting their company and what the products are. Jim, during the pitch, portrayed his vision of expanding Cousins Maine Lobster to Southern California.
Jim and Sabin distributed samples from Cousins Maine Lobster’s menu. Barbara Corcoran, as she was eating the sample handed over to her, asked about how the company transported its products daily to various parts of the United States of America.
Jimmy replied that they had strong commercial ties with East Coast Suppliers that help them distribute and transport the products. They also make sure that the lobsters and the renowned lobster rolls are as fresh as possible.
Kevin O’Leary, Mark Cuban, and Daymond John withdrew, citing various reasons for their withdrawal. Mark Cuban left because he was not being heard. Meanwhile, Daymond John and Kevin O’Leary thought that the cousins were asking for too much money.
Barbara Corcoran offered $50,000 in exchange for a 25% stake in the company. When Jim refused, Barbara offered $55,000 in exchange for a 17% stake in the company. Robert Herjavec then counter-offered with $100,000.
Though, when he was ignored, Mark Cuban withdrew his offer. Eventually, Barbara Corcoran and the cousins agreed to $55,000 in exchange for a 15% stake in Cousins Maine Lobster.
Cousins Maine Lobster After Shark Tank
After the deal at Shark Tank, Jim, Sabin, and Barbara developed a deep friendship that was very beneficial for the company as it resulted in a wide exposure to the company, leading to an increase in demand and sales.
Cousins Maine Lobster is reported to be performing well with an increase in food trucks and franchises around the United States of America. Furthermore, the company also opened a brick-and-mortar store in Hollywood, which has been selling various products since 2015.