What Happened to Cousins Maine Lobster After the Shark Tank Pitch?
What is Cousins Maine Lobster?
Cousins Maine Lobster is a firm in the United States that offers lobster rolls.
They may order from their exquisite menu in three ways: at a roadside truck situated around the country, in a local restaurant, or online or through their app.
They can send live lobster to almost any location in the continental United States. They also provide birthday parties and other noteworthy events.
Who Founded Cousins Maine Lobster?
Despite their geographical isolation, Jimmy Tselikis and Sabin Lomac, two cousins who grew up in Maine and co-founded and operated Cousin’s Main Lobster, were always close.
Both families are still active members of the firm’s board of directors.
The company concept was born in 2011 during a competitive vintage video game.
While catching up in California, where Sabin had moved to pursue an acting career, the two cousins began reminiscing about their childhood family reunions and some of the beautiful Maine lobster lunches they had had.
They then moved on to Los Angeles’ expanding Food Truck business sector, where they recognized a market potential to combine the two.
As a result, they pooled their resources and created a lobster-themed Food Truck.
What Happened to the Cousins Maine Lobster at the Shark Tank?
The cousins made their proposition succinctly but energetically, asking for $55,000 in return for a 5% stake in the company.
As a consequence, the Company is worth $1.1 million.
Jim presented a concept of bringing the Maine lobster institution to Southern California, claiming that Cousins Maine Lobster obtains its lobsters directly from Maine in under 24 hours.
He went on to say that the cousins were unable to match demand for their low-cost East Coast dish.
Barbara enquired about the daily movement of lobsters around the country while samples were being distributed and devoured.
According to Jim, they have established significant economic relationships with East Coast suppliers in the region.
Sabin claimed that everything, from the lobster to the bread, is as fresh as possible.
The Sharks were delighted with the samples.
Jim explained that this was the flavour he and Sabin had grown accustomed to and were offering on a regular basis to satisfied customers throughout California.
Cousins Maine Lobster’s single truck achieved $150,000 in sales in the first two months of operation.
Sabin reported that their famed classic lobster roll costs $13, with a production cost of $5.85.
They spent $65,000 for the car and $20,000 each month on employees and other expenses.
Jim explained that they intended to cut costs after hiring a general manager because the two cousins had no prior experience in the food truck sector.
Mark backed out of the agreement since no one was paying attention to his queries.
Barbara finally encourages everyone to keep their lips shut and may even make a genuine offer to them.
Kevin bowed out after realizing that the two were seeking much too much money.
Daymond also quit after Jim claimed that he was prepared to give up 7-8% of the company for the money.
Robert thought these two cousins were hardworking employees who were willing to go above and beyond to secure the success of their company.
He reacted with a counteroffer of $50,000 plus 25% ownership in Cousins Maine Lobster, which Jim and Sabin promptly denied.
Barbara offered an additional $5,000 in exchange for a 17.5% share in the company. Robert increased the money outflow by 25% to $100,000.
Jim was intrigued about the strategies Robert and Barbara would use if they decided to invest in the company.
Barbara thought it was a terrific topic and suggested updating the truck’s design to include the faces of the cousins who created the firm.
The investigation enraged Robert, and he withdrew his offer.
Barbara eventually struck a deal with the couple and settled for $55,000 and a 15% stake in Cousins Maine Lobster.
What Happened to Cousins Maine Lobster After the Shark Tank Pitch?
The cousins and Barbara built a strong friendship.
It wasn’t simply her money that helped them grow. Furthermore, her influence gained them enormous exposure on television and internationally.
The business is presently thriving, with new food trucks joining the Cousins Maine Lobster family on a regular basis.
There were around 20 food trucks in 2016 with a combined revenue of $15 million. They had a $20 million business in 2018, according to money.com.
There are already more than 35 franchisees in operation, according to 2020 statistics. These are found all across the nation.
They have built brick-and-mortar stores in Hollywood, which have been open since 2015. Currently, their website provides 38 locations across 16 states. This category also includes food trucks and restaurants.
According to entrepreneur.com, Barbara offered franchising to the cousins, and they have been franchising since 2014.
What is the Net Worth of Cousins Maine Lobster?
Cousins Maine Lobster is now worth more than $50 million as of 2021.
Who are the Competitors of Cousins Maine Lobster?
MealPal and Grupo Anderson’s are two of Cousins Maine Lobster’s main rivals.
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Cousins Maine Lobster FAQS
What is Cousins Maine Lobster?
Cousins Maine Lobster is a food truck specializing in lobster rolls and other seafood specialties.
Who founded Cousins Maine Lobster?
The firm was created by Jim Tselikis and Sabin Lomac.
When was Cousins Maine Lobster founded?
They began in July of 2012.
Where is Cousins Maine Lobster?
Cousins Maine Lobster is headquartered in Los Angeles, California.
How much is Cousins Maine Lobster worth?
According to the most current records, the corporation is valued roughly $50 million.
Did Cousins Maine Lobster sell a Shark Tank Item?
No, they did not pitch their lobster truck company or product to Shark Tank.
Is the Maine Lobster at Cousins fresh or frozen?
They export a variety of products, including fresh, live, and frozen commodities. For the purpose of efficiency, they will occasionally split their order into two independent shipments.
How much lobster is in a Cousins Maine Lobster Roll?
They’ll have everything they need to make their world-famous lobster rolls at home. One pound of Maine lobster meat, six New England buns, butter, and mayonnaise are included in their At-Home Lobster Roll packages.
How is Cousins Maine Lobster faring in the aftermath of its debut on Shark Tank?
Cousins Maine Lobster has grown to 20 trucks operating from 13 locations around the country, as well as a brick-and-mortar location in West Hollywood.
Lobster meals are also offered on QVC and online.
Who made a financial investment in Cousins Maine Lobster?
Cousins Maine Lobster is best known for its famous food truck, which rose to prominence on Shark Tank in 2012 when investor Barbara Corcoran took a chance on the company.
Cousins Maine Lobster has how many locations?
Cousins Maine Lobster presently has 20 food trucks in 13 locations around the country, a restaurant in West Hollywood, California, and an online distribution network that ships CML dinners across the country.
Is lobster less expensive in Maine?
Soft shell lobsters are substantially less expensive than hard shell lobsters since they are numerous during the summer months and cannot be relocated.
Does Cousin Lobster truck take credit?
If they are notified when they place their order, they may pack it to go. They take credit cards as well.
Where are Cousins Lobster’s lobsters sourced?
They were especially eager to promote their beach-to-door service, which allows customers to purchase lobster directly from their Maine plant.
What inspired Cousins Maine Lobster to begin?
Cousins Maine Lobster was founded in 2011 when cousins Jim Tselikis and Sabin Lomac discussed the meals they ate growing up in Portland, Maine.
They chose to start a Maine lobster stand in the Los Angeles area after being impressed by the Los Angeles food truck industry.
What are the Cousins looking for in a franchise?
They looked into other franchise opportunities but were drawn to Cousins’ business model, product, and family-owned, locally-owned brand, which complemented their own.
What is the cost of a Cousins franchise?
A minimum of $80,000 in cash and a net worth of at least $300,000 are necessary.
The first investment for a franchise should be between $119,200 and $300,800. Cousins Subs charges a franchise fee of $25,000 per location.
Which Shark Tank episode was Cousins Maine Lobster?
Cousins Maine Lobster debuted on episode 6 of season 4.
