Issaquah-based Combat Flip Flops appeared on ABC’s “Shark Tank” Friday night for the show’s veteran-owned business special. Former Army Rangers-turned-business owners Matthew Griffin and Donald Lee squared off against sharks Mark Cuban, Daymond John, Robert Herjavec, Kevin O’Leary, and Lori Greiner on the prime time entrepreneurial reality show.
The hosts have the reputation of tearing small business pitches to shreds, but Griffin said he and Lee weren’t worried.
“We watched every single episode of ‘Shark Tank,’” Griffin said. “We wrote down every question they ever asked, and we answered every question, and rehearsed it. I think we were about as prepped as we could be going into the tank.”
O’Leary was the first to walk away from the deal after commenting that the company’s product line is too varied. Herjavec followed shortly after for the same reason.
“At this point in time Lori wanted to work with us but she wanted to partner with another shark, Daymond and Mark were trying to partner with each other and sell to Lori,” Griffin said.
The three haggled back-and-forth, Cuban and John discussed $200,000 with 20 percent stake in the company before Griffin presented a counter-offer to partner with all three sharks for $300,000 with 30 percent.
“They all add value to our company,” Griffin said. “It put us at a million-dollar valuation which is right where we wanted to be, right in the sweet spot. We closed the deal and bounced.”
Check out Combat Flip Flops’ CEO Matthew Griffin at our first 425 Live event, tickets are on sale now here.