Entrepreneurs and couple, James and Johanna Windson come to Shark Tank with their amazing french fries. They have an amazing French fries franchise model to present their Latin American-inspired platters. The Coloubian-style French bar grew popular and had great amazing sales.
Moreover, the business has boosted a lot. Despite being launched during the pandemic, the business has rapidly grown to three different locations. And still spreading around. Being in the restaurant and franchise business has expanded their profit margins. Did the entrepreneur get a deal on Shark Tank? Check out our Buena Papa update to find out!
Buena Papa Fry Bar Net Worth 2024
James and Johanna asked for a $400,000 investment in exchange for a 7% equity in their company. They valued their company at approximately $5.71 million at the time of the show. They successfully secured a deal with Robert Herjavec for an investment of $400,000 in exchange for 19% equity. The investment adjusted its valuation to around $2.1 million. For a quick Buena Papa update, after the show aired, Buena Papa Fry Bar got a good boost in website traffic, sales, and social media exposure. They also opened new franchises and increased market presence. As per my rough estimate, with a 10% annual growth rate (typical business growth), the current net worth of Buena Papa Fry Bar in 2024 is around $3.1 million.
Buena Papa Fry Bar Shark Tank Update
Buena Papa had a spike in their sales and growth. Moreover, they are looking to open their new franchise in Miami. With four locations opened, the monthly sales boosted. As of now, the monthly sales are estimated to be from $1000 to $5000. The number increases during the holiday seasons.
Yes, Shark Tank did receive a good deal with Robert. Robert was excited about the deal. Keep reading our Buena Papa update to see what happens next!
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Robert Herjavec | $400,000 for 20% equity | #1: $400k for 15% equity #2: $400k for 16% equity #3: $400k for 17% equity #4: $400k for 18% equity #5: $400k for 19% equity | Yes ($400k for 19% equity) |
| Barbara Corcoran | N/A | N/A | No |
| Kevin O’Leary | N/A | N/A | No |
| Lori Greiner | N/A | N/A | No |
| Mark Cuban | N/A | N/A | No |
Buena Papa Fry Bar Shark Tank Pitch
James and Johanna were a high school couple. Since then, they got married. James was an entrepreneur throughout his life. He has previous experience with Latin touch as well. Whereas Johanna has been an immigrant since her parents moved from Colombia in late 1980. She had to learn English, and she soon graduated from college. Then, she worked as a school teacher for 12 years.
James and Johanna made their way to the pitch in Colombian style. They introduced themselves and placed their demand. They demand for $400,000 for 7% equity. James begins the pitch by explaining the real meaning of Buena Papa. In Colombia, Buena Papa means good people which is also good potato.
As the couple belongs to two different cultures, Buena Papa is made. They make the potato as the main dish. Buena Papa serves 33-ounce fries with Latin American toppings. They also offer worldwide seasoning and toppies. Sharks were served with different platters of fries and sauces. They were impressed by the taste and sauces.
James stated that their french fries have been loved by the visitors since its opening. They started back in 2021 during the pandemic in Raleigh, North Carolina. They invested their lifetime savings of $40,000 with just $18 left in their account. They wanted to bring back the Latin American flavors.
After just two weeks of sales, they have $18,000 in their account. Later, a TikTok influencer came around their store and tried all of their dishes. After two days, they got 60 million views on TikTok. James was enthusiastic that the business would grow big.
Barbara inquired about the background. After their responses, Kevin inquired about cost and sales. James replied that to make any of these platters it costs $3.50 and it’s sold at $13.50. Robert inquired about the margins to which James said it’s 28%. Kevin found it less for a margin.
Mark jumped in to inquire if it was their net margin. James clarified that is their per-sales margin which makes margins up to 72%. Kevin was relaxed with the fact. Robert inquired if they are in stores today like the images shown. James agreed and informed me that it was their first store of 200 square feet of space. He further informed that they made $1.1 million in sales in their first year.
They took all the profit and invested in another location of 700 square feet. Kevin inquired about the sales figures of the other store. James answered that both sales combined were estimated to be $2 million this year. Robert inquired about the profit. So James mentioned that they made $120,000 with $80,000 paid for themselves.
Barbara inquired that they have two stores. James said that they have 4 locations. A third one is in an arena and the fourth one will be in Miami. Kevin was impressed by their plan. They sell franchises as they sold 4 franchises in their first month. Robert inquired about their franchise being free. James stated that is $29,500 with an 8% royalty, including a 2% marketing fee.
Robert inquired about the longest-term franchise yet. James informed me that they were all new. Robert inquired about his motive for the deal. James replied that they are looking for a strategic partner to move things faster. However, James mentioned that the business is not healthy as it consumes all the profits. Robert inquired about any debts. James mentioned that it’s only $70,000. He then appreciated their business spirit.
Lori was the first Shark to step out. She appreciated the concept, but it’s not her type of business. So she stepped out. Mark stepped out as he thought that the couple was involved in two different businesses. Kevin loves the food but he can’t eat it anymore due to his new lifestyle changes. He can’t promote something like this, so he stepped out.
Barbara was next to step out. As she thought the business didn’t need anyone so she stepped out. He stated that he didn’t like the valuation. Robert evaluated the business at the time of filming as $2 million then he made his offer. He offered $400,000 for 20% equity. James counter-offered $400,000 for 15%. But Robert rejected it.
James again tried to counter-offered with 17%. Robert declined again. James again tried with 18%. Robert didn’t agree to this as well. Then James prospered by 19% to which finally Robert agreed. The couple cheerfully left the stage.
What Went Wrong with Buena Papa Fry Bar with Shark Tank
The pitch was amazing, and Shark loved the french fries. However, Sharks moved out due to their dual business model and lack of experience in that particular industry. However, Shark, like Barabra, thinks that the business doesn’t need anyone to invest. Overall, the couple presented pretty well and were a potential candidate to have a good investment. Robert took this chance.
Product Availability
From our Buena Papa update research, Buena Papa is a french fries bar that serves different toppings and servings. The platelets were served with amazing loads of sauces and toppings. The platters were inspired by Latin American food and their unique taste.
The company has franchise doors opened around the U.S. With three operations at the moment, the business has millions of sales in annual revenue. Looking forward to opening in Miami too. Check out their website.
Conclusion
Husband and wife duo James and Johanna Windson presented their Latin American-style french fries bar. Buena Papa has presented their delicious and mouth-watering french fries to Sharks, which made them fall in love. The business started during the pandemic and was boosted within weeks.
They have three franchises around the nation and are working on the fourth one. They wanted $400,000 for 7% equity. Sharks love the taste but stepped out. Except Robert. He offered the $400,000 for 20%. James counteroffered, starting at 15% to the way down to 19% till Robert agreed. The deal is sealed now.
Hello everyone, I’m Sara Javed. I’m an IT professional expert with project management and design skills. Besides writing, I love playing video games, designing digital art, and reading books. I love Shark Tank due to its innovative business idea and unpredicted reactions of Sharks. This keeps me glued to the screens to watch the next catchy moment. Read more About me.