Let Them Eat Candles Shark Tank Update – Let Them Eat Candles Net Worth

Loree Sandler and Bob Mickleson arrived on Shark Tank with edible candles for every occasion. The duo had transformed a chocolate bar into a candle. They sold the product to grocery stores and made $2.3 million in sales. 

The co-founders wanted to grow the business in the direct-to-consumer market. They needed funds and expertise to execute the strategy shift. However, the Sharks found a significant problem in the new business model. 

What problem was it? Did Loree and Bob strike a deal on Shark Tank Season 15? Every question regarding the pitch is answered in our Let Them Eat Candles Shark Tank Update. 

Let Them Eat Candles Net Worth

Let Them Eat Candles arrived on Shark Tank with a $2.5 million valuation. Loree and Bob asked the Sharks for $250,000 for 10% equity in the company. Their incredible lifetime sales of $2.3 million somewhat justified the valuation. 

Barbara Corcoran valued the company at $1 million as she offered the same money for a 25% stake in the company. However, the co-founders were able to close a deal with Lori Greiner at 18% ordinary equity. This deal valued the company at $1.39 million. 

The value was lower than the actual net worth. Let Them Eat Candle’s real net worth is over $1.5 million. It will rise in the future because the company sells goods to retailers and grocery stores, which is Lori’s strong zone.

What Happened To Let Them Eat Candles After Shark Tank?

Let Them Eat Candles left Shark Tank with spirits because the co-founders got a deal from one of the most experienced Sharks. However, the official website does not mention Shark Tank. Moreover, the products are similar. Lori Greiner wanted the company to develop sugar sticks, which are not available yet.

Did Let Them Eat Candles Get A Deal On Shark Tank?

Let Them Eat Candles did get a deal on Shark Tank, but not at the valuation they presented. They initially asked the Sharks for $250,000 against 10% equity in the company.

The sales to grocery stores were good, but the founders wanted to penetrate the direct-to-consumer market. Kevin refrained from investing in the business because the growth was expected to be slow in the direct-to-consumer market. 

Mark opted out because he could not determine how the company could make it big. Robert’s investment in a competitor made him opt out due to a conflict of interest. 

Barbara offered the founders $250,000 for 25% of the equity stake in the company. Lori offered $125,000 as a loan while the remaining $125,000 was cash for 20% ordinary equity. Loree and Bob countered the offer for $250,000 against an 18% stake in Let Them Eat Candles. Lori accepted the counteroffer.

Shark(s) NameOfferDemandCounterofferAccepted?
Lori Greiner$250,000$125,000 as a loan ‘and’ $125,000 as cash for 20% equity in the company$250,000 for 18% equityYes
Barbara Corcoran$250,00025% equity in the companyN/ANo
Robert HerjavecOutN/AN/AN/A
Mark CubanOutN/AN/AN/A
Kevin O’LearyOutN/AN/AN/A

Let Them Eat Candles Shark Tank Update

let them eat candles net worth

Loree Sandler And Bob Mickelson’s Backstory 

Let Them Eat Candles is an edible candle brand launched by Loree Sandler and Bob Mickelson, a married couple from Chicago. The business idea originated when Loree made a cake for her child on his birthday. She put a lot of effort into making it. However, the candles dribbled and ruined the cake. 

Loree thought that candles were never optimized, so she could solve the problem by making them edible. She enrolled herself in Chicago’s French Pastry School and the Chocolate Academy to learn how to create and mold chocolate. After completing her training, she founded Let Them Eat Candles.

Initial Pitch

Lori Sandler and Bob Mickelson, a married couple from Chicago, arrived at Shark Tank demanding $250,000 for a 10% equity stake in the company. The couple presented their premium edible candle brand that enabled people to light and eat. They invited every Shark to light up, wish, and blow the candles together. The flame lasted around a minute, as the co-founders claimed.

Queries About The Product

All the sharks began eating the chocolate candles, but Barbara curiously asked if she could consume the top. Loree Sandler confirmed that they had reduced the wick length. It got burnt immediately, making the candle tops edible. 

Lori Greiner questioned whether the company had flavors other than dark and milk chocolate. Loree explained that they had only dark and milk flavors available for the customers. However, the candles were prepared in seven different patterns. 

Robert Herjavec loved the idea and asked about Bob Mickelson’s inspiration. Bob allowed Loree to explain the origin of the concept. I have explained the backstory earlier in the update.

Mark Cuban complimented Loree for thoroughly understanding the product instead of taking a shortcut to the business. Loree laughed and agreed that she always took the long cut.

Kevin O’Leary asked if there were other chocolate candle brands on the market. Bob confirmed that there was just one competitor that sold chocolate bars, working like candle cases. The consumers had to insert real candles into the chocolate case. 

Robert demanded the selling price and cost per unit. Bob explained that the product was available online for $2.99 to $3.99 per piece. A candle cost the company $0.85, which was then sold to the wholesalers for $1.69. Lori showed her interest in the total sales. Bob replied that Let Them Eat Candles had lifetime sales of $2.3 million. The previous year’s sales were $675,000. However, the company was expected to make $1 million sales in the current year. 

Kevin inquired about the money Loree and Bob would make if the company earned $1 million in sales. Bob estimated that the company would earn $100,000 of net profit. He then explained the company’s business model. Let Them Eat Candles adopted a business-to-business model where it sold candles to grocery stores. However, they were planning to sell candles directly to their customers. 

Mark argued that chocolates were difficult to ship. Loree confirmed that they shipped boxes with insulation and gel packs to ensure the chocolate did not melt. 

Shark’s Response And Final Deal

did let them eat candles get deal on the shark tank

Kevin termed the delivery model expensive for the company to continue with. He established that sales via grocery stores can help Let Them Eat Candles grow in three to four years. Growth was not possible with a direct-to-consumer strategy. He refrained from investing in the business due to nonalignment with the owners.

Robert told the co-founders that he had invested in a birthday card brand that became a cake inside the oven. The business was a direct competitor of Let Them Eat Candles. Robert opted out due to a conflict of interest. 

Mark soon followed the trend, as he could not see the business scale in the future. He argued that growth was impossible without direct-to-consumer sales, but the company had miserable stats. 

Barbara appreciated the company for its direct-to-consumer approach. She said that expensive delivery was not a problem if the customers were willing to pay for the candles. She offered them $250,000 for a 25% equity stake in the company. 

Lori argued that she always took a concept and tried to innovate. She saw chocolate in the product but wanted sugar sticks to make it more versatile. She offered $125,000 as a loan and the remaining $125,000 as cash for 20% ordinary equity in the company. 

Loree and Bob were unimpressed by the valuation. They countered Lori with 15% equity. Lori agreed to do the deal at $250,000 for 18% equity in the company. Loree and Bob accepted the offer.

Product Availability

Let Them Eat Candles sells edible candles that light the celebration and ensure zero waste of money. These candles are available in dark and milk chocolate flavors. It looks and feels premium. The flame lasted around a minute to ensure everyone could sing and pose for the pictures. 

The product is available in different grocery stores and retail outlets. The company has partnered with Publix, Mariano’s, Raley’s, Nothing Bundt’ Cakes, and Lunds & Byerlys. You can also find the product on their official website.

Let Them Eat Candles products are available from $2.99 to $3.99. They are more expensive than ordinary candles, but they offer edible chocolates, too. The company has no direct competitor. Replicating the strong retail and grocery store network will be difficult for newer competitors on the market. 

Conclusion

Let Them Eat Candles presented a unique way to celebrate gatherings. They did not ruin birthday cakes like ordinary candles. The sales figures and solid grocery store connections were evidence that the product had high demand in the market.

Loree and Bob demanded $250,000 for a 10% stake in the company. Everything went well until Bob disclosed his plans to adopt a direct-to-consumer business model. Kevin and Mark were immediately uninterested in the vision.

However, Barbara and Lori offered them investments at a lower valuation. Based on their grocery store business model, Loree and Bob countered Lori with $250,000 for an 18% valuation. They exited the tank with the most experienced Shark in the retail market. 

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