Overview
Simply Good Jars is a healthy fast food company that offers salads in reusable jars. Founder Jared Cannon pitched the product on Shark Tank and made a deal with Lori Greiner and Mark Cuban.
As of 2024, the business is worth $6 million.
Jared’s Shark Tank Pitch
In 2021, Jared Cannon appeared on season 12 of Shark Tank, offering $500,000 for 7% equity. By this time, Jared only had 51% ownership and would lose majority control if he got a deal.
Kevin O’Leary and Lori Greiner were the ones who first expressed faith in Jared’s vision. The two Sharks joined forces and proposed a $500,000 loan at 9.5% interest and 7% equity.
After a discussion about getting help from more outside investors, Cuban said the company didn’t need more funding. He asked Lori to join him in offering $500,000 cash for 10%. Lori agreed to cut Kevin out of the deal, and Jared accepted the offer.
What Happened After Shark Tank?
After the Shark Tank episode aired, Simply Good Jars received more than 750,000 inquiries, and the salad company’s sales grew by 1,500%.
Although the deal with Mark and Lori never closed, Jared took Mark’s advice to stop raising money and focus on sales. This helped the business strike an agreement with convenience store Wawa and delivery service GoPuff.
The jarred salads can also be bought on their website SimplyGoodJars.com. With mostly five-star reviews on Facebook and Google, Simply Good Jars is doing fine on its own.
Sales for 2021 were between $700,000 and $750,000.
Simply Good Jars is now making $3.685 million in annual revenue. The business is worth an estimated $6 million but is still losing money. The best-case scenario is getting acquired by a larger company, similar to how Plated was bought by Albertsons for $300 million.
Jared Cannon’s Background
Jared Cannon, the founder of Simply Good Jars, is a trained chef with a bachelor’s degree in Restaurant Management from Florida International University and an MBA from Temple University.
He started his career as a line cook at Outback Steakhouse and Iron Hill Brewery & Restaurant.
In 2005, he became the lead cook in Bistro 821 and later joined The Ritz-Carlton Hotel as a chef. He also worked as a sous chef in Stratos Restaurant Group and FS Food Group.
In 2012, he became an executive chef at Iron Hill, Di Bruno Bros, and Tria.
Founding Simply Good Jars
In 2013, Cannon served as the CEO of Sapor Food Group.
In 2015, he was recruited to be the district manager of the restaurant chain Honeygrow.
Two years later, he founded Simply Good Jars with a $1,000 loan. He came up with a range of tasty salads in reusable jars that can be returned to a partner store, which will prompt the business to donate a meal to the hungry.
The founder got the product into vending machines and coolers in areas with high foot traffic.
In 2019, he made $300,000 in sales and $475,000 the following year. When the pandemic hit, he shifted the business model and began selling in convenience stores.
Lessons From Simply Good Jar’s Success
Based on the Shark Tank episode about Toor, here are three practical tips for aspiring young entrepreneurs:
1. Adapt to changing circumstances
The founder of Simply Good Jars quickly pivoted from relying on smart coolers in locations with high foot traffic (like hotels and airports) to retail and online platforms when COVID-19 hit.
This adaptability allowed the business to survive and even expand during challenging times.
2. Leverage strategic partnerships
Building relationships and forming partnerships can significantly boost business growth.
Simply Good Jars partnered with Walgreens, convenience stores, and cloud kitchens, which helped them scale from four locations to 230 doors within a short period.
Collaborations can provide access to new markets and resources.
3. Plan for scaling and financing
Entrepreneurs should be prepared for the financial demands of scaling their business.
Simply Good Jars raised $2.5 million and planned to raise additional funds to support their growth. Being realistic about the need for capital and understanding the implications of dilution are crucial for long-term success.
They accepted an investment deal that balanced equity and strategic support, demonstrating the importance of making informed financial decisions.
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