From the company’s inception on the show to its present position as a successful business, the two brothers have demonstrated that anything is achievable with the proper vision and implementation. The company was a great hit! Bonding between the brothers has created success.
Their debut on the popular show in 2012 was the key to their achievement. Go through the article to know in detail about their branding, the owners as well as their negotiations on the Tank.
Quick Facts
| Founders name: | Jim Tselkis, Sabin Lomac |
| Business details: | Local, fresh, lobster food truck |
| Founded in: | 2012 |
| Location : | California, Los Angeles, California, USA |
| Asking of Company: | $55,000 for 5%Equity |
| Accepted Deals: | $55,000 for 15% Equity |
| Sharks on board (Investors): | Barbara Corcoran |
| Shark Tank Episode: | Season 04 Episode 06 |
| Net Worth: | $50 million |
| Business Status: | Active |
| Last Updated: | Mar 22, 2024 |
| Social Media: | Twitter |
About the Founder
Jimmy Tselikis and Sabin Lomac are the brains behind the company. They were raised in Maine as children and cousins. Despite their separation from one another, they have a strong bond. The two continued to act as the company’s directors and co-founded it in 2011. When the two cousins observed an advertisement in Los Angeles, they came up with an idea for the company.
Founding the Cousins Maine Lobster
The brothers had the notion to sell Maine lobster to individuals living outside the state while they were very inebriated and talking about the dish they adore. Each cousin contributed $20,000 to the food van company they founded in Los Angeles. Due to their supply network, which guarantees that the lobster arrives from the coast to the trucks within 24 hours, the lobster remains warm.
Shark Tank Appearance
The Lobster brothers received the opportunity to share the spotlight on Shark Tank in 2012. The cousins gave a concise but engaging explanation of their proposal and requested funding in exchange for 5% of the company.
Many sharks wanted to arrange with them after they made an impact. Daymond John and Kevin O’Leary believed that the cousins’ requests for funding were excessive. Whereas, Cuban departed from the pitch as he felt like failing to be noticed. Each of them walked away giving a different justification.
However, the brothers eventually struck a contract with Barbara Corcoran. Initially, a 25% ownership interest in the business was presented as a trade for $50,000 by Barbara Corcoran. Jim declined, but Barbara countered with a $55,000 offer in return for a 17% interest in the business. Following her, Robert Herjavec countered with a proposal of $100,000. Finally, the cousins and Barbara Corcoran reached an agreement on $55,000 as a reward for a 15% ownership position in the company. The brothers and Barbara became quite close. They received a lot of exposure overseas and on TV due to her influence.
After Shark Tank
Cousins Maine Lobster is still effective; the business frequently welcomes new food trucks into the family. For instance, in 2016, they launched about 20 new food trucks overall, and revenues amounted to $15 million.
According to money.com, they had a $20 million corporation in 2018. According to data from 2020, there are currently more than 35 franchises in existence. You can find these all across the nation. They also developed offline shops in Los Angeles, which have been open since 2015.
The company’s latest estimated wealth is $50 million. Surely they will continue to amaze clients for many years as long as they can handle.