Entrepreneur Kendra Bennett tried to close a deal with the sharks in the 20th episode of the 14th season of Shark Tank by telling them about their family-owned, cutting-edge firm, “Honey Bunchies.” We’ll learn how much it’s worth and more in this piece.
How Much is Honey Bunchies Net Worth?
With an estimated net worth of $8 million, Honey Bunchies was once a family-run snack bar business that was featured on Season 14 of Shark Tank.
In 2010, her dad attempted to prepare a dish that her mother had prepared 35 years earlier but accidentally produced the Honey Bunchies recipe. They co-founded the company, which went on to become quite successful and later changed its name to “Bon Bee Honey.”
How Did Kendra Bennett Describe Honey Bunchies on Shark Tank?
Bennett appeared on Shark Tank on the 20th episode of 2023 to advertise her company and seek funding. She emphasized the distinctive features of Honey Bunchies, including their all-natural make-up, lack of gluten and grains, and high nutritional value.
Instagram users posted the following post in relation to the episode starring Kendra Bennett:
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Although Kendra Bennett made a passionate and encouraging proposition, the Sharks didn’t seem to agree. Bennett requested a $200,000 investment in exchange for a 10% equity stake in the company. Sadly for Honey Bunchies, the Sharks didn’t share her optimism even if they individually appreciated the bars.
They believed Bennett overstated both the product’s creativity and the company’s future prospects. Honey Bunches only produced a profit of $22,000 last year despite having sales of $519,000 in total.
Bennett anticipated a significant increase in revenue for the upcoming year with revenues between $2.2 million and $4.2 million. The Sharks questioned the likelihood that these estimates would come to pass given the numerous unknowable factors.
Mark Cuban was hesitant to commit and raised concerns about achieving a quick return on his investment because of the fierce competition in the energy bar business. Lori Greiner cited her dislike of honey as the reason she decided not to take part in a project she didn’t like.
Barbara Corcoran praised Bennett’s positivity and work ethic but expressed skepticism about the financial projections. Daymond John explained his concern by citing normal challenges faced by family businesses.
Kevin O’Leary delivered the death blow, calling Bennett’s evaluation “totally unreasonable” and emphatically rejecting her request for a different offer.
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How did Honey Bunchies Perform After Shark Tank?
Since they were on Shark Tank, Bon Bee Honey has grown considerably. The company currently sells its goods in over 1,600 retail stores across the United States, generating about $295,000 each month in revenue.
Walmart, Whole Foods, Kroger, and many other retail stores stock this product on their shelves. According to corporate data, online sales account for 28% of Honey Bunchies’ total revenue. Impressively, their Amazon sales for the previous year exceeded $520,000.
Other accolades for the company include the “Best New Snack” award from the National Association for the Specialty Food Trade (NASFT). For additional details on these kinds of things, you can follow our Twitter account.