Shark Tank’s Vibes founder doesn’t regret turning down $100K offer

“We’ve been able to grow
and bootstrap without the need for outside financing,” said Jack
Mann, pictured.
Courtesy of Jack
Mann

• On an episode of “Shark
  Tank,” Jack Mann, the founder of earplug company Vibes,
  turned down a $100,000 offer from Kevin O’Leary.
• Today, Mann doesn’t regret the decision at all. As of
  2017, Vibes had reached $2 million in sales.
• Even if Mann didn’t walk away with cash, he said he
  still gained valuable experience pitching his
  business.

Vibes was only three months old when its founder Jack Mann
appeared on “Shark Tank” — but Mann managed to win a $100,000
offer anyway.

Vibes makes reusable
earplugs designed to preserve sound quality. Kevin O’Leary
(a.k.a. “Mr. Wonderful”) was intrigued, and he offered Mann
$100,000 for 35% of the company, with a royalty of $2 for every
pair of earplugs sold until O’Leary got his money back.

Mann turned O’Leary down.

“I know that Kevin often goes to royalty deals,” Mann said on
camera after he walked off stage. “I already knew going in there
that that wasn’t something I was willing to take. The business is
too small, and we can’t be pulling money out of it at this time.”

Today, Mann told Business Insider, he has “zero regrets” about
his decision. “We’ve been able to grow and bootstrap without the
need for outside financing,” he said. “I’m happy with where we
are today, where we’ve grown, and where we’re going to continue
to grow.”

As of 2017, Vibes had grown from an initial $33,000 investment to
$2 million in sales.

Even if Mann didn’t walk out with cash, he still got solid
practice pitching his business.

Mann hired a coach to prepare for his appearance on “Shark Tank,”
and
learned a technique to help him remember his pitch. Mann
said he still uses the technique — which involves associating a
keyword in each paragraph of your speech with a different image —
today, when he gives presentations.

What’s more, Mann said the viewer feedback he received after the
show aired helped him expand the business into new markets.

Initially, he was focused on using the product at concerts — but
he learned that people were excited to use it at fitness classes
and sporting events, and even on motorcycle rides. The most
surprising use case he learned about was for individuals with
sensory disorders and autism.

The entire “Shark Tank” experience was like a “pressure cooker,”
Mann said. “It makes you think in a different way about your
business when you have to present it in front of not only
multimillion dollar investors, but also in front of a national
audience. … It’s like going through a crash course in defending
your business.”