You may have seen the show Shark Tank and been intrigued by the idea of entrepreneurs pitching their businesses to a group of investors, also known as “the sharks.” If you’re a fan of the show, then you’ll want to read this article about the success story of Cousins Maine Lobster. After appearing on Shark Tank, this lobster restaurant chain experienced rapid growth and became a household name. In this article, we’ll answer some common questions about Cousins Maine Lobster and provide useful tips for aspiring entrepreneurs.
What Is Cousins Maine Lobster?
Lobster is a popular seafood dish with a long culinary history. Its flavor, texture, and versatility make it an appealing choice for many different types of cuisine and recipes. Lobster also has some nutritional benefits that make it a healthier choice than other seafood options.
The rich flavor of lobster comes from its sweet flesh. It has a delicate but distinctive taste that can be savory or slightly sweet depending on the cooking method used. Lobster is typically cooked by boiling, steaming, broiling, grilling, or baking. The meat itself is tender and flaky when cooked correctly and can have an appealing buttery taste when served with melted butter or lemon juice.
In 2011, they decided to start their own business centered around delivering Maine Lobster to customers. They called their business Cousins Maine Lobster and began selling lobster rolls made with wild-caught Maine lobsters from their small food truck in Los Angeles, California.
Since its inception, Cousins Maine Lobster has become a beloved brand that offers many delicious lobster dishes. Customers can choose from a variety of meals including classic New England-style lobster rolls, tacos, bisques, salads, and even desserts like Whoopie Pies. The company’s mission is to provide customers with high-quality products while also supporting sustainable fishing practices in the Gulf of Maine.
Despite experiencing tremendous success, Cousins Maine Lobster wanted more. In order to take their business to the next level, they decided to appear on ABC’s “Shark Tank”─a television show in which entrepreneurs pitch their business ideas and products to a panel of investors or “sharks.” [1] [2]
How Was The Shark Tank Pitch Of Cousins Maine Lobster?
Jim and Sabin made an appearance at Shark Tank where they were met with success. The Sharks saw the potential of their business and offered to invest $ 55,000 in exchange for a 5% stake in the company. They began their pitch by providing the sharks with some samples of their lobster rolls as well as discussing the details of the business.
Being a food truck business, they wanted to get assistance from a shark to get even more trucks and increase the number of their customers. Sporting an impressive sales record of over $ 150K within just a few months, they made good use of their native connections to Maine’s lobster wholesalers and proudly highlighted it during the taping.
Mark tried asking questions about the Cousins Maine Lobster economy but the answers they provided didn’t satisfy him so he backed out. Kevin is baffled at the value of the $ 1,1 million valuation and declines their offer. He liked the food though.
Daymond had an experience working with Red Lobster and the idea of bringing lobster to people in other states seemed great. He wasn’t a fan of the valuation as well however and the cousins countered with 8% instead. This didn’t appeal to Daymond either and he left the offer.
Robert initially offered $ 55K for 25% equity, but Barbara countered with her own bid of $ 55K for 17%. Knowing he had to sweeten the pot, Robert then upped his offer to a generous $ 100K in exchange for a 25% stake. However, he then proceeds to ask the team about their marketing strategy and loses confidence in them.
After Robert took his offer back, Barbara then offered the deal. The cousins countered with $ 55k for 12% equity and after some discussion, they settled at $ 55k for 15% equity.
This completes the Shark Tank journey for Cousins Maine Lobster, who gained helpful capital and Barbara’s expertise. However, how did it go for them in the long run? Let’s find out! [2]
What Happened To Cousins Maine Lobster After Shark Tank?
Appearance on Live TV has helped many more people to find out about Cousins Maine Lobster. Despite the initial lack of interest from some of the sharks, Barbara’s $ 55,000 investment provided massive benefits for their business.
The negotiations with the shark were a success and they are both working together in harmony. Barbara has been helping them with advice, and strategies and connecting them to her contacts for additional resources. Barbara is a total pro when it comes to the food business and her advice has been extremely helpful.
In 2012, their truck was voted the Best LA Food Truck which gave them a lot of visibility. There is no doubt that Im and Sabin will announce their ambition to become the preeminent dealer of Maine Lobster on the West Coast. Obviously, they plan on expanding their franchise overseas as well. Their products are always fresh and they have been providing customers with some of the best seafood that money can buy. Their business model is simple but efficient- getting fresh lobster from Maine to the West Coast in a timely manner.
A year later, they managed to open their first brick-and-mortar store in Los Angeles. This allowed them to tighten their grip on the market and expand at an even faster pace.
After two years of growth, the company has officially begun to franchise and welcomed its 11 newest members to Portland for a visit and an opportunity to observe where the lobster is sourced from. Franchises must invest between $ 250K – $ 350K to purchase a truck, and then pay Cousins an 8% royalty fee.
They also are now buying their lobsters from Cousins and opened 15 more trucks in other states, despite the high cost of fuel and owner’s salaries.
In 2019, the cousins pioneered an incredible project and opened 22 food trucks across the nation, in addition to 8 brick-and-mortar restaurants. They introduced a comprehensive franchise program that allows people to open their own Cousins Maine Lobster business in any US state.
The franchisee will enjoy the benefits of the brand’s built-in marketing and support systems, as well as access to a reliable supply chain and product quality control.
Now they have 36 franchises, 7 of which are restaurants, and 29 trucks. A year after that, they considered opening 3 more trucks with extra restaurants which made it 42 trucks and 7 restaurants in total, with each truck providing them with $ 1.7 million per year!
May 2022 marked a momentous milestone for the company as they opened their first franchise in Asbury Park, NJ, and Barbara was proudly present to share in this special occasion with plans to open 19 more stores.
Unfortunately, they were too hit by the effects of the pandemic and had to shut down one of their first stores. But they never stopped believing in their business and kept pushing on, leading to the launch of their first meal-kit program which allowed customers to cook meals using Cousins Maine Lobster’s ingredients and recipes at home.
Their social media presence has also grown tremendously since then with over 218k followers on Instagram and 18k on Twitter! People are loving their stuff, and Cousins Maine Lobster has become a household name in America. From the coast of Maine to the heart of LA, people know what Cousins Maine Lobster is all about. All of this was made possible due to their appearance at the Shark Tank show which gave them exposure that money cannot buy.
The cousins also appeared in a variety of outlets where they shared their experiences and advice on success and entrepreneurship. Jim and Sabin also appeared on Fox News and spoke about their journey, the challenges they faced along the way, and how they overcame them to become successful entrepreneurs.
The cousins are now looking to expand even further by opening more franchises in the US. And who knows, we may be seeing Cousins Maine Lobster popping up all around the world soon!
You can find their products either on the official website as part of meal kits or go to any of their trucks or stores. If you’re ever in the area, be sure to try out one of their trucks and discover why Cousins Maine Lobster is one of the most successful businesses from Shark Tank!
You can find information about the closest location of the closest franchise on their official website and follow them for delicious recipes and updates about the business. In addition, you can check out their blog to learn more about the company and get advice from the founders on entrepreneurship.
Jim and Sabin’s story is an incredible one of perseverance and dedication to their craft. Even with the occasional hurdles they face, they always keep their focus on the goal of providing customers with high-quality seafood products. With their success, other aspiring entrepreneurs have been inspired to chase after their dreams in the food industry as well. The Cousins Maine Lobster brand stands for quality and innovation that cannot be beaten! We look forward to seeing what amazing things these two will do next! [2] [3] [4]
Cousins Maine Lobster Net Worth
Jim and Sabin have done incredibly well since their appearance on Shark Tank. The cousins still own full control of the company, and their net worth has grown significantly since 2012 when they first appeared on the show.
It’s inspiring to see what initially was just a food truck start-up, has now become an impressive business empire worth millions. All thanks to their dedication and hard work! [5]
FAQ
What is Cousins Maine Lobster
Cousins Maine Lobster is a food truck business that was founded in 2012 by Jim Tselikis and Sabin Lomac. The two cousins had a dream of bringing their hometown seafood delicacy, Maine lobster rolls, to the rest of the country. They started with one single truck in Los Angeles and quickly gained popularity through word-of-mouth and social media. The company eventually grew to have trucks all across the U.S., selling its famous lobster rolls, as well as other items such as chowders, bisques, salads, wraps, and desserts.
Did Cousin Maine get a deal?
Yes, Cousins Maine Lobster was offered a deal on Shark Tank and they accepted it. The terms of the deal included an investment of $ 55,000 from Barbara Corcoran in exchange for 15% equity.
Since then, Cousins Maine Lobster has experienced tremendous success. The company now has more than dozens of food trucks that operate across the United States and has sold $ 39 million worth of lobster rolls.
In addition to its mobile operations, Cousins Maine Lobster also operates brick-and-mortar restaurants. And both seem to have tremendous success.
What happened to Cousin Maine lobster?
Cousins Maine Lobster is an American seafood restaurant chain founded by cousins Jim Tselikis and Sabin Lomac. After appearing on the popular television show Shark Tank, Cousins Maine Lobster gained a surge of popularity across the country.
The founders were able to secure a $ 55,000 investment from investor Barbara Corcoran and turned their business into a national success story. With the help of their Shark Tank investment, they expanded their business all across the US!
Their net worth as of 2023 is around $ 50 million and they get up to $ 39 mil annually in sales.
The company was able to remain successful with the help of its social media presence and unique business model. They offer fresh seafood in a variety of forms including tacos, chowders, sandwiches, salads, and more. They also have a food truck that travels around the US for festivals and events, as well as catering services for private events.
Is Cousins Maine Lobster successful?
Yes, Cousins Maine Lobster is a success story. After appearing on Shark Tank in 2012, the company experienced explosive growth. Founders Jim Tselikis and Sabin Lomac were able to raise $ 55,000 from Barbara Corcoran in exchange for 15% of their company. With this investment, they opened up brick-and-mortar locations around the U.S., as well as expanded their online presence. They even launched a food truck program that now has over 70 franchises across the country!
Today, Cousins Maine Lobster has grown into a multi-million dollar business with hundreds of employees and operations throughout North America. The annual earnings of the company are around $ 39 million, making it one of the most successful businesses to ever appear on Shark Tank.
What is the net worth of Cousins Maine Lobster?
Since appearing on Shark Tank in October 2012, Cousins Maine Lobster has experienced tremendous success. According to Forbes, the company had an estimated net worth of $ 50 million in 2023. Cousins Maine Lobster sells over $ 39 million worth of lobster foods a year, and has grown its restaurant chain across all of the US!
The company’s founders Jim Tselikis and Sabin Lomac have gone on to various shows and given a lot of interviews since appearing on Shark Tank, and they have many investors that have helped them grow. The company has been able to expand nationally with over 40 restaurants across the country, as well as through its online business.
Who invested in Cousins lobster?
When Cousins Maine Lobster appeared on Shark Tank in October of 2012, they attracted the attention of Barbara Corcoran who offered a $ 55,000 investment in exchange for 15% of the company. After some negotiation, they began working together as a team.
Barbara’s experience in the food business and marketing proved to be invaluable in helping Cousins Maine Lobster expand their business. She helped them introduce the concept of “Lobster on Wheels” or food trucks, which was a huge success.
Jim and Sabin are very happy to have a chance to work with Barbara and she shares the same level of commitment and enthusiasm as them.
Useful Video: Cousins Maine Lobster Update – Shark Tank
Concussion
Jim Tselikis and Sabin Lomac, the co-founders of Cousins Maine Lobster, have done an amazing job in growing their business after appearing on Shark Tank. After receiving a $ 55,000 investment from Barbara Corcoran, they secured additional funding which allowed them to open more restaurants and food trucks and expand into new markets.
They also developed new products, making their menu more diverse and appealing to customers. Additionally, they increased their social media presence by creating partnerships with other brands, enabling them to reach a larger audience. Now the Cousin Maine Lobster is valued at $ 50 million and the co-founders are pleased with their success.
Overall, Jim and Sabin’s success story proves that hard work pays off. They dedicated themselves to building an amazing product that people love and are passionate about. By taking advantage of opportunities like appearing on Shark Tank, they have been able to grow their business and become a household name. They are an inspiring example for entrepreneurs everywhere.
If you’ve ever dreamed of following in Jim and Sabin’s footsteps, take our advice: never stop striving towards your goals. With enough determination and hard work, anything is possible! Good luck!
References:
- https://www.sharktankblog.com/cousins-lobster-truck-lobsters-vs-sharks/
- https://www.sharktankblog.com/business/cousins-maine-lobster/
- https://www.cousinsmainelobster.com/
- https://www.instagram.com/cousinsmainelobster/
- https://biznewske.com/cousins-maine-lobster-shark-tank-net-worth/