In the entrepreneurial world, one of the most coveted opportunities is a chance to present a business idea on the reality television show, Shark Tank. This platform has catapulted many small businesses into successful enterprises, and Honey Bunchies is no exception.
The brand, which offers a delectable range of gourmet honey bars, made a memorable appearance on the show, leaving both the audience and the Sharks intrigued. Since its appearance, Honey Bunchies has undergone significant transformations in its business operations and market presence.
This article aims to provide an in-depth look into what happened to Honey Bunchies after their Shark Tank experience. We will delve into the growth trajectory of the company, the challenges it faced post-Shark Tank, and how it leveraged the exposure gained from the show to scale its operations. Whether you’re an aspiring entrepreneur seeking inspiration or a fan of the show curious about the aftermath, this article promises to offer a comprehensive insight into Honey Bunchies’ journey post-Shark Tank.
What Is Honey Bunchies?
The first thing that strikes you about Honey Bunchies is its simple yet appealing packaging. Kendra Bennett, the entrepreneur behind the brand, has done an excellent job of creating a package that communicates both the natural ingredients inside and the artisanal nature of the product.
Once you open the package, the distinctive aroma of honey and nuts greets you. It’s a pleasant introduction to what’s about to follow. The bars themselves are a combination of peanuts and pecans, blended seamlessly with honey. This mixture presents a perfect balance of crunchiness and sweetness, making it an irresistible treat.
The Product Line and Pricing
Honey Bunchies’ gourmet honey bars have received a wave of positive reviews from customers across various platforms. Praised for their high-quality, all-natural ingredients, these handmade bars are deemed as deliciously unique and worth their cost [2].
Honey Bunchies’ commitment to health is evident in their gluten-free honey bars, which are made with 42% honey by weight, along with peanuts, pecans, sunflower kernels, milk, butter, tapioca syrup, and vanilla. The brand’s Peanut Pecan bars, now known as Bon Bee Gourmet Honey Bars, have also garnered an impressive rating of 4.98/5 based on 180 reviews [3].
Pros:
- Natural Ingredients: Honey Bunchies bars are made with all-natural ingredients, which is a significant advantage in today’s health-conscious society;
- Unique Flavor: The combination of peanuts, pecans, and honey offers a unique, delicious flavor that many customers find irresistible;
- Energy Boosting: Due to its high protein and natural sugar content, Honey Bunchies provides a sustained energy boost, making it an ideal snack for active individuals;
- Dietary Friendly: The bars are gluten-free, grain-free, and soy-free, catering to various dietary requirements;
Cons:
- Price Point: Some customers might find Honey Bunchies to be a bit pricey for regular consumption due to the high-quality, natural ingredients used;
- High Sugar Content: Although the sugars come from natural honey, the amount present may not be suitable for those watching their sugar intake or managing conditions like diabetes;
- Limited Availability: While Honey Bunchies is available online and in select stores, it may not be as easily accessible as other snack bars on the market;
Who May Benefit From Using Honey Bunchies:
- Health-Conscious Consumers: Those who prioritize natural, wholesome ingredients in their diet would appreciate Honey Bunchies. They are made with simple, all-natural ingredients like honey, peanuts, and pecans;
- Active Individuals: Athletes, fitness enthusiasts, or anyone who needs a quick energy boost might find Honey Bunchies useful. The natural sugars from honey provide quick energy, while the nuts add protein and healthy fats for sustained energy;
- People with Dietary Restrictions: As Honey Bunchies are gluten-free, grain-free, and soy-free, they may be an excellent snack choice for people with these dietary restrictions;
- Busy Professionals: For those who are always on the go and need a quick, satisfying snack, Honey Bunchies can serve as a convenient option that’s easy to carry and consume;
- Outdoor Enthusiasts: Hikers, campers, and other outdoor enthusiasts might find Honey Bunchies to be a great portable food source that doesn’t require refrigeration and can withstand various weather conditions;
About the Founders Of Honey Bunchies
“Shark Tank” enthusiasts may vividly recall Kendra Bennett’s captivating and seemingly “Top Gun”-inspired presentation for Honey Bunchies. This memorable episode was featured in Season 14, specifically Episode 20, which graced the airwaves on April 14, 2023.
Hailing from Colorado, Bennett unraveled the narrative behind the inception of these remarkable honey energy bars. The story is traced back to her father, Ed Payne, and his service in Vietnam. During his time there, he encountered an issue when the candy bars he consumed to fend off hunger between meals triggered unsustainable spikes in his blood sugar levels. In response, her resourceful mother devised an alternative: a peanut and honey-based snack that provided both sustenance and safety.
Many years later, Ed Payne endeavored to replicate these bars but never quite succeeded. Nonetheless, his creative efforts led to the formulation of a slightly altered recipe, which he endearingly christened “Honey Bunchies,” a moniker inspired by the pet name he affectionately used for his wife.
Soon after, Payne embarked on the journey of selling his newfound creation, commencing with door-to-door sales. The entire family became immersed in this business venture, tirelessly promoting the bars wherever they could. Prior to their appearance on “Shark Tank”, Honey Bunchies had already made inroads into local Whole Foods and 7-Eleven stores. However, they were seeking additional capital to foster the growth of their enterprise.
The Pitch Of Honey Bunchies At Shark Tank
Kendra Bennett delivered an emotional and Top Gun-themed pitch on an episode of Shark Tank that aired on April 14 this year. Her tribute to her father, Ed Payne, a former F-4 Phantom fighter pilot during the Vietnam War, added a poignant layer to her presentation. The origins of the energy bar harken back to Ed’s quest for a more nutritious snack, as his excessive consumption of candy and soda led to hyperglycemia.
In a moving touch, Kendra donned her father’s vintage fighter pilot jacket while showcasing the product, offering the Sharks — Mark Cuban, Lori Greiner, Daymond John, Barbara Corcoran, and Kevin O’Leary — delectable samples along with an overview of the company’s financial standing.
As of 2023, Honey Bunchies had already raked in $ 300,000 in sales, with an ambitious projection of surpassing half a million dollars by the year’s end. What truly piqued the Sharks’ interest was the multi-million dollar forecast for 2024, contingent upon securing retail opportunities in 7-Eleven stores, even though the exact number of stores was yet to be determined.
Kendra Bennett was seeking a $ 200,000 investment in exchange for a 10% stake in the company, based in Longmont, Colorado. However, she encountered a rather skeptical and demanding panel of Sharks. They appeared apprehensive about the $ 22,000 estimated profit on $ 519,000 in projected sales for 2023, and the skepticism extended to Honey Bunchies’ bold prediction of achieving between two to four million dollars in sales for 2024.
The Sharks also expressed reservations about the 7-Eleven deal, emphasizing that approval for in-store sales was not tantamount to having products sold across thousands of individual stores.
Unsurprisingly, all five Sharks decided to pass on the potential partnership. It was not solely the financial figures that gave them pause, but also, as highlighted by Mark Cuban, the fierce competition within the energy and nutritional bar market. Even the profit margin per bar — with each bar costing 81 cents to produce and selling for $ 2.99 — failed to sway the Sharks into considering a deal.
This response was not what Kendra Bennett had hoped for. At one juncture, she even entreated Kevin O’Leary to make an offer, but he ultimately declined. Meanwhile, Barbara Corcoran cautioned that the entrepreneur’s optimism might be running high and that the expectation of exceeding two million dollars in sales for the following year was likely overly optimistic.
Honey Bunchies After The Shark Tank
While the Sharks might not have been quick to recognize the potential of this veteran and woman-owned company, it was abundantly clear that viewers certainly did. The Honey Bunchies website experienced an influx of activity, with nearly 10,000 visitors, and the orders for their delectable snack bars surged, as reported by The Denver Post.
But the cause of the potential regret for the Sharks goes beyond this immediate success. It’s the company’s rapidly expanding network of retail outlets for its honey and coconut-almond or peanut-pecan-filled bars.
This deal with Kroger was unveiled in June, a mere two months after the Sharks declined to invest, and it ensured that these honey-based bars would be accessible in the stores of this supermarket giant. NOSH reports that the success of Honey Bunchies products at King Soopers, a regional supermarket chain owned by Kroger, which had been selling the bars since 2016, played a pivotal role in securing the Kroger agreement.
Honey Bunchies has not only survived but thrived. However, there’s been a significant change in the company’s name, and it’s now known as Bon Bee Honey. Surprisingly, this name change was announced even before the “Shark Tank” episode aired. On April 9, Bon Bee Honey shared its new name via Facebook, with the owners explaining that they wanted a trademark that could accommodate their growth.
This name change may well have been motivated by strategic sales considerations, possibly even influenced by the company’s expanding list of retail partners. Regardless, this alteration happened at a time when the company was experiencing rapid growth both in terms of visibility and sales outlets. In hindsight, the Sharks’ reservations about the 7-Eleven deal may have had some merit. Currently, Bon Bee Honey bars are available in fewer than a dozen 7-Eleven stores in the greater Dallas, Texas, area.
Nonetheless, much like the trial run at King Soopers that eventually led to a deal with parent company Kroger, these Dallas outlets serve as a testing ground that could potentially lead to broader exposure in up to 1,000 7-Eleven stores nationwide, as per the Denver Business Journal. The outcome hinges on the performance of these honey-infused snack bars.
Bon Bee Honey has traversed a considerable distance in recent years, transitioning from door-to-door sales in the Colorado area to forming retail partnerships with major supermarket and convenience store chains such as Whole Foods, Kroger, and 7-Eleven.
While the family behind the business might have been disheartened by the Sharks’ response during their recent appearance on the show, where Chief Marketing Officer Kendra Bennett presented their business potential, history has shown that the Sharks have erred in their judgments before.
Substantial revenue growth could soon become a reality for Bon Bee Honey if additional 7-Eleven and Kroger stores embrace their products, and the Shark Tank exposure has already propelled online sales.
Teachers and first responders are also eligible. Customer reviews, with a staggering 99% of them earning five-star ratings on the site, underscore the company’s resonance with an enthusiastic audience.
The Net Worth Of Honey Bunchies
The company had already achieved $ 300,000 in sales in 2023 and was projecting more than half a million dollars by the end of the year. Despite the competitiveness of the snack bar industry, Honey Bunchies has managed to carve out a niche for itself with its unique product offering.
Alternatives To Honey Bunchies:
- Honey Graham O’s: Honey Graham O’s are a good alternative. They stay crispy and have a texture similar to apple jacks or fruit loops;
- Vegan Honey Bunches of Oats: For those following a vegan diet, Seitan Beats Your Meat offers a recipe for Vegan Honey Bunches of Oats. The recipe uses agave nectar or products like Bee Free Honey as substitutes for honey;
- Oat Milk: Oat milk can be a healthy alternative to dairy milk. It’s low in fat and calories, and contains no cholesterol, making it a heart-healthy option;
- Chobani Oat Milk Vanilla 52oz: Listed as an alternative to Honey Bunches of Oats Almond 12oz, this could be a suitable alternative for those looking for a dairy-free, plant-based option
- Honey Bunches of Oats Granola, Honey Roasted: This granola variant is another option with a similar calorie count of 230 calories per serving;
FAQ:
- Are Honey Bunchies healthy?
Yes, Honey Bunchies are considered a healthy snack option. They are made with 42% honey by weight, along with peanuts, pecans, sunflower kernels, milk, butter, tapioca syrup, and vanilla.
- Are Honey Bunchies gluten-free?
Yes, Honey Bunchies bars are gluten-free, making them a suitable choice for people with gluten intolerance or those following a gluten-free diet.
- Where can I buy Honey Bunchies?
Honey Bunchies are available for purchase on their official website, Amazon, and in select retail stores. Please check their website for a complete list of retailers.
- How are Honey Bunchies packaged?
Honey Bunchies are individually wrapped for freshness and convenience, making them an ideal on-the-go snack.
- Can Honey Bunchies be consumed as a pre-workout snack?
Yes, due to their balanced composition of natural sugars and proteins, Honey Bunchies can serve as an excellent pre-workout energy boost.
- Are there different flavors of Honey Bunchies?
Yes, Honey Bunchies come in several flavors including their original Gourmet Honey Bar and the Bon Bee variant which includes coconut and almond.
- Do Honey Bunchies have any allergen information?
Yes, Honey Bunchies contain peanuts and dairy. They are manufactured in a facility that also processes tree nuts.
- How should Honey Bunchies be stored?
Honey Bunchies should be stored in a cool, dry place to maintain their freshness and quality.
- Can I order Honey Bunchies in bulk?
Yes, bulk orders can be placed directly through the Honey Bunchies website or by contacting their customer service team.
- What happened to Honey Bunchies?
After appearing on Shark Tank, Honey Bunchies expanded its availability into 1200 Kroger supermarkets, in addition to the stores where it was already sold. Despite this success, none of the Sharks chose to invest due to the company’s valuation and the competitiveness of the industry.
- Why did Honey Bunchies change its name?
The family behind Honey Bunchies decided to change the name to Bon Bee Honey in April 2023. They felt this new name would grow along with their Gourmet Honey Bars.
- Who owns Honey Bunchies?
Honey Bunchies, now known as Bon Bee Honey, is a family-run business. Kendra Bennett asked the Sharks for $ 200k for 10% equity during her appearance on Shark Tank.
- Where is Honey Bunchies located?
Honey Bunchies proudly represents a remarkable 50% veteran-owned and 50% female-owned family business nestled in the heart of Longmont, Colorado. Their story is one that intertwines the legacy of service, entrepreneurship, and the shared dreams of our family.
- How much sugar is in Honey Bunchies?Here are the nutrition facts and analysis for one 54.0g gourmet honey bar by Honey Bunchies:
- Fiber: 2.00g, providing 7% of the Daily Value (DV);
- Sugars: 18.00g;
- Net carbs: 23g;
- What are the ingredients in Honey Bunchies?
The ingredients of Honey Bunchies include:
- Honey (42% by weight);
- Sunflower kernels (sunflower oil, salt);
- Milk;
- Butter (pasteurized cream, salt);
- Tapioca syrup;
- Peanuts;
- Pecans;
- Vanilla;
- How much is a serving of Honey Bunches of Oats?
A 3/4-cup (30-gram) serving of the traditional flavor cereal provides the following nutritional information:
- Calories: 120;
- Carbohydrates: 23 grams;
- Is Honey Bunchies kosher?
This product is not only delicious but also nutritious, offering nine essential vitamins and minerals. What’s more, it contains zero grams of saturated and trans fats, making it a wholesome and guilt-free option. Plus, it’s kosher and boasts the delightful addition of almonds for a satisfying and crunchy breakfast or even a wholesome snack.
- What brand is Honey Bunchies?
Honey Bunchies is a brand in itself, now operating under the name Bon Bee Honey.
- Is Honey Bunchies of Oats popular?
The expansion of Honey Bunchies into 1200 Kroger supermarkets suggests a degree of popularity.
Useful Video: Can The Sharks Be Swayed By Honey Bunchies Emotional Pitch?
References:
- https://www.foodrepublic.com/1344230/honey-bunchies-shark-tank-now/
- https://www.mashed.com/1346378/after-shark-tank-honey-bunchies/
- https://www.looper.com/1362781/whatever-happened-honey-bunchies-shark-tank/
- https://www.sportskeeda.com/pop-culture/honey-bunchies-shark-tank-how-founder-kendra-bennett-come-company-name-details-explored
- https://thecinemaholic.com/honey-bunchies-shark-tank-update-where-are-they-now/
- https://www.reddit.com/r/sharktank/comments/12n6jvf/s14e20_episode_discussion_honey_bunchies/