Cousins Maine Lobster Shark Tank Net Worth 2023
What is Cousins Maine Lobster? Who Founded Cousins Maine Lobster?
Cousins Maine Lobster is an American company that specializes in offering lobster rolls. They offer three options for customers to place orders – through a roadside truck located throughout the country, at a local restaurant, or online via their app.
Moreover, they have the capability to deliver live lobsters to almost any location in the continental United States. The company also provides catering services for special events such as birthday parties.
Cousins Maine Lobster was co-founded by Jimmy Tselikis and Sabin Lomac, who are cousins that grew up in Maine. Despite living apart from each other, they remained close and both continue to serve as directors of the company to this day.
The idea for the business came about in 2011 when the two cousins were playing a competitive vintage video game while catching up in California, where Sabin had moved to pursue an acting career.
They began reminiscing about the delicious Maine lobster meals they had enjoyed at family reunions during their childhood.
They noticed a market opportunity in the growing food truck industry in Los Angeles and decided to merge their love for lobsters with the trend. They combined their resources and launched a food truck that specialized in lobster-based dishes.
Cousins Maine Lobster Shark Tank Pitch
The cousins made a concise and enthusiastic pitch, requesting $55,000 in exchange for a 5% stake in their company, resulting in a $1.1 million valuation.
Jim highlighted their goal of bringing the Maine lobster experience to Southern California and their ability to source fresh lobsters from Maine within 24 hours.
They also mentioned that they were struggling to meet the high demand for their affordable East Coast cuisine.
While the Sharks sampled their food, Barbara inquired about their lobster transportation, to which Jim explained their strong relationships with East Coast suppliers. The Sharks were impressed with the taste and freshness of the food.
In the first two months of their business, they made $150,000 in sales with a single food truck, and their famous lobster roll was priced at $13 with a manufacturing cost of $5.85.
After paying $65,000 for the truck and spending $20,000 per month on expenses, they hoped to reduce costs after hiring a general manager.
Despite some Sharks bowing out due to high valuation or lack of interest, Barbara offered $55,000 for a 15% stake, which the cousins accepted.
Barbara not only invested money but also provided significant exposure on TV and abroad, contributing to the company’s growth.
Cousins Maine Lobster currently has more than 35 franchise locations in 16 states, including food trucks, brick and mortar stores, and eateries. The cousins began franchising in 2014 at Barbara’s suggestion.
Cousins Maine Lobster Net Worth
Cousins Maine Lobster currently worth over $50 million.
Cousins Maine Lobster Competitors
Cousins Maine Lobster’s top competitors include MealPal and Grupo Anderson’s.
Cousins Maine Lobster FAQS
What is Cousins Maine Lobster?
Cousins Maine Lobster is a food truck that specializes in the preparation of lobster rolls and other seafood dishes.
Who founded Cousins Maine Lobster?
Jim Tselikis and Sabin Lomac founded the company.
When was Cousins Maine Lobster founded?
They started in July 2012.
Where is Cousins Maine Lobster?
Cousins Maine Lobster is based out of Los Angeles, California.
How much is Cousins Maine Lobster worth?
The firm is reported to be worth around $50 million, according to the most recent record.
Did Cousins Maine Lobster sell a Shark Tank Item?
No, they did not go to the Shark Tank with their lobster truck business idea or product.
Is the Maine Lobster at Cousins fresh or frozen?
They export a range of items, including fresh, live, and frozen. Occasionally, for the sake of efficiency, they will split their order into two distinct shipments.
How much lobster is in a Cousins Maine Lobster Roll?
Everything they need to recreate their world-famous lobster rolls in the comfort of their own home. Their At-Home Lobster Roll kits include one pound of Maine lobster meat, six New England buns, butter, and mayonnaise.
How is Cousins Maine Lobster following its appearance on Shark Tank?
Cousins Maine Lobster has expanded to 20 trucks operating out of 13 sites around the country, as well as a brick-and-mortar establishment in West Hollywood.
Lobster dinners are also available online and via QVC.
Who made a financial investment in Cousins Maine Lobster?
Cousins Maine Lobster is best known for its iconic food truck, which gained notoriety on Shark Tank in 2012 after investor Barbara Corcoran took a risk on the business.
Cousins Maine Lobster has how many locations?
Cousins Maine Lobster now operates 20 food trucks in 13 sites around the country, a restaurant in West Hollywood, California, and an online distribution network that distributes CML meals throughout the United States.
Is lobster less expensive in Maine?
Because soft shell lobsters are plentiful throughout the summer months and cannot be moved, they are significantly less expensive than hard shell lobsters.
Does Cousin Lobster truck take credit?
They can pack their order to go if they notify them when they place their order. They also accept credit cards.
Where are Cousins Lobster’s lobsters sourced?
They were particularly interested in promoting their beach to door business, which allows clients to buy lobster straight from their Maine factory.
What inspired Cousins Maine Lobster to begin?
Cousins Maine Lobster was born in 2011 during a conversation between cousins Jim Tselikis and Sabin Lomac about the meals they ate growing up in Portland, Maine.
Impressed by the Los Angeles food truck scene, they decided to open a Maine lobster stand in the Los Angeles region.
What are the Cousins looking for in a franchise?
They investigated other franchise options but were drawn to Cousins’ business approach, product, and family-owned, locally-owned brand, which mirrored their own.
What is the cost of a Cousins franchise?
$80,000 in cash money and a net worth of at least $300,000 are required.
Franchisees should budget between $119,200 and $300,800 for their initial investment. Cousins Subs charges a $25,000 franchise fee.
What is the net worth of Jim Tselikis?
Unknown.
What is the net worth of Sabin Lomac?
Unknown.
Which Shark Tank episode was Cousins Maine Lobster?
Cousins Maine Lobster was aired on season 4 episode 6.
