Cousins Maine Lobster Shark Tank | Cousins Maine Lobster after the Shark Tank Pitch
What is Cousins Maine Lobster?
Cousins Maine Lobster is an American company that sells lobster rolls.
They may order from their delectable menu in three ways: at a roadside truck located around the country, in a local restaurant, or online or via their app.
They are capable of delivering live lobster to virtually any area in the continental United States. Additionally, they provide birthday parties and other special occasions.
Jimmy Tselikis and Sabin Lomac, two cousins who grew up in Maine and co-founded and run Cousin’s Main Lobster, were always close despite their geographical separation at the time.
Both family continue to serve as directors of the firm to this day.
The business notion originated in 2011 during a competitive vintage video game.
While catching up in California, where Sabin had relocated to pursue an acting career, the two cousins began recalling their childhood family reunions and some of the exquisite Maine lobster meals they had had.
They then went on to the burgeoning Food Truck business sector in Los Angeles, where they saw a market opportunity to integrate the two.
As a result, they pooled their resources and developed a Food Truck themed on lobsters.
Who Founded Cousins Maine Lobster?
Jim Tselikis and Sabin Lomac are the founders of Cousins Maine Lobster.
What happen to the Cousins Maine Lobster at the Shark Tank?
The cousins presented their proposal in a succinct yet energetic manner, asking for $55,000 in exchange for a 5% stake in the firm.
This results in a $1.1 million value for the Company.
Jim portrayed a vision of bringing the Maine lobster institution to Southern California, asserting that Cousins Maine Lobster receives its lobsters directly from Maine in less than 24 hours.
He added that the cousins were unable to meet demand for their affordable East Coast dish.
While samples were being distributed and consumed, Barbara inquired about the daily transportation of lobsters throughout the nation.
Jim said that they have developed strong commercial ties with East Coast suppliers in the region.
Sabin stated that everything is as fresh as possible, from the lobster to the bread.
The Sharks were ecstatic with the samples.
Jim stated that this was the flavour he and Sabin had gotten accustomed to and were providing to happy consumers around California on a daily basis.
In the first two months after establishing Cousins Maine Lobster, their single truck made $150,000 in sales.
Sabin stated that their famous traditional lobster roll was priced at $13, with a $5.85 manufacturing cost.
They paid $65,000 for the vehicle and spent $20,000 a month on personnel and other costs.
Jim stated that they wanted to reduce expenses after hiring a general manager, as the two cousins entered the endeavour with no knowledge of the food truck industry.
Mark withdrawn from the deal due to the fact that no one was listening to his questions.
Barbara eventually advises everyone to keep their mouths shut, and she may even give them a serious offer.
Kevin bowed out after concluding that the two were requesting an excessive amount of funds.
Daymond also left when Jim stated that he would be willing to give up 7-8% of the firm for the money.
Robert believed these two cousins were diligent employees who were eager to go the extra mile to ensure their business’s success.
He countered with a counteroffer for $50,000 plus 25% stock in Cousins Maine Lobster, but Jim and Sabin immediately refused that high a proportion.
Barbara offered an extra $5,000 in exchange for a 17% stake in the firm. Robert upped the money outflow by 25% to $100,000.
Jim was curious as to the techniques Robert and Barbara would employ if they decided to invest in the firm.
Barbara felt it was a great topic and discussed the possibility of changing the truck’s appearance to feature the faces of the cousins who founded the business.
Robert was angered by the inquiry and withdrew his offer.
Finally, Barbara reached an agreement with the duo and settled for $55,000 and a 15% stake in Cousins Maine Lobster.
Cousins Maine Lobster after the Shark Tank Pitch
The cousins and Barbara built a strong friendship.
It wasn’t just her money that aided in their expansion. Additionally, her influence won them significant exposure on television and abroad.
The business is currently going strong, with additional food trucks frequently joining the Cousins Maine Lobster family.
In 2016, there were around 20 food trucks with a combined revenue of $15 million. According to money.com, they had a $20 million business in 2018.
According to 2020 data, there are currently more than 35 franchisees in operation. These can be found around the country.
Additionally, they constructed brick and mortar locations in Hollywood, which have been operational since 2015.
Currently, their website states that they have 38 locations across 16 states. This category also covers food vans and eateries.
Barbara suggested franchising to the cousins, and they’ve been franchising since 2014, according to entrepreneur.com.
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?
What is the net worth of Sabin Lomac?
Which Shark Tank episode was Cousins Maine Lobster?
Cousins Maine Lobster was aired on season 4 episode 6.