Pork Barrel BBQ Shark Tank Net Worth 2023
Thompson and Hall appeared on Shark Tank in search of $50,000 for a 10% stake in their Pork Barrel Barbecue firm, with a valuation of $500,000.
After consideration, they accepted an offer from Barbara Corcoran of $50,000 in exchange for a 40% stake instead, resulting in a revised valuation of $125,000.
In the years since then, however, the company has grown significantly and the current valuation is evidently much higher than initially anticipated.
According to various sources, the net worth of Pork Barrel BBQ’s founders Heath Hall and Brett Thompson is estimated to be around $8 million and $7.6 million USD respectively as of 2022. The net worth of Pork Barrel BBQ itself is estimated to be around $350K in 2021, but it is unclear what the current net worth is.
In 2023, the valuation of Pork Barrel Barbecue Sauce was $500,000 when it appeared on Shark Tank. However, sharks doubted the company’s projected revenue and profit numbers. The valuation dropped after an offer from Barbara Corcoran of $50,000 in exchange for a 40% stake, resulting in a revised valuation of $125,000.
What is Pork Barrel BBQ?
Pork Barrel BBQ is a company created by two ex-staffers of the United States Senate, and it specializes in making rubs, spices, and sauces that can be used by both casual and expert barbecue enthusiasts.
In addition to these products, the company also offers low-carb snack options like jerky-style snacks and breadcrumb substitutes for customers seeking healthier snack alternatives.
Who are the Founder of Pork Barrel BBQ?
Heath Hall and Brett Thompson, both of whom previously held positions in the United States Senate – Heath as a policy analyst and Brett as a legislative director, founded Pork Barrel BBQ.
Although Brett is now a Board Member at Jos. A. Magnus & Co. and a Partner at Banner Public Affairs, he remains involved with the firm. On the other hand, Heath is currently the Director of Government Affairs for Heartland Dental and still works for Pork Barrel BBQ.
The idea for Pork Barrel BBQ came about one evening during a Senate meeting when the two colleagues were discussing dining options in Washington D.C. and realized that there was a lack of well-known BBQ restaurants in the area. Although the idea was put on hold for a few years, it was eventually revived.
What Happened to Pork Barrel BBQ at the Shark Tank Pitch?
Thompson and Hall appeared on Shark Tank Season 1 Episode 6 with the goal of securing a $50,000 investment in their company, Pork Barrel Barbecue, in exchange for a 10% stake. This would value the company at $500,000.
The Sharks were impressed by the duo’s polished presentation and sense of humor. Thompson caught their attention by stating that he and Hall were passionate about two things: making great barbecue and generating significant revenue.
They demonstrated how they had leveraged their product from its inception, through branding, marketing, and sales of their barbecue and spice rubs.
Thompson brought out a tray of their products for the Sharks to sample, with Kevin O’Leary enjoying the flavor, but questioning the brand’s popularity.
The partners proudly displayed the prizes they had recently won in national competitions.
However, Robert Herjavec expressed skepticism about the company’s half-million dollar valuation, wondering if it was accurate. He demanded to know the selling price, which Thompson then demonstrated, showing that the products cost roughly $2 to produce and yielded a 50% profit.
Thompson estimated that, based on conservative projections, the company would generate over $4 million in sales and more than $1 million in profit within a year.
Despite Kevin O’Leary’s interest, he ultimately opted out, as both partners were not working full-time on the venture. Herjavec, Harrington, and John also declined to invest.
Barbara Corcoran felt that $50,000 was not enough to get the project off the ground and proposed $50,000 in exchange for 50% ownership of the company. The owners countered with a 40% offer, which Corcoran eventually accepted.
What Happened to Pork Barrel BBQ after the Shark Tank Pitch?
Barbara’s first investment in Shark Tank led to a successful collaboration with the duo, resulting in the development of three new sauces and a new product, bacon jerky. During the six months leading up to their appearance on the show, they had made $3,000 in sales.
However, their sales skyrocketed to $15 million over the next seven years after their debut, and Pork Barrel BBQ expanded to major retail establishments, even delivering their products to soldiers in the United States Army.
Pork Barrel Barbecue was featured in update segments during episodes 111 and 305, where the boys announced the opening of their restaurant, and Barbara made a humorous appearance dressed as a pig. Another update was provided in Season 6 episode 624, where the company reported $10 million in sales since the previous update.
At present, Pork Barrel BBQ’s products are available in 5000 stores, and they have another 3000 stores in the pipeline. Sam’s Club has placed orders worth $2 million, signifying the popularity of their products.
The company’s success on Shark Tank has resulted in significant profits, and it continues to thrive with annual sales of $4 million as of December 2021.
What is Net Worth of Pork Barrel BBQ?
Thompson and Hall appeared on Shark Tank in search of $50,000 in exchange for a 10% stake in their Pork Barrel Barbecue firm. This equates to a $500,000 valuation.
They accepted an offer from Barbara of $50,000 for 50% stake which brings valuation to be $100,000.
Current valuation is evidently higher since the Company has grown.
Who are the Competitors of Pork Barrel BBQ?
Pork Barrel BBQ Restaurant’s main competitors include Queen City Q, Gates Bar-B-Q, Buckaroo’s Grille, Hog Hill BBQ LLC, and Boone’s Bar-B-Que Kitchen.
Pork Barrel BBQ FAQS
What is Pork Barrel BBQ?
Pork Barrel BBQ is a firm founded by two former United States Senate employees that produces a variety of rubs, spices, and sauces for use in both amateur and professional barbecue scenarios.
Who founded Pork Barrel BBQ?
Pork Barrel BBQ was founded by Heath Hall and Brett Thompson, who both worked for the United States Senate.
How much were they seeking in the Shark Tank?
In 2009, the founders of Pork Barrel BBQ sought $50,000 in exchange for a 10% stake in the firm.
How much did they get in the Shark Tank?
They negotiated an offer with Barbara Corcoran where she agreed to pay them $50,000 in exchange for 50% ownership of the firm. This equates to a $100,000 valuation.
Is Pork Barrel BBQ still in business?
Pork Barrel BBQ is still in business as of December 2021, with an annual sales of $4 million.
How can they contact Pork Barrel BBQ?
They can get in touch with the team via their email address: [email protected]
Is Pork Barrel BBQ rub gluten free?
The Pork Barrel BBQ All-American Spice Rub is an all-purpose rub that they use at their restaurant, at competitions, and in their backyards.
This Gluten Free rub offers a Smokey and delicious taste profile inspired by classic barbecue seasonings and includes no preservatives or MSG.
When was Pork Barrel BBQ on Shark Tank?
Pork Barrel BBQ made its national broadcast debut on Mark Burnett’s famous ABC television show Shark Tank on September 13, 2009.
When was Pork Barrel BBQ founded?
Pork Barrel BBQ was founded in 2009.
What methods of payment do they accepts?
Pork Barrel BBQ accepts payments through Amex, Amazon pay, MasterCard, Venmo, Visa, Apple Pay, PayPal and Diners Club.
Where is Pork Barrel BBQ based?
Pork Barrel BBQ operates from its headquarters in Alexandria, Virginia (Del Ray).
Where can the public find out more about Pork Barrel Barbecue?
They can visit their official website at www.porkbarrelbbq.com
Who is the CEO of Pork Barrel BBQ?
The CEO of the firm is Brett Thompson.
What products does Pork Barrel BBQ make?
Pork Barrel BBQ manufactures a wide variety of rubs, spices, and sauces for use in both amateur and professional barbecue scenarios. They also make bacon jerky treats.
What is the net worth of Heath Hall?
Heath Hall’s net Worth is unavailable.
What is the net worth of Brett Thompson?
Brett Thompson’s net worth is unavailable.
