INTRODUCTION
It Almost Didn’t Happen
The news wasn’t good.
It was the night before we were scheduled to tape our segment on ABC’s Shark Tank, and a producer for the show had called to tell us that Barbara Corcoran wouldn’t be there. It was probably the worst news we could’ve received at that moment. Sabin held the phone to his ear, looking at Jim for a sign of what to say. Jim shrugged.
“Well, let us know if anything changes,” Sabin said to the producer, then hung up.
We found ourselves in a terrible bind. Every day for the last month or so, we had practiced for our appearance on the show. We had quizzed each other with note cards and pretended to be specific sharks. You think you’ve done television marathons? Please. We watched fifty episodes in a row to study the sharks as closely as we could. We learned which shark bit on which company and why. We learned why otherwise successful entrepreneurs left the show empty-handed. And we learned why some with barely a dollar in sales had the privilege of watching the sharks outbid each other for a chance to invest.
Having only been in business for less than three months, we knew we couldn’t fall back on our sales history too heavily. Sales were good, but they were new and untested. Every dime we had made came from one food truck in one city. There were a lot of dimes for so small an operation, but it wasn’t exactly the kind of enterprise that led the sharks to see millions of dollars in potential sales.
It was during this planning period that we homed in on Barbara Corcoran. For reasons we’ll explain later, we saw that Barbara had the experience, connections, and outlook that we would want to have in an investor and partner. We made the decision to tailor our entire pitch to Barbara. It was a gamble, to be sure. By targeting Barbara, we might inevitably alienate the other four sharks in the studio. Perhaps we would get lucky and entice one of the other Sharks. The one thing we knew for sure was that we wanted Barbara in our corner as we grew this business.
But we knew that getting any offer was going to be hard, if not impossible. Our other option was to deliver a more generalized pitch that could appeal to the most sharks, in the hope that one would bite. Perhaps if we had been in business for a year or longer; perhaps if we had tried our business model in cities other than Los Angeles; perhaps if we had quit our day jobs … If these things had been true when we entered the Tank, then maybe, just maybe, we could have pursued this option.
But none of those things were true the night before we were scheduled to appear on Shark Tank. We had one truck operating in one city, and only one of us lived in that city at the time. No, it was going to be Barbara or no one at all.
And now, we were just told, Barbara wasn’t going to be there. Our plan was in shambles.
“Well…?” asked Jim.
Sabin shrugged. “They’re calling us back to let us know.”
Then we waited.
* * *
Cousins Maine Lobster had opened for business only a few months earlier. April 27, 2012, was not what those in the restaurant world would call a “soft opening.” It was more like jumping from a perfectly good airplane, ten thousand feet in the air, without a parachute. The night before, we still didn’t have the truck or the lobster meat. We picked up both the next morning and cruised to our first stop that day—only to learn that we had forgotten the register. Just to make things even more interesting, none of our eight employees had ever stepped foot on a food truck or knew how to make a lobster roll. We weren’t even sure how the grill worked.
When we finally arrived at the location—thirty minutes late—we saw a large crowd. What a lucky break! We were going to set up shop right next to all these people. It was only when we parked and jumped out of the truck that we learned this wasn’t just some random mob. They were our customers. Once we realized this our spirits instantly sank. We had already committed one of the cardinal sins in the food world: we had kept our customers waiting.
In a situation like that there’s only one thing you can do: make it up. While our truck employees read the manual for turning on the grill, the two of us grabbed some fresh lobster meat and mingled with the crowd. We hadn’t planned on giving out free samples that day, but we also knew that many of those waiting had never had genuine Maine lobster. It’d be like giving out free flutes of Dom Pérignon. Californians appreciate quality product and they certainly know their seafood. But Maine lobster is in a class all its own. Even those in line who had tasted it before had probably had it at a fancy restaurant where they paid fifty bucks for a one-and-a-half-pound lobster. Here we were, giving the stuff out for free—and you better believe they ponied up a few bucks for little bit more. We had planned on hitting another stop that day but never made it. When our lobster meat ran out at the first stop, we had to call it a day—an exhausting, frustrating, yet rewarding day.
* * *
Looking back, we had done a thousand things wrong. Add them all up and there’s no reason why we should ever have made it to day two. But as naïve as we might have been about the rigors of the food truck business, we have never been wrong about our product. And the thing is, we don’t produce it, we don’t grow it, and we don’t even fish it out of the ocean ourselves.
But we respect it. More than that, we respect what it represents and what it means to others, because we know what it means to us. If you want to know the secret to our success, you can stop reading now. Respect for Maine lobster is our secret. But Maine lobster is so much more than a seafloor crustacean. That delicious animal might be what we sell, but it’s more than what’s on the plate—which is damn good!
We didn’t have all of this figured out that first day as clearly as we do now. Back then, we were just two cousins from Maine who thought that Southern Californians might like a taste of home—a lobster roll. (They do.) Since then, we’ve come to learn and appreciate just what it is we sell. We’ve always known it was special, but now we know why. We think you should know why, too, either because you love our product as much as we do, or because you want to achieve your entrepreneurial dreams yourself. We wrote this book for both types of reader.
Before we get ahead of ourselves, we have a more pressing question to answer: What on earth were all those people doing there waiting for us?
* * *
The night before our opening day, the LA branch of the lifestyle site UrbanDaddy.com had come across a picture we posted on Twitter announcing the new Cousins Maine Lobster. The picture showed the two of us as little kids with our grandfather on a rocky Maine beach. It might seem strange that we announced our company to the world with a family picture that didn’t show a truck, a lobster roll, or even a lobster. It just showed us, with our grandfather, having a uniquely Maine moment. But that’s what we wanted to sell: a uniquely Maine moment. Our chosen medium—the channel through which our customers would experience this moment—happened to be the lobster roll. At its heart, however, we wanted people to experience, if only briefly, a bit of our cherished memories growing up as Mainers.
That was the idea, anyway. We had no idea if anyone would get it. But UrbanDaddy reposted the picture, along with our planned location the next day, and something happened. It struck a chord with those who saw it. We were lucky that UrbanDaddy gave us the best free publicity we could’ve asked for, but we wonder now if the response would’ve been the same if we had posted a lobster or some other generic picture. Those who saw it saw something authentic. Or maybe they just wanted lobster rolls …
In any case, it did the trick and we had our first sold-out day. Not long after that, we got a call from Shark Tank. We never got an official confirmation, but we have always assumed that the producers had seen the UrbanDaddy post as well and put us on their radar. Those were crazy days for us. We were certainly making money, but not enough to quit our day jobs. Jim, who still lived in Boston at the time, spent most of those days on an air mattress on the floor of Sabin’s LA apartment. We knew we had something—what it was, we couldn’t say.
Was it just the amazing lobster roll? (Probably.) Was it the way we loved chatting up our customers? (Didn’t hurt.) Was it our devilish good looks? (Absolutely not.)
Whatever it was, we now had an opportunity us to go on national television and sell it to America. Or such was our impression at the time. Being typical sports guys, we had never seen the show. And we couldn’t say why they were interested in a pair of cousins who ran a food truck. The producers were patient with us and explained how the show worked—an entrepreneur pitches five “sharks,” who then choose whether to invest in the company.
Once we figured this out we just stared at each other, both having the same thought: “Why the hell would anyone want to invest in a food truck?”
We couldn’t find a satisfactory answer. Sure, we figured that America would be interested in the food truck craze, which we were certainly riding. And yes, we knew we had a good story to tell: two cousins from Maine selling their state’s signature dish to Southern Californians. We sold that story every day and were doing pretty well—for a single food truck. And, of course, we recognized the short-term publicity wave we would catch just by being on the show.
Then what? We were proud of our success but also terribly conscious that we were two untried entrepreneurs. What business did we have going on a popular, nationally televised show where we stood zero chance of landing a deal? More likely, we would make fools out of ourselves.
It wasn’t right for us. Not yet. We just weren’t ready for Shark Tank.
* * *
For the next month or so, the popularity of Cousins Maine Lobster became sky high, as did our profits. We continued to speak with the producers of Shark Tank and gradually felt better about this amazing opportunity and our chances of actually securing a deal. By this point, we could answer the question that had stumped us the first time around: “Why the hell would anyone want to invest in a food truck?” Because a food truck makes money.
Now that we were regular viewers of the show, we saw what enticed the sharks and what didn’t. More importantly, it was much clearer to us what we had and what we didn’t. If we were ever going to do the show it would be to make the best deal we could with the right shark. The short-term publicity jolt wasn’t tempting anymore. To go on the show just for that felt cheap to us. Inauthentic. And because we knew our business better we also knew that we didn’t have what the sharks most want to see—a strong sales history, a plan for growth, and complete and total commitment from the entrepreneur.
Our sales were good, but not strong enough for long enough. Our plan for growth? Here we had vague notions in our heads. More trucks certainly, but then what? How many? Where would they go? Would we franchise? At which point, Sabin asked what “franchise” meant …
Finally, we both still had our day jobs. When the sharks hear that they hear “hobby.” A lucrative, time-consuming, and stressful hobby, but a hobby nonetheless.
No, we weren’t ready. Not quite yet.
Over the next two weeks, we probably asked everyone we knew their advice, so much so that our friends stopped answering our calls. Anyone would be lucky to have the chance to pitch to the “Sharks,” so what was holding us back? Maybe we were scared of the spotlight that national television provides? Maybe this was just a passing fad that didn’t have true business longevity? Maybe the indecision was centered around us being scared to take that ultimate leap into running our own business and risking it all? Whatever it was, it was eating us alive. In early June, we had one fateful call with a producer at Shark Tank, which was likely more of a therapy session than anything. We hung up and knew we would be idiots if we didn’t take this chance. By this point, we had grossed more than $100,000 off our single truck. Things had started to move very quickly, and we had reached a decision point with our little business: either we expand or we keep just the one truck. We had to decide quickly—for reasons we’ll explain later—and Shark Tank helped us make the decision. We would expand and get a second truck, but we didn’t have the capital to do so. That was our growth plan for Shark Tank. We were both finally ready to turn Cousins Maine Lobster into a full-time job.
Sales—check.
Growth plan—check.
Commitment—check.
Yes, we were ready to go on Shark Tank.
* * *
Over the next several weeks we watched around fifty episodes of the show. We wanted to know everything we could about the sharks: the questions they asked; the answers they liked, as well as the ones they hated. We studied each shark, both on and off the show. We knew their backgrounds, their areas of interest and expertise (not always the same), and the kind of answers that sparked their excitement and curiosity. Then we made flashcards, with real questions the sharks had asked on the show, and quizzed each other. We became a bit obsessive about it. We’d take turns pretending to be sharks and asking rude questions. We’re both very competitive and loved stumping or embarrassing each other. We also made sure to practice our poise and self-control. As we watched episode after episode, we saw several contestants buckle under the pressure. Sometimes it was a question that put them off their game; other times it was just harsh criticism. We wanted to make sure we were ready for both. We set ourselves a goal: whether we made a deal or not, we would be the best-prepared contestants the show had ever seen. We wouldn’t wilt under the bright lights of the studio (they’re really freaking bright) nor would we let America see us unable to answer a simple question. It was the old parenting adage most of us heard when we were kids: it doesn’t matter if you fail if you did your best.
And while we studied, we began to focus our pitch and tailor it to a single shark: Barbara Corcoran. For starters, Barbara had invested in a few food companies, namely Pork Barrel BBQ and Daisy Cakes, and we had heard great things about these two young companies. Barbara also had the type of temperament we needed to have in our shark. Now, it is true that all the sharks put on a television persona for the cameras. Some like to be the good cop, others the bad cop. But the truth is that all of them care deeply about their investments. All of them are brilliant. But we focused on Barbara because, well, frankly, she reminded us of our mothers. She seemed to appreciate the reasons behind a business, aside from the purpose of making money.
Why lobster? Why Maine? The answers to these questions get to the heart of our company. We wanted a shark who would want to know the answers, just as our mothers wanted to know the answers.
So, that was our plan: we were going to go on the show with a specific shark in mind. We would tailor our pitch directly to her. We needed Barbara to bite.
And then, the night before the taping, we were told Barbara wasn’t going to be there.
Damn.
* * *
Those were some agonizing minutes in the hotel room, waiting for the producer to call back. We spoke little to each other, as our brains scrambled for a solution. Had we made a mistake putting all our eggs in the Barbara Corcoran basket? Should we scrap our pitch and start over? Shouldn’t we just be happy with the opportunity? This wasn’t the first time we had to confront serious questions about our company and about ourselves, but it certainly felt like the most consequential. We imagine that most businesses go through a moment like this early on. They are presented with a great opportunity, but one also fraught with dangers if not handled properly. The challenge is to see through the opportunity—look beyond the immediate benefit. Does this get you to where you want to be? If the details of the opportunity change, what does that do to the opportunity overall? In our case, the detail that changed was the presence of Barbara Corcoran. For some contestants that might have been a minor detail, easily overlooked in favor of the bigger opportunity; but for us, Barbara was the opportunity. We were going on Shark Tank to do a deal with her. The publicity, the exposure—those were wonderful but secondary considerations. We had to strip the opportunity of all that Hollywood glitz and look at Shark Tank for what it is: a chance to take your company to another level. Everything depended on Barbara.
The phone rang and Sabin answered. Sabin’s smile told Jim all he needed to know. Barbara would be there.
The next day, we found ourselves standing outside the big doors that open into the Tank. The previous eighteen hours hadn’t passed without incident. We had hoped to get in front of the sharks before lunchtime, for obvious reasons. But never count on a television show sticking to its schedule. Lunch blew past, and still we waited. Finally, at around three or four o’clock in the afternoon, we were called from the green room and told to get ready. We were next. Jim felt himself recalling his college hockey days, mentally preparing himself before the game starts. Sabin went over the pitch in his head, again and again.
And before us those big doors loomed, the same ones we had watched open to dozens of dreaming entrepreneurs just like us. Barbara and four other sharks sat on the other side. In seconds, we would walk in, just two cousins with a food truck. Who would walk out?
Then the doors opened …
Copyright © 2018 by by James Tselikis and Sabin Lomac
Foreword copyright © 2018 by Barbara Corcoran
