San Francisco entrepreneur Megan Cummins pitched her luxury product, You Smell soap, on Shark Tank. She received offers from Mark Cuban and Barbara Corcoran but took a deal with Robert Herjavec. He offered $55k for 20 percent, “with a $50k kicker as her ‘salary’ for the first year.” But according to Cummins she never got the money from Herjavec. She was told by his office that he didn’t know the company had no sales. Herjavec revised the terms of their agreement to $55k for 50 percent. Cummins turned it down.
Cummins told CNET.com that while the publicity from Shark Tank was great, she couldn’t deliver fast enough. During the face-to-face interview with CNET, the engaged Cummins showed the reporter her bare ring finger. “I really wanted a ring, but we took the money my fiance had saved for it and put it into the company.” The You Smell soap website has since been removed from the Internet. However, You Smell Soap is still available online at Amazon ($8 for a 5.0 oz bar).