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Finance

Steve Christian Valued His Product at $400,000

Steve Christian apparently thought his Table Jack innovation had a net worth of $400,000 when he pitched the product in Season 6 of ABC’s Shark Tank. As viewers saw in that 2014 installment, the inventor wanted $100,000 in exchange for a 25-percent stake in his business.

Unfortunately for Christian, the sharks in that episode—Barbara Corcoran, Mark Cuban, Lori Greiner, Kevin O’Leary, and Robert Herjavec—didn’t see the same value and sent the inventor away without a deal. 

However, that setback wasn’t the end of the Table Jack story.

Table Jack was the answer to the “number-one complaint” in the restaurant biz.

“I’ve been in the restaurant industry for 18 years, and I hate the same things that customers do: wobbly tables. [It’s] the number-one complaint in the restaurants,” Christian said during his Shark Tank pitch. “Normally, we would get down and put products underneath the table so that we could stable them out. What I’ve invented is the longest-lasting, most cost-efficient, durable stabilizer ever made: the Table Jack.”

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Source: ABC

Steve Christian on ‘Shark Tank’

As Christian explained it, a restaurant employee could stabilize a table with the press of a foot on the Table Jack and then get back to serving the customers, instead of wasting time looking for sugar packets or something else to “fix the furniture.”

A few of the sharks could relate to Christian. Cuban was once a door-to-door salesman, just like the Texas-based inventor was at the time. Herjavec used to work in a restaurant. Corcoran was once a waitress—although she contended that she earned most of her tips bending down to fix wobbly tables.

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Eventually, everyone but Cuban opted out of the deal, and Christian pleaded his case. He said, “I’m so close to getting over the hill on this,” he said. “I need to get past that gatekeeper and where they could see them. Them people sitting up there in that office, they don’t know that they have wobbly tables in the restaurants.”

Ultimately, Cuban declined to invest. “If you’re willing to go door-to-door, you can sell anything. But the problem is, I’m not really to invest $100,000 to be a partner,” he said. “I’m not ready to make the commitment or the investments, and for that reason, I’m out.”

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View more information: https://marketrealist.com/p/table-jack-net-worth/

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