Finding the perfect investment range, business owner makes history of “shark tank”

“You can’t offend me.”

Aaron Powell smiled politely at Barbara Corcoran.

“Oh, she can,” Daymond John fired back. That was not an idea – it was a warning. Aaron shuddered, and shifted his weight as he let out a mournful smile. With his eyes courting behind his square glasses, the tall entrepreneur knew no idea what was to come.

Powell, a former high school band teacher, rode a three-wheeled electric bicycle into the seat Shark tank. He rode with a contract never done before in the show’s 12-season history. So how did a small bike company from Denton, Texas, “pedal” the product to the Shark – and win? And what can we learn about persuasion and coping, from Aaron’s experience?

After the other side Sharks crouched out, Aaron negotiated with Barbara Corcoran, doing something rare (but unaware of) when he opposed her property offer. He suggested a rather complicated mix of lending and equity positions in the industry. Counter-offers are usually rejected outright. Would his adventure be the same?

He had just shared a personal story about how a load of bicycles was damaged by a major storm. Thanks to the typhoon, he found a load that was “melting like moisture”: the inner bikes were soaking wet and unusable. He took the cargo in vain, for he had already paid for it. But without bikes for sale, he had no income to defy his pay. So he took a bunch of debts in the process. Because of these debts he was paying off, he could not accept Barbara ‘s original offer – would that make him look ashamed? Egotistical? No investment? Most investors run out of debt like a cat from a burning building – and Aaron had a lot to do with it. But Barbara did not run away. A few back-and-forth negotiations led to a new partnership for Aaron and his company.

The agreement on making history came later, when Robert Herjavec decided to be part of the plan. Herjavec wasn’t based in Las Vegas for Aaron’s program – so he didn’t see the park. But he still wanted in, because he knew (personally) what Bunch Bikes had to offer. Because Robert Herjavec is the proud owner of Bunch Bike.

He and his wife, Kym, travel with their twin Haven and Hudson (born April 2018), and they love the baby and the experience of the front-facing electric bike.

As Aaron’s pitch coach for the show, I saw several key elements that created the power in his message. Remember these elements, so you can convince someone that your idea is worth cycling:

1. Be assured: When we first worked together, Aaron was trying to find his voice, and a natural way to share his story. Television, after all, is a visual medium – and the producers are looking for some energy and well-being. But how much was too much – and how do you find the “right” approach? Powell remained focused on his numbers, his story and, ultimately, the real needs of his business. The coaching helped him become his own, and his conviction created a sense of trust. Powell was not trying to be like anyone but who he was. As the saying goes, “Be yourself. Everyone else is taken. ”
2. Create Knowledge: The moment Barbara asked to get on the bike was a turning point. “Once someone gets to know the product,” Powell says through Zoom, “there’s a better understanding of what’s available.” Moving from concepts to knowledge is a crucial part of creating a strong field. Because, concepts are informative – but experiences are compelling. We studied the difference between the language of the information and the language of creation. Because it is more informed to be good, but moving to create a contract is the real goal of every field. After all, as I told my pitch coaching clients: if your investors are getting softer but you are not richer, you are doing it wrong. Balancing information and results is crucial. Take ideas out of people’s minds, and put them in their hands, and you’re moving in the right direction. Make a presentation, don’t testify, and your message will come home.
3. Do not return: Are you really clear about what you need, for yourself, your career and your business? Powell was. He had experience of working within the industry, so he knew Barbara’s first offer was not appropriate. His counter-offer was placed within a context, so that everyone would understand why he could not accept the property position he originally wanted. The conversation was entirely business – and without ego. When it comes to persuasive pitch, context disputes content. Details, numbers and finances are all part of the story – but not the whole story. Giving some clarity about his financial situation, Powell paved the way for a new solution. How do you provide a setting for your next suggestion or pitch?
4. Make the Do-Able: Demonstrated during the pandemic Powell had to rent a cargo van, put two bikes in the back, and drive from north Texas to the tap in Las Vegas. “Air travel was not an option for me,” he says, simply. So while it wasn’t terribly glam to drive a goods van across the desert, it was possible. The mind game – of loneliness, three days of driving, and eating room service food for just a week – was draining. But possible. “It wasn’t enjoyable, but it wasn’t impossible,” Powell says. Saying ‘yes’ to abilities, and understanding that discomfort doesn’t have to stop you, is crucial to finding new opportunities. (And maybe the way to do it through this pandemic!)

Aaron knew he needed some guidance on his journey. Aren’t we all? I’m grateful we got to work together. At the same time, I am grateful for the coaches in my life who are helping me on my journey. While working with entrepreneurs in SXSW pitch competition, MassChallenge, Y Combinator and other investment opportunities, I always make sure I have a coach in my corner as well. Because I want to make sure I bring my best to every meeting, every conversation and yes, even every Forbes role. Coaching is an important part of my business model – what about you?

The big takeaway from Aaron’s experience is: you don’t have to go it alone. In our work together, we created an editorial space – an online meeting where we reviewed various scenarios, so that it did not have to enter the Tank unprepared. In my experience, understanding is what generates confidence, clarity and results. When it’s time to move on in the business and your career, remember: you don’t have to move on. Confidence is nice, but there is something more important than just feeling good about yourself and your park. Once you understand what you might have, before you get into your version of the Shark tank, you are investing in your success.