Travel Guides Beach Vacations
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Amanda Ray Byerly
In 2021, Greg Besner and Leslie Hsu, a husband-and-wife duo turned business partners, waltzed onto the set of ABC’s business reality television series “Shark Tank” and pitched their premium beach chair product: Sunflow. The ask? A staggering $1 million for a meager 6% stake in their line of beach chairs that are touted as “the best seat on the beach,” complete with a water-resistant dry bag to keep valuables safe while at the beach, a rotating and adjustable drink holder, and a double canopy that blocks 98% of the sun’s harmful rays. But that’s not all. It reclines too!
Still, the ask was a lofty one, and it was obvious that the “Shark Tank” judges weren’t so sure when initially presented with the high-stakes offer. “Wow…” Barbara Corcoran muttered. But by the end of Besner and Hsu’s pitch, Corcoran appeared to have a change of heart. “I’d like to buy a dozen,” she declared.
In the end, however, it was Canadian businessman Kevin O’Leary, aka Mr. Wonderful, who struck a deal with Besner and Hsu, offering up $1 million in capital in exchange for 5% equity and a $5 royalty on each chair sold until O’Leary’s million dollar investment was recouped. But what happened once the cameras quit rolling? And how is the company doing now? Here’s what we know…
Sunflow’s Shark Tank deal fell through
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That’s show business, baby! While many viewers assume that “Shark Tank” contestants have their deals 100% locked in after coming to an agreement with a Shark on the show, nothing could be further from the truth. In fact, Forbes found that nearly 73% of the deals made on “Shark Tank” during its first seven seasons had terms that changed or were nixed altogether once the cameras quit rolling. But don’t just take our word for it.
According to Sunflow co-founders Greg Besner and Leslie Hsu, their “Shark Tank” deal was met with the same fate once the cameras went down. The story goes that upon further negotiations, their $1 million deal with “Shark Tank” judge Kevin O’Leary fell through. “All the deals are just a handshake,” Besner told NJ Advance Media. However, he did not go into further detail, most likely due to the nondisclosure agreement all contestants on the show are required to sign. “Fortunately, our business was very attractive to other investors,” he added. And that it was!
Sunflow went on to raise more capital and expand its offerings
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While Sunflow’s time on “Shark Tank” ultimately did not end in a deal, the company is not only surviving, but thriving! “We didn’t take Mr. Wonderful’s million dollars, but we did end up raising $3.5 million from other investors,” Leslie Hsu revealed during a 2022 interview with TrepTalks.
Since its time on the show, the company has added three more attachments to the chair, including a towel, a sunglasses case, and a contour pillow, and accessories galore, including a waterproof beach speaker, a bikini bag, a Turkish blanket, a beach tote for all your packing needs, and loads of merchandise. But that’s not all. In May, Sunflow also teamed up with swimwear designer brand Shoshanna to create a line of aesthetically pleasing chairs embellished with the designer’s signature cherry print. “We are so excited to put the cherry on top of your perfect day under the sun … whether you are on the sidelines or the shoreline, this chair will be a conversation piece,” the brand gushed about the partnership in an Instagram post. Bravo, Sunflow!
