The Mad Optimist Net Worth: The creators came to Shark Tank with a $600,000 company valuation. However, Mark Cuban’s final offer of 20% for $60,000, which the founders accepted, effectively halved Mad Optimist’s value to $300,000. So yet, the only Revenue that has been revealed is from the night of the Shark Tank show (which we can surmise as their best day of sales in all their history).
Mad Optimist is on track to earn as much as $2 million in 2020 if they simply make 10% of this sale daily and continue selling until the end of the year. Given the great PR of Shark Tank but tempered by the COVID-19 epidemic, the true revenue and net worth remain to be seen. Mad Optimist has been in business since 2012, and its model is remarkable for its simplicity and distinctiveness. They name themselves “Mad Optimists” for a reason: they’re a little crazy and a little optimistic in their quest to transform the world.
What was the origin of the Mad Optimist company?
Duncan and the two Mahdi brothers have been friends for a long time and decided to launch this soap company in 2012. They do not consume or eat animal meat because they are vegans and Shia Muslims. As a result, they found it repulsive to use body washes that contained animal fat. This is why they founded The Mad Optimist, a personal care company that makes soap, body soaks, spray mists, and lip balms using all-natural ingredients. What’s more unusual is the fact that the company doesn’t have a defined price for the personalized soap they sell!
Customers may log in to the website, design their own soap with their favorite ingredients, personalize the name of their soap, and even choose the price they want to pay on the order page using a slider bar. Mad Optimist stood out from the rest of the body care sector thanks to its “pay what you can” or “pay what you want” business approach. Mad Optimist is thus a legitimate “social enterprise,” and it is one of the few social enterprises to have appeared on Shark Tank and to have secured money from a shark.
Did mad Optimist land a deal on Shark Tank?
Yes, they did, and it was against all odds and in direct opposition to the other sharks’ gloomy opinion of their business plan. They appeared on Shark Tank and asked for $60,000 in exchange for a 10% stake in the company. They had made $800,000 in total sales prior to appearing on Shark Tank, which most sharks thought was too little to consider investing in them. The story and business concept of The Mad Optimist did not amuse all sharks. On the broadcast, Shark Robert Herjavec gave them a lesson, saying, “The open market does not reward good intentions.
” It incentivizes achievement. You’re totally enamored with all the coolness that comes with operating a business.” Shark Kevin O’ Leary dismissed the social enterprise component, notably allowing customers to set the pricing of the goods. “Do I have a say in how much I pay you?” “Please explain this folly to me,” shouted O’ Leary. When asked how much money the company has made in 2020, the founders said that year-to-date sales were $91,000 at the time of the Shark Tank pitch, with $21,000 in soap sales in the previous 11 months. O’ Leary, ever pessimistic, bemoaned the financial success.
“How come you’re so upbeat?” “You have no cause to be optimistic,” O’Leary informed the owners of the Mad Optimist. “There’s nothing here for an investor to get excited about.” Your folks must be wondering when you’ll get up and get a job.” Cuban stated that he was unwilling to negotiate and that giving him 25% shares would make him one of the company’s four owners. “That’s your option,” Cuban answered after a long pause. That’s all right.” To the delight of the three gentlemen, he continued with the transaction.
What were the Sharks’ Mad Optimist deals?
The majority of the sharks left when they learned about the sales figures ($800,000) in the previous seven years, but Mark Cuban, the show’s richest shark with a multibillion-dollar fortune, invested in Mad Optimist and made a solid deal. He first inquired about the trio’s plans to create a microsite and verticalize their target groups, such as vegans and Muslims. The three business owners answered affirmatively. He claims he appreciates the idea’s distinctiveness, so he made a $60,000 contract in exchange for a 25% interest.
The Mad Optimist’s value was reduced from $600,000 to merely $240,000 as a result of this. One of the Muhammad brothers countered with a $60,000 offer for an 18% interest in the company. He quickly changed his mind and stated he’d be prepared to accept a 20% reduction. The Mad Optimist founders indicated they would like to accept this offer, but with one condition: because the taping of their Shark Tank episode fell on the Muslim Ashura holiday, they requested whether it was okay for Cuban as an investor to donate all revenues from their Shark Tank night sales to charities.
REVIEW OF THE MADE OPTIMIST
I was given things to modify and review by the Mad Optimist team! Customizing my products was a lot of fun. To be honest, I was afraid I’d come to regret my choices, but I didn’t! Their body care line has me completely enamored. When I got the box, I opened it to see my bathroom kids. I cut little portions of the 4 oz bar soaps to test the items. For travel, I often cut my shampoo bars into small squares. Cutting your bars into smaller pieces makes it much easier to manage, plus it stops me from generating waste from the small plastic bottles available in hotels.
The Mad Optimist team also pledged to contribute 100% of revenues from the day they appeared on Shark Tank (much to Kevin O’Leary’s chagrin), as you can see in the short video above. And that’s revenue, not profits, so appearing on Shark Tank would have cost them a large amount of money.
Is the Mad Optimist’s merchandise of good quality?
Yes. I’m no expert in this field, and I haven’t compared The Mad Optimist to every single soap, balm, spray, or lotion out there. However, I can assure you that The Mad Optimist’s items are precisely what they claim to be, and you receive exactly what you pay for. If you enjoy what you’ve heard so far, it’s worth purchasing from them.
Is The Mad Optimist Still Arriving on Time at COVID-19?
There are huge delivery delays right now, and orders “may be delayed by an extra 30 days,” according to themadoptimist.com. On the company’s Facebook page, several customers have expressed their dissatisfaction with this.
Where Should The Mad Optimist Be Purchased?
The Mad Optimist is available on Amazon and the official website. You must order through the website if you want to be able to customize the goods you receive. If you don’t want to customize your order and instead want to buy an off-the-shelf item, ordering through Amazon may be a better option, as I believe Amazon shipping will be faster than ordering through the website.
