Where Is Cousins Maine Lobster From Shark Tank Today?
What started as reminiscing over childhood memories turned into a full-fledged business for two cousins. They grew up in Maine eating lobsters — Maine is the largest lobster-producing state in the country. In 2011, Cousins Maine Lobster founders, Jim Tselikis and Sabin Lomac, started the business with hopes to fill the seafood absence they saw in the Los Angeles area. Their food business, Cousins Maine Lobster, offers several iconic New England seafood staples, such as lobster rolls, lobster bisque, and New England clam chowder.
Cousins Maine Lobster debuted in 2012 with one food truck in Los Angeles, serving Maine's lobster delicacies, including their signature lobster roll. On opening day, there was a line of 60 people waiting eagerly to try what the cousins called authentic Maine dishes. Not only did their food attract Los Angelenos, it also perked the interest of "Shark Tank." But was the business' initial success enough to reel in the Sharks?
Cousins Maine Lobster secured a big catch
Jim Tselikis and Sabin Lomac appeared on Season 4, Episode 6 of "Shark Tank," asking for $55,000 in exchange for a 5% stake in their company. On the show, the cousins said they couldn't keep up with the demand of their company and needed the Sharks' help in expanding.
Immediately, Kevin "Mr. Wonderful" O'Leary questioned their valuation of the company. At the time of the pitch, Cousins Maine Lobster had only been operating for two months out of just one food truck, bringing in $150,000 in sales.
The Sharks, especially O'Leary and Daymond John, questioned the uniqueness of the business. Tselikis and Lomac touted their connections with lobster wholesalers. Mark Cuban wanted to understand the business's economics but was not satisfied with the entrepreneurs' explanations, so he dropped out. O'Leary and John then dropped out, with "Mr. Wonderful" calling the entrepreneurs' pitch "outrageous."
Robert Herjavec offered the cousins $55,000 for a 35% stake in the company. Barbara Corcoran offered the same amount for a 17% stake because it was her "lucky number." Tselikis asked about the Sharks' marketing strategies. Herjavec was frustrated with the line of questioning and dropped out. With Corcoran left, she gave them a final offer of $55,000 for 15% ownership of the company, which the entrepreneurs accepted.
Success after Shark Tank
Jim Tselikis and Sabin Lomac made the right decision about partnering with Barbara Corcoran. Cousin Maine Lobster has made more than $50 million since appearing on "Shark Tank." In a CNBC article, Tselikis wrote that "Barbara's influence on the company was felt from day one." She helped propel the company into wide recognition, showcasing the business on "Good Morning America," "The Today Show," "MasterChef," the Food Network, and more. The cousins also hosted Food Network's "Food Truck Rehab,"where they helped struggling food truck owners build up their business.
Three years after their initial appearance on "Shark Tank," Tselikis and Lomac appeared in a "Shark Tank" update. In the update, they shared that they'd franchised their business, thanks to Corocoran's advice. They invited 11 of their franchisees and Corcoran to Portland to learn more about the lobster-catching operations.
"Shark Tank" also caught up with Cousins Maine Lobster six years after the founders appeared on the show. While the food business started with just one food truck, it has exploded in growth. As of this writing, Cousins Maine Lobster has continued to expand, with 29 food trucks, 21 franchisees, and 10 restaurants to its name, including an overseas location in Taiwan.