Bon Bee Honey (Formerly Honey Bunchies): A Journey of Sweet Success and Bitter Rejections From humble beginnings as a family-operated snack bar business to making a mark in the Shark Tank, Bon Bee Honey, previously known as Honey Bunchies, has had quite the journey. Today, it stands as a testament to resilience, optimism, and entrepreneurial spirit.
What Was the Inspiration Behind Bon Bee Honey?
Kendra Bennett co-founded the company alongside her father. The inception of Honey Bunchies was heartwarming and close to the Bennett family. Kendra’s mother concocted honey bars that significantly helped Kendra’s father during his service. Over time, recognizing the potential in these bars, Kendra decided to commercialize the product. Their USP? All-natural ingredients, a gluten-free and grain-free guarantee, coupled with a high nutritional value.
How Did Shark Tank Impact the Company’s Trajectory?
The year 2023 marked an essential phase in Bon Bee Honey’s journey. With hope and ambition, Bennett decided to pitch her company to the Sharks, seeking a $200,000 investment for a 10% stake. Despite presenting a well-crafted pitch, emphasizing the product’s uniqueness and the touching backstory of her father’s service, the Sharks were not swayed.
Although they acknowledged the bars’ taste, they had reservations regarding the company’s future. Bennett registered $519,000 in sales that year but only managed a meager profit margin of $22,000. Bennett projected revenue projections ranging from $2.2 to 4.2 million per annum which the Sharks considered unlikely due to fierce industry competition and other unpredictable variables.
Who Were the Sharks and What Were Their Concerns?
Mark Cuban, the billionaire owner of the NBA’s Dallas Mavericks, admired the product but was wary of the intense competition in the energy bar industry. Lori Greiner, the ‘Queen of QVC,’ declined due to her personal dislike for honey. Barbara Corcoran, real estate mogul, applauded Bennett’s work ethic and optimism but was unimpressed by the financial projections. Daymond John, the founder of FUBU, held back due to typical challenges seen in family-run businesses. Lastly, Kevin O’Leary, the brash entrepreneur, dismissed Bennett’s valuation as unrealistic, offering a hard “No” when asked for a counteroffer.
So, How Did Bon Bee Honey Fare Post-Shark Tank?
Rejection from the Sharks did not deter Kendra Bennett. The company went on to achieve remarkable success after their appearance on the show. Bon Bee Honey’s products found a spot in over 1,600 retail locations across the United States, including giants like Walmart, Whole Foods, and Kroger’s. Furthermore, online sales, which constitute 28% of the company’s revenue, flourished on platforms like Amazon, where they recorded an impressive $520,000 in sales over the year.
National publications such as Forbes, Entrepreneur, and Inc. magazine showcased Honey Bunchies, elevating its brand image. The accolades kept pouring in, with the company bagging the “Best New Snack” award from the National Association for the Specialty Food Trade (NASFT).
Table: Bon Bee Honey – Life & Net Worth Summary
|Original Name||Honey Bunchies|
|Current Name||Bon Bee Honey|
|Co-Founders||Kendra Bennett and her father|
|Net Worth (as of last available data)||$8 million|
|Retail Presence||Over 1,600 locations in the U.S. (Walmart, Whole Foods, Kroger’s)|
|Online Sales Contribution||28% of total revenue|
|Amazon Sales (Last Year)||$520,000|
|Total Sales (Year before Shark Tank)||$519,000|
|Profit (Year before Shark Tank)||$22,000|
|Shark Tank Ask||$200,000 for 10% stake|
|Shark Tank Outcome||No deal|
In the entrepreneurial world, there’s a lot more to success than just a Shark’s endorsement. Bon Bee Honey is a testament to that fact.