This YouTube clip (uploaded by Nate Tilley) captures David pitching his business, the Nostalgia Box, to the Sharks (Robert Herjavec, Jane Lu, Dr. Catriona Wallace, Sabri Suby). The segment includes playful banter, a live demonstration/invitation for Sharks to participate, Sharks' reactions, and a brief financial Q&A: David says he bought the original business at the end of 2019 for $120,000, cites ~ $130,000 (revenue) and that before purchase the business did over $193,000 in turnover with an $18,000 profit. Jane Lu declines to invest, noting the business is an in-person experiential concept unlike her online retail focus.
Questions this video answers
End of 2019
$120,000
Over $193,000
$18,000
Around $130,000
Oh my God, Sabri, you suck.
Oh, it's Rick.
You should never beat the person that you're trying to impress.
Ultimately, Sharks, you all have money. I'm hoping you're all going to give me lots of money. But that's not the only reason why I'm here. What I'm hoping is one or more of you sharks will come together, get excited and help bring the nostalgia box to the next level. So Sharks, I would like to invite you guys to come up, test your metal against mine.
You go first.
Oh yeah, you better stop pitching. You better get on your game over here.
No, that would be so embarrassing for a nostalgia box.
Oh my gosh, Sabri, you suck.
I mean, at least he's not going to be zero to five. That would just be embarrassing.
Go Janie, ask him about the valuation. What's with the valuation? Oh, it's rigged. I'm going home.
That was a great pitch, David. It seems like a really interesting concept.
So I bought the original business back at the end of 2019.
What did you pay for the business?
120,000 at that time.
What was the revenue when you bought the business and what's the revenue today?
Around about $130,000 thousand dollars. Before we bought the business, we did over $193,000 in turnover. We made an $18,000 profit.
I have an online fashion retail business with a global reach. But this is a in person experiential business. It's probably not something that I would invest in. I am out, David.
I love the product. I used to go down to the milk bar with my brother with our pocket money and play these games for hours. You're selling memories. The thing that I'm struggling with is that this just isn't a business that able to jump on in and add a lot of value to. I'm looking for businesses that I can scale them out.
