Three Jerks Beef Jerky Net Worth
Three Jerks Beef Jerky is a jerky brand that has been generating revenue since it aired on Shark Tank in October 2015. Since its appearance on the show, Three Jerks has seen a dramatic increase in sales. The brand was able to sell over 150,000 bags of jerky in just three weeks after airing the episode. After Shark Tank, Three Jerks has been able to raise $1.4 million in sales, which is a significant number.
In addition to the success of the jerky business, the two roommates who started it, Daniel Fogelson and Jordan Barrocas, were able to obtain USDA clearances for their products. This allowed them to begin manufacturing the beef jerky at a commercial facility. They also created an e-commerce website, allowing customers to purchase the jerky online.
Although Three Jerks has been able boost its revenue by a considerable amount, it still needs a partner to help it grow. The two founders had already made $250,000 in sales, but they needed an investor to give their company the additional boost it needed to take it to the next level. To help their business grow, the founders presented Three Jerks Jerky to Daymond John.
Daymond John offered Three Jerks a percentage of his own company for a $100,000 investment. He also offered a 15% stake in Three Jerks Jerky. However, the deal wasn’t quite what Three Jerks expected. Originally, they were looking to buy a substantial portion of their own jerky. Instead, Daymond linked the company with a co-packer to help it meet the demand. Eventually, this co-packer would be unable to keep up with the demand.
Robert Herjavec was the second Shark to offer to invest in Three Jerks Jerky. He initially proposed a trade of $100,000 for 20% of the company. But he changed his mind and offered $150,000 for 33% of the business. His offer was more than Daymond’s original offer.
Kevin O’Learly is the third shark to offer to invest in Three Jerks. Initially, he offered to buy a 33.3% stake in the company for a $100,000 investment. O’Learly cited that he enjoyed the Filet Mignon jerky that Three Jerks makes and that he’d like to see the jerky paired with wine as a way to promote it. Additionally, O’Learly said that he feared the jerky could be easily copied by other competitors.
However, O’Learly eventually agreed to donate $125,000 to the company in exchange for 33.3%. Afterward, Three Jerks decided to renegotiate their contract with the co-packer to lower their costs. With this new partner, they can continue to maintain quality and ensure that Three Jerks stays competitive in the jerky market.
Three Jerks Jerky is still in business as of 2022. As of this update, it had a net worth of $5 million. The company has been selling premium jerky to a variety of outlets, including 41 retail locations across the country. It has also been featured on SpaceX flights.