Blondie’s Cookies is a bakery brand based in Indiana that specializes in gourmet cookies and other baked goods. Initially, the business was started by Brenda Coffman. This woman has 25 years of experience in the cookie business. The company opened its first store in Kokomo, Indiana in 1985. More stores followed in the years that followed.
Blondie’s Cookies started out as a small business, and it did not have any corporate accounts. This was due to the fact that the business was new. However, after the company received Shark Tank attention, sales have increased dramatically. They are planning to open more stores slowly in neighboring states.
When the show started, the company had around $800k in outstanding loans. In addition to that, Blondie’s had been losing money. While the Sharks were impressed, they didn’t offer any investment for the business.
During the Shark Tank interview, Brenda presented a couple of samples to the sharks. The sharks seemed to like the cookies, but were not impressed with the valuation. She was asking for $200k for a 3% stake in the business. Although the company is still operating, one of the stores has closed since the show date.
The company’s valuation was $6.6 million. This amount is actually a bit higher than its annual revenue. For instance, the average revenue for a bakery company is about $9-10 million. If you multiply that amount by the 3% stake that Brenda was seeking, you’ll see that the company was worth about $6.7 million.
While the company is currently losing money in Florida, it plans to open more locations in the future. Its employees are higher than the industry average. Currently, the business makes dry bakery products, including pretzels. Aside from these products, it also makes fresh and gourmet cookies.
While Shark Tank has not been able to give Blondie’s a deal, it has helped boost the company’s sales. There are more sites to follow after the show, and online sales have increased dramatically. Lastly, the company has a number of successful Indiana locations.
As of now, there are eight retail stores that are run by Blondie’s. These are located in Indiana, and one is located in Florida. Even though there are some financial issues with the company, it has kept the doors open for years. With the help of the Sharks, they plan to expand into neighboring states.
The company is hoping to raise $200,000 in order to take the next step. To date, there are seven original businesses in Indiana that are still operational. That’s one more than the total number of stores that are currently in operation.
While Jason McGowan is not as well-known as other entrepreneurs who have appeared on Shark Tank, he’s a successful entrepreneur. He’s been in the business for more than two decades. His journey has inspired many entrepreneurs. His personal social media accounts include more than 3,300 followers on Instagram. Among his hobbies are reading and technology.