Joseph K. Moore, president and CEO of First Defense Nasal Screens, is a "Shark Tank" legend. At the end of his pitch, most of the sharks were making offers, and Robert Herjavec offered him $4 million for the entire business—the largest offer in the show's history.
Moore turned it down.
What was it about his presentation that sent the sharks into a feeding frenzy? He pitched a lightweight nasal screen that reduces the inhalation of allergens, pollen and pollution, and asked for $500,000 for a 10 percent stake.
The sharks thought it was a joke at first, with Mark Cuban asking, "Are you kidding me?"
But when Moore said he had sold 1.7 million units at 60 cents wholesale, with a client overseas who had given him an $8 million contract, they realized the product's full potential. They started making multiple offers, including the record-breaking $4 million.
Not wanting to sell the entire business, Moore instead accepted a joint offer on the show with Kevin O'Leary, Daymond John and Cuban for $750,000 for a 30 percent stake and a 10 percent perpetual royalty. Cuban had to kick in season tickets to Mavericks games.
So, how has First Defense Nasal Screens been doing since Moore's appearance? What is it like to turn down millions of dollars on national TV? And how much would he have been willing to sell his company for?
Check out the Q&A with Joseph K. Moore.