Entrepreneurs

This hair product start-up made the 'Shark Tank' investors wear wigs — and landed a $100,000 investment from Mark Cuban

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Eddy Chen| ABC | Getty Images

While "Shark Tank" investors Mark Cuban, Kevin O'Leary, Daymond John, and Robert Herjavec are all busy entrepreneurs with businesses to run and investments to manage, Sunday night, the men got a taste of a more Rock n' Roll lifestyle.

All four men experienced how they would feel with long, lustrous hair.

Lindsay Barto and Chris Healy appeared on ABC's "Shark Tank" Sunday seeking $95,000 in funding in exchange for 10 percent equity in their business, The Long Hairs, which sells products for men who have long hair.

Barto and Healy both have long hair themselves and feel men with longer locks could be an undervalued market.

"[When] we started growing our hair out for the first time ... we started going and buying hair ties at the women's hair care aisle," Healy explained.

To help the investors understand the long-haired men who the company hopes to sell to, Barto and Healy passed around wigs for the investors to try on, along with hair ties, headbands, and hair serums to test out.

Herjavec opted to test one of the hair ties by arranging his wig into a "man bun."

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Eddy Chen | ABC | Getty Images

"He looks like a freakin' Hamilton reject," Cuban laughed, referring to the hit musical Hamilton. Cuban himself was sporting a glossy black wig with a headband.

Investor Lori Greiner didn't have a wig to try on, but she did weigh in on the men's new looks on Twitter.

As the pitch continued, the company's sales numbers paused the laughter.

In its first year, The Long Hairs business did $25,000 in sales. In its second year, Healy anticipates seeing $140,000 in sales, selling through the company's website and Amazon, he said. A pack of four hair ties sells for $12and only costs $1.60 to make. A headband costs $16.

"It is a fun little business, I give you guys credit," Cuban said.

Those numbers attracted an offer from Kevin O'Leary, who added, "You guys make crazy margins." O'Leary offered to invest $95,000 for a 10 percent stake in the business, with an additional $2 royalty payment per order until he makes $200,000.

Cuban also made a bid, offering to give Barto and Healy $100,000 in exchange for 25 percent of the business. The pair negotiated him down to a 20 percent stake and they accepted Cuban's offer.

"We struck a deal with the big dog," Barto said. "We're in business with Mark Cuban."

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