In season 8, episode 8 Jack Bonneau pitched his company, Jack’s Stands to the sharks. He was one of the youngest entrepreneurs to appear on the show. Is he still in business today? What happened on his episode of Shark Tank? Find out now.
Business Name
Jack’s Stands
Founder
Jack Bonneau
Business Genre
Food/Beverage
Shark Tank Season and Episode #
Season 8 Episode 8
Asking Price
$50,000 for 10%
Business Status
Out of Business
What is Jack’s Stands?
Jack’s Stands – also known as Jack’s Stands & Marketplaces – is a lemonade stand/kids entrepreneurial marketplace that not only lets kids make money, but teaches them lessons along the way. Kids can sell lemonade or other drinks, plus learn about things like financial literacy. Other “kidtrepreneurs” could sell their products at the marketplace too, where their business origin stories would be shared.
Yes, they did. Jack took a deal from guest shark Chris Sacca for a $50,000 loan with 2% interest.
Shark Tank Recap
Jack Bonneau went into the tank very confident, and gave an eloquent presentation. His dad, Steve was by his side and the 10-year-old laid out his business model wonderfully.
Kevin O’Leary went out because he wanted Jack to finish his education first. Mark Cuban called Jack “incredible” and Barbara Corcoran agreed, saying “well said.” But, Mark also said there wasn’t enough evidence that the company could be sustained outside of Jack’s current city, so he went out.
Barbara added that she thought the marketplace was the wrong road for him to go. The lemonade stand part of his business is easier. So, she’s out too. Lori Greiner praised Jack’s presentation in the tank, but thought he should wait until he’s older to expand his business. In short, she went out.
Guest shark Chris Sacca shocked everyone when he made an offer to Jack. Chris offers a $50,000 loan with 2% interest. But, there are conditions: Jack draws down $10,000 at a time so he can check on the progress of the business. If they’re doing well and keeping up with payments, then they can draw another $10,000 out and so on. The second condition is that Jack must start a podcast or video blog of some kind to get the entrepreneurial lessons out there to kids. Jack and his dad Steve accept the offer.
Jack’s Stands Shark Tank Recap: How Much Did They Ask For?
They were seeking $50,000 for 10%.
Who is Jack Bonneau?
Jack Bonneau is currently a junior in high school. He pitched on Shark Tank when he was only 10 years of age. His business savvy began at 8 years old when he really really wanted a Lego set, but his dad said he’d have to pay for it with his own money. So, he started his own lemonade stand, and within weeks, made enough money to buy the Lego set – and then some! That’s how the idea for Jack’s Stands and Marketplaces was born.
Are They Still in Business?
Shockingly they went out of business – at least, not the profit kind. See, they couldn’t operate due to the pandemic, and so in 2021, Jack’s Stands switched to be a nonprofit organization. That way Jack could still work with young entrepreneurs, as well as schools or other nonprofits.
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