Prime 6, an innovative eco-friendly charcoal company, has been making waves in the grilling industry since its inception. Prime 6, founded by husband-and-wife duo Riki and Oron Franco, has not only captured the attention of barbecue enthusiasts but also caught the eye of the Sharks on the popular TV show Shark Tank. In this blog post, we’ll dive into Prime 6’s journey, from its humble beginnings to its current net worth, and explore the factors that have contributed to its success.
Who is Prime 6?
Prime 6 is a company that produces sustainable, high-performance charcoal made from compressed hardwood sawdust. Their unique hexagonal-shaped briquettes are designed to burn hotter, last longer, and leave less mess than traditional charcoal. The company’s mission is to provide a cleaner, more efficient, and eco-friendly alternative to conventional charcoal while still delivering the authentic smoky flavor that grillers love.
Who is the founder of Prime 6?
Riki and Oron Franco, a husband-and-wife team based in New York City, founded Prime 6. Riki, with her background in marketing and entrepreneurship, and Oron, with his experience in product development and manufacturing, combined their skills to create a revolutionary product in the grilling industry. Their shared passion for sustainability and love for barbecuing led them to develop Prime 6’s innovative charcoal.
| Attribute | Details |
|---|---|
| Founders | Oron Franco, Riki Franco |
| Business | Prime 6 – Sustainable hardwood-based grilling logs |
| Founded | 2018 |
| Product | Hexagonal charcoal logs made from recycled sawdust |
| Retail Price | $18.99 per nine-pound box |
| Cost to Make | $3.39 per nine-pound box |
| Sales Performance | $1.3 million in sales within three months of airing on Shark Tank |
| Distribution | Available in major retailers like Walmart, Lowe’s, Kroger, and Safeway; also sold online (Prime 6 website, Amazon) |
| Expansion | Expanded into 5,000 new stores post-Shark Tank, up from 1,200 stores initially |
| Additional Products | Fire starters and various log options |
| Environmental Impact | Over 120,000 trees planted; repurposed over 2.5 million tons of sawdust |
How Was the Shark Tank Pitch in Prime 6?
In November 2020, Riki and Oron Franco appeared on season 12 of Shark Tank, seeking $200,000 in exchange for a 10% stake in their company. The Sharks were impressed by Prime 6’s unique product, strong sales figures, and the founders’ passion.
The company had already generated $300,000 in sales and secured a $130,000 purchase order from Lowe’s. Kevin O’Leary and Daymond John both made offers, with the Francos ultimately accepting O’Leary’s deal of $200,000 for 25% equity.
| Shark | Offer | Details |
|---|---|---|
| Kevin O’Leary | $200,000 for 25% equity | Accepted by Oron and Riki Franco after initial counteroffer attempts |
| Daymond John | $200,000 for 25% equity | Made a competitive offer alongside Kevin O’Leary |
| Mark Cuban | No Offer | Declined due to a potential conflict of interest with a similar product in his portfolio |
| Lori Greiner | No Offer | A similar reason to Mark Cuban’s refusal |
| Blake Mycoskie | No Offer | Also declined to invest in Prime 6 |
Prime 6 Shark Tank Update:
Since appearing on Shark Tank, Prime 6 has experienced tremendous growth. In the three months following the episode’s airing, the company generated $1.3 million in sales and purchase orders. They increased their retail presence from 1,200 stores to over 5,000 nationwide, including major retailers like Walmart, Lowe’s, and Kroger. The partnership with Kevin O’Leary has also proven to be fruitful, with the Shark actively promoting the brand on social media and offering discounts to customers.
What happened to Prime 6 after Shark Tank?
After its successful Shark Tank appearance, Prime 6 focused on expanding its product line and increasing its market share. They introduced new products, such as fire starters and fire logs, to cater to a broader customer base.
The company also strengthened its commitment to sustainability by planting over 120,000 trees and repurposing more than 2.5 million tons of sawdust. Prime 6’s growth has been steady, with the company securing partnerships with major distributors like Vesta Foodservice and Halperns’ Steak & Seafood to reach more customers across the United States.
Prime 6 Net Worth:
Prime 6’s net worth is estimated to be around $10 million by 2024. This impressive figure is a testament to the company’s rapid growth, successful retail partnerships, and the increasing demand for eco-friendly grilling products. The company’s valuation has skyrocketed since its Shark Tank appearance, thanks to strategic guidance and investment from Kevin O’Leary.
Prime 6 Growth and Operations:
Prime 6’s growth can be attributed to several factors, including its unique product, strong branding, and effective marketing strategies. The company has focused on expanding its retail presence, partnering with major distributors, and increasing its online sales.
Prime 6’s operations have also scaled to meet the growing demand, with the company investing in efficient manufacturing processes and supply chain management to ensure consistent product quality and timely delivery.
| Milestone | Details |
|---|---|
| Early Success | $300,000 in sales within the first year of operation |
| Post-Shark Tank Sales Surge | $1.3 million in sales within three months of appearing on Shark Tank |
| Product Line Expansion | Introduced fire starters and various log options |
| Retail Expansion | Expanded into 5,000 new stores including Kroger, Safeway |
| Media Recognition | Featured in media outlets for eco-friendly products |
| Community Impact | Planted over 20,000 trees; focused on sustainability and environmental responsibility |
Prime 6: Marketing and Sales:
Prime 6’s marketing strategy has been a key driver of its success. The company has leveraged social media platforms to engage with its target audience, showcasing the benefits of its eco-friendly charcoal and sharing grilling tips and recipes.
Prime 6 has also participated in numerous food shows and festivals across the country, increasing brand awareness and attracting new customers. The company’s sales have grown consistently, with a significant portion coming from online channels and major retail partnerships.
Prime 6 Social Media Presence:
Prime 6 has a strong presence on social media platforms, including Facebook and Instagram. The company regularly posts engaging content, such as grilling tutorials, product updates, and customer testimonials.
Prime 6’s social media strategy has been effective in building a loyal customer base and fostering a sense of community among grilling enthusiasts. The company’s founders, Riki and Oron Franco, are also active on social media, sharing their entrepreneurial journey and interacting with followers.
Prime 6 Interesting Facts:
- For every pack of charcoal sold, Prime 6 plants a tree, contributing to reforestation efforts.
- The company has repurposed over 2.5 million tons of sawdust, reducing waste and promoting sustainability.
- Prime 6’s charcoal is made without the use of chemicals or binders, ensuring a cleaner burning experience.
- The hexagonal shape of Prime 6’s briquettes allows for better heat distribution and longer burning times.
- Numerous media outlets, including Reader’s Digest, have featured Prime 6 as one of the best eco-friendly products to buy.
What’s next for Prime 6?
As Prime 6 continues to grow, the company is focused on expanding its market reach and developing new products to meet the evolving needs of its customers. The founders, Riki and Oron Franco are committed to maintaining the company’s core values of sustainability and innovation while scaling the business. Prime 6 is also exploring opportunities to enter international markets and collaborate with like-minded brands to promote eco-friendly grilling practices worldwide.
Final Words:
Prime 6’s success story is a testament to the power of innovation, sustainability, and entrepreneurial spirit. From its humble beginnings to its current net worth of $10 million, the company has revolutionized the grilling industry with its eco-friendly charcoal and commitment to environmental stewardship.
With the continued support of Kevin O’Leary and a growing customer base, Prime 6 is poised for even greater success in the years to come. As more consumers prioritize sustainability and seek out cleaner alternatives to traditional grilling methods, Prime 6 is well-positioned to lead the charge in the eco-friendly grilling market.
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