Buena Papa Net Worth 2024 Update & Their Shark Tank Pitch!

Shark Tank Buena Papa, a loaded french fries dish founded by James and Johanna Windon, telecasted Shark Tank USA in 2023 on Season 15. The founders were seeking $400,000 for 7% equity for their business. However, they secured a deal with Robert Herjavec, $400,000 for 19% equity. In this article, we will explore Buena Papa Net Worth in 2024, its Shark Tank pitch summary, and more.

Buena Papa Net Worth

As of July 2024, Buena Papa’s net worth is $2 million, and its annual revenue was $2 million in 2023. 

Buena Papa Net Worth Timeline

Shark Tank Buena Papa Update from Season 15 

James and Johanna arrived at the pitch in a traditional Colombian manner. They introduced themselves and asked for $400,000 in exchange for 7% equity, valuing the company at $5.7 million. James started their presentation by explaining the true meaning of “Buena Papa.” In Colombia, it refers to “good people” and also translates to “good potato.”

Buena Papa is a food company from Raleigh, North Carolina that started in 2021 during the COVID-19 pandemic. James and Johanna Windon began this new venture after their cleaning business, Maid in Raleigh, temporarily closed due to the health crisis.

The couple invested $40,000 to start their first location. In their first month, they made $18,000 in sales. Two weeks later, they went viral on TikTok, and an influencer tried all their dishes. This led to 60 million views, and they realized they were on to something big.

Their main dish is french fries, which are usually a side dish, so they’ve made them the main attraction. Each order starts with 33 ounces of fresh-cut fries, topped with various Latin American-inspired toppings. Moreover, It blends flavors worldwide, inspired by Johanna’s Colombian heritage and American fast food culture. 

Also, it offers a unique, quick-serve dining experience focused on gourmet French fries with an international twist. Their signature dish, ‘The Colombiano,’ features fries topped with Colombian favorites like fried pig belly, beans, and chorizo. The sharks got to try samples during their presentation and were very impressed.

James and Johanna also aimed to franchise their French fry bars across America. The initial franchise fee was $29,500, and the company recoups an 8% royalty. They were seeking a strategic partner to help expand their brand further.

There, Kevin asked about the cost and sales. James said that making each platter costs $3.50, and they sell it for $13.50. Robert then asked about the profit margin, and James said it was 28%. However, Shark Kevin thought this margin was too low.

Then, Mark asked if the 28% was their net margin. James clarified that it was their per-sales margin, which makes the overall margin 72%. Robert then asked if they had a store like the ones in the images. James confirmed they had their first store with 200 square feet of space. 

Moreover, he said they made $1.1 million in sales in their first year. Also, the founders noted that they reinvested all their profits into opening a second location of 700 square feet. At the moment, Kevin asked about the sales of this new store. James said that combined sales from both stores were expected to reach $2 million this year. 

Robert then asked about their profit. James mentioned they made $120,000 in profit, with $80,000 paid to themselves. 

Then Barbara questioned the two stores which were mentioned above. James replied they had four locations. Further, they said that the third was in an arena, and the fourth would open in Miami. Kevin was impressed by their expansion.

Lori Greiner liked the concept and praised the couple for doing everything right. However, she said it wasn’t the right business for her, so she decided not to invest.

Mark Cuban initially showed interest but changed his mind when James mentioned franchising, fearing it could overwhelm them, so he decided not to invest. Kevin O’Leary complimented the food but said he couldn’t support a product he wouldn’t eat due to his new diet, so he declined to invest. Barbara Corcoran acknowledged their progress and success but felt they didn’t need a shark’s investment. She wished them well but chose not to invest.

Robert Herjavec wanted to partner with the couple. He first offered $400,000 for 20% equity. James countered with 15%, but Robert disagreed. James then tried 17% and later 18%, but Robert declined both offers.

However, James didn’t give up lightly and offered 19% of Robert’s offer. Then, finally, Robert accepted James’s final offer. So, the founders left the Shark Tank Show with a deal from Robert, which was $400,000 for 19% equity, valuing the company at $2.1 million.

Summary of the Sharks’ Deal List!

What Happened to Buena Papa after Shark Tank?

As of July 2024, the Buena Papa is still in business. After its appearance on Shark Tank, the brand expanded its operations and marketing efforts. However, after Shark Tank’s appearance, the company announced a strategic shift in its business approach. This shift includes a decision to close its Durham, NC, location to focus more resources on expanding through franchising opportunities.

Buena Papa Fry Bar combines crispy fries with vibrant flavors, continuing to attract numerous customers under the leadership of James and Johanna Windon. The founders of Buena Papa have launched a new challenge where customers can create new recipes using various options from their fry baskets. For it, customers can make their dishes via DoorDash, Seamless, GrubHub, Toast Lab, Postmates, and Uber Eats. Moreover, participants can win a Buena Papa Prize Pack by entering the online competition. 

Also, it offers signature dishes like Colombiano, Mexicano, Boricua, Americano, Italiano, Griego, and Carolina, each with unique toppings and flavors. They also provide a variety of sauces for customers to choose from. Recently, they added healthier options to their menu. Also, if you want to learn more about their menus, you can visit the Buena Papa website.

Further, the brand has also gained significant exposure through media appearances. Recently, they were featured on ‘Thriving Through Food’ with celebrity chef Pati Jinich and ESPN’s ‘3 Day Weekend.’ They also shared their journey on the ‘Restaurant Unstoppable’ podcast, discussing their role as owners of a French fry bar and parents of three children. 

Buena Papa Founders

James and Johanna Windon are the founders of Buena Papa, which was started in 2021. Originally from Colombia, Johanna moved to the United States at six and wanted to share her Colombian heritage through food. Using their cultural heritage as inspiration, Johanna and James embarked on a new journey in the food industry. Their journey began when they were inspired by Bandeja Paisa, a traditional dish from Medellin that symbolizes community and togetherness.

After the pandemic forced them to close their cleaning business, they cooked Bandeja Paisa at home. They experimented with traditional ingredients and decided to enhance and elevate their dinner menu. Also, they put the name Buena Papa for their company, which reflects their Colombian roots and embodies the essence of their restaurant.

They believed in the universal appeal of fries, topped with various international flavors influenced by Colombia, Mexico, and Italy. James and Johanna Windon’s net worth is unknown as of July 2024.

Buena Papa Achievements and Awards

Conclusion

Shark Tank is a TV show showcasing different business ideas, helping them succeed. Buena Papa was one of the ventures featured on the show. They made a deal with Robert Herjavec, showing that success is possible with the right idea and execution. Now, we eagerly await to see how their success story unfolds in the future.

Before you leave, check out the other company updates in Season 15, Episode 04.

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