Let Them Eat Candles Net Worth 2024 Update & Their Shark Tank Pitch!

Shark Tank Let Them Eat Candles, an edible birthday candle founded by Loree Sandler and Bob Michelson, entered Shark Tank USA in 2024 on Season 15. The founders were seeking $250,000 for 10% equity. However, they secured a deal with Lori Greiner, $250,000 for 18% equity. In this article, we will explore “Let Them Eat Candles” Net Worth in 2024, its Shark Tank pitch summary and more.

Let Them Eat Candles Net Worth

According to the Shark Tank deal, Let Them Eat Candles’s net worth is $1.38 million as of March 2024, and their annual revenue was $675K in 2023. 

Let Them Eat Candles Net Worth Timeline

Shark Tank Let Them Eat Candles Update from Season 15

The founders appeared on ABC’s ‘Shark Tank’ on March 8, seeking $250,000 for 10% equity, valuing the company at $2.5 million. Loree initially hesitated to apply, but their customers often suggested it to her. She found emails in her spam folder from ‘Shark Tank agents’ in August 2022, but it was too late for that season. 

However, in January 2023, Loree and Bob applied for ‘Shark Tank’ Season 15. The application process, which involved creating a video, was described by Loree as both exciting and challenging. In March 2024, they pitched to the “Sharks,” feeling familiar due to watching previous episodes as suggested by the producers.

Robert Herjavec asked about their product’s origin. Loree explained that while baking a birthday cake for her youngest son, she got the idea with the candles.

Loree, the co-founder of the company, got the idea when she saw her son’s 12th birthday cake melting from wax candles. Loree and Bob, the founders of Let Them Eat Candles, realized that candles are essential for special celebrations. They wanted to make them more than just decorations – they wanted them to be delicious treats. 

They are sold for $2.99 to $3.99 each, costing $0.85 to make and wholesaling for $1.69. When sold directly to consumers, they are priced at $3.99. Their total sales since starting the business are $2.3 million. In the year before filming ‘Shark Tank,’ they made $675,000 in sales. During filming, they expect $1 million in sales but anticipate a profit of only $100,000.

Kevin O’Leary believed in entrepreneurs but thought it would take 2 to 3 more years for success, so he declined to invest. Robert Herjavec, already involved in a similar business with birthday cake cards, also opted out. Mark Cuban didn’t believe the company could generate sufficient sales to be investable, so he decided not to invest and went out.

Barbara Corcoran offered $250,000 for 25% equity, while Lori Greiner offered a $125,000 loan plus $125,000 cash for 20% equity. The couple proposed a joint offer of 15% equity, but Lori Greiner preferred to go solo. Lori then offered $250,000 for 18% equity, while Barbara stuck to her initial offer. Ultimately, they accepted Lori’s offer, valuing the company at $1.38 million.

What Happened to Let Them Eat Candles after Shark Tank?

As of March 2024, Let Them Eat Candles is still in business. Let Them Eat Candles aims to expand into major grocery chains, currently available in Publix and testing in Albertsons and Kroger. Their main challenge is shipping chocolate without melting, which is costly. They are already in hundreds of stores nationwide, with plans for more products in the future, promising a bright future for the company. 

They worked on upgrading production using top manufacturers and new tech to grow while keeping quality high.

After their appearance on Shark Tank, Let Them Eat Candles saw a significant sales boost. Their candles burn for about a minute once lit, and packs of three sell on their website for $11.95. You can purchase your own Let Them Eat Candles through their website.

Let Them Eat Candles Founders

Loree Sandler and Bob Michelson are the founders of Let Them Eat Candles. The company started in 2012. Loree had no previous experience in the food industry. Especially in chocolate-making, which posed a significant learning challenge for her. 

However, she found support and guidance from local entrepreneur organizations. On the other hand, Bob is a seasoned business leader with a track record of success. Over thirty years, he has led seven companies, five of which were either sold or went public. He has served on numerous corporate boards and has extensive experience in strategic planning, operations, marketing, sales, and technology.

Loree, an architect, combined her culinary training to craft prototypes and refine every aspect of the product. Despite challenges, their efforts paid off, earning recognition from websites like Martha Stewart’s American Made and TheGrommet.com. Also, Bob began his career as a Systems Engineer at IBM and holds a BS in marketing and economics from Indiana University. Loree Sandler and Bob Michelson’s net worth is unknown as of March 2024.

Let Them Eat Candles Achievements and Awards

Conclusion

Shark Tank is a TV show showcasing different business ideas, helping them succeed. Let Them Eat Candles was one of the ventures featured on the show. They made a deal with Lori Greiner, 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 17. 

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