Where Is Chi'Lantro From Shark Tank Today?
Is it necessary for an entrepreneur to accept an offer on "Shark Tank" in order to ultimately succeed? The immediate gratification of having a celebrity investment surely feels great, but entrepreneurs who don't secure a deal still often receive bumps in sales thanks to the free publicity. Jae Kim, appearing on Season 8 Episode 8 of "Shark Tank," certainly seemed to think accepting an offer was essential.
Kim offered the Sharks a 15% stake in his Korean BBQ food service business, Chi'Lantro, in exchange for a $600,000 investment. The Sharks enjoyed the food and thought Kim's personal background was impressive, but most of them were not wowed enough to risk investing in the uncertain restaurant sector. Fortunately, though, Barbara Corcoran offered Kim the $600,000 for a slightly raised 20% equity, and Kim gladly accepted. "You are a straight shooter," Corcoran complimented Kim. "I'm crazy about you!"
Shortly afterward, Kim told CNBC this was a once-in-a-lifetime experience that helped him grow, connect with others, and dream bigger. As for the future, he claimed, "Expanding a restaurant business is about scaling the culture." Kim elaborated, saying, "We put a lot of thought and effort into growing and developing people that want to learn and make progress in their life." The future seemed bright for Kim and Corcoran, yet the deal didn't go through.
Why didn't Kim and Corcoran team up?
Kim had come a long way before appearing on "Shark Tank." He immigrated to the United States as a kid and later suffered the setback of a failed coffee shop venture. However, Kim managed to put himself through college and saved up enough money to start a second business after graduating. Eventually, he even applied to be on the show three times before it finally cast him. "You have actually lived the American Dream and every essence of it," Kevin O'Leary applauded Kim. Walking out of the tank, Kim revealed he was just trying to make his family proud, and later informed CNBC he was simply choosing to be himself.
So, did Corcoran raise Kim's hopes only to dash them? Surprisingly, it wasn't the Shark who backed out of this deal; it was the entrepreneur! He later informed QSR Magazine his heart told him to walk away. In that same interview, Kim advised other entrepreneurs to take things step-by-step, never stop trying, take advantage of local opportunities, find ways to garner attention, stay nimble, and always educate themselves. As a result of following his own advice, Kim expanded his chain and prepared to franchise in 2020. Then, the pandemic hit, some of his restaurants lost 50% of their sales, and Kim had to rely on his food trucks in order to stay profitable — as reported by Restaurant Business. So, was he able to survive those unprecedented times even without Corcoran's help?
Chi'Lantro is a Shark Tank success with no Shark
Chi'Lantro proves that, no, it's not necessary for an entrepreneur to accept an offer on "Shark Tank" in order to ultimately succeed. This chain recently opened the tenth of its brick-and-mortar stores, all of which are located around Austin, Texas. The business still has food trucks, too, and can also cater customers' events. Additionally, it now has a rewards program it uses to cultivate consumer loyalty. The company claims that this all comes down to its core "D.A.R.T." values: dedication, authenticity, resilience, and thankfulness. Its mission to inspire "the way you eat and think about Korean BBQ," as noted on its website, seems to be going quite well.
Interviewing with Fox 7 Austin in 2022, Kim recalled, "Going through a pandemic, I know there was a situation where I called my wife and I said, 'You know, I think we're going to go bankrupt.'" Thankfully, that did not happen, but Kim still feels, "Restaurateurs and entrepreneurs that are out there are struggling and they're tired, they're exhausted." So, he wants to make other entrepreneurs and immigrants feel less alone and prove that anyone can overcome their personal struggles to succeed. Indeed, his decision to turn down Corcoran's offer and focus instead on slow-but-steady expansion seems to have done exactly that. Chi'Lantro now generates $10 million in annual sales. Kim's story is a true inspiration — no Shark needed.