Since its debut on August 9, 2009, Shark Tank has captured the attention of viewers, offering a unique platform where aspiring entrepreneurs pitch their innovative business ideas to a panel of affluent investors often referred to as the “sharks.”This reality TV series provides a golden opportunity for participants to secure funding and mentorship in exchange for equity in their ventures.
Among the memorable pitches was that of Ondrea and Marques Fernandez, who showcased their health-conscious brand, The Dough Bar, during season 9. They introduced their range of protein-packed donuts, which initially gained traction post their January 2018 appearance on the show. However, as with many entrepreneurial journeys, they encountered unforeseen challenges along the way.
“Today is our LAST production day‼️😢 It’s a very bittersweet moment for us here at The Dough Bar, but we’re finishing off strong.”- Instagram, May 16, 2022
The Journey of The Dough Bar: From Pitch to Production
The Pitch on Shark Tank
During their captivating pitch, Ondrea and Marques sought $300,000 for a 15% stake in The Dough Bar, emphasizing the healthier nature of their baked donuts compared to traditional fried options. By highlighting their commitment to nutritional transparency, they aimed to assist customers in tracking their caloric and macro intake.
The couple impressed the sharks with samples of their donuts, which were met with favorable reviews. The glazed version contained just 200 calories, while the plain donuts had only 150 calories. They revealed impressive sales figures, citing $1.2 million in revenue from June 2015 to January 2018, with expectations of reaching an additional $1 million by the year’s end.
Interest was piqued among the investors, with Barbara Corcoran and Lori Greiner both offering $300,000, for 20% equity. After negotiations, the Fernandez couple opted for Corcoran’s proposal, marking a pivotal moment for their business.
According to a report from The Coloradoan, within just nine months of their appearance on Shark Tank, The Dough Bar‘s revenue soared to nearly $2 million. Under Corcoran’s mentorship, the couple launched The Doughnut Club Bakery in Fort Collins, Colorado, in April 2019.
Navigating Bankruptcy and Resilience
However, the path was not without its challenges. As detailed by The Coloradoan, in January 2019, Ondrea and Marques transitioned The Dough Bar from California to Fort Collins, leading to a significant financial burden. By October of the same year, they filed for Chapter 11 bankruptcy protection.
Operating primarily online and through a pop-up venue at Flatirons Crossing in Broomfield, Ondrea Fernandez addressed the situation candidly in a communication with the publication, stating the need to reorganize debts to ensure the business’s continuity. Although the relocation required significant capital, they remained optimistic about their vision for the brand.
Meanwhile, The Doughnut Club reopened at 501 Riverside Ave. in June 2020, following the closure caused by the bankruptcy. During this tumultuous time, The Dough Bar broadened its menu to include items like monkey bread, cinnamon rolls, and whoopie pies, which were made available at The Doughnut Club.
Nevertheless, the effects of the COVID-19 pandemic proved to be another setback, forcing the closure of retail locations. As per their Instagram update dated August 3, 2022, they cited “rising material costs”and “labor shortages”as primary reasons for shutting down.
Personal Life and Business Decisions
In May 2022, personal circumstances led Ondrea and Marques to step back from their roles at The Dough Bar. They announced on Instagram that their newborn daughter faced severe health challenges requiring extensive care:
“Our precious newborn daughter was life-flighted to a Children’s Hospital with kidney failure and nearly lost her life… we have made the necessary decision to prioritize the health of our family and step away from the business right now.”
Currently, the activity on The Dough Bar‘s official Instagram and website has significantly decreased, with the site displaying a message that hints at a potential reopening:
“The Dough Bar Opening Soon. Message from May 5th, 2023: Hello Dough Bar Fam! We’re working on a few exciting things on our end! STAY TUNED!!!”
For those interested in entrepreneurship and innovation, new episodes of Shark Tank air every Friday at 8 PM ET, with previous seasons available for streaming on Hulu and the ABC website.
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