Sabin Lomac, like so many others before him, departed Maine in 2006 to pursue a career as an actor in Los Angeles. Jim Tselikis paid a visit to his cousin a few years later, and the two spent a lot of time talking about their childhoods outside of Portland, Maine. The conversation eventually moved to the famous Maine lobster, and the cousins agreed that nothing compares to it on the West Coast. That was going to change soon. Cousins After Sabin and Jim combined their efforts to come up with the $20,000, Maine Lobster delivered the lobster delicacy to Los Angeles in the form of a food truck.
A clever mix of word of mouth and a well-executed social media campaign helped the company get off to a terrific start. The authenticity, freshness, and quality of the meat in their specialty lobster rolls drew transplants from the East Coast. Cousins’ success grew, and his visit on the nationally televised Shark Tank to attempt to get funds to grow the company with a second truck led to an appearance on the local L.A. news.
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In The Tank, Lobsters vs. Sharks
Season 4 Episode 6 Of Shark Tank
In the weeks leading up to their plunge into the Shark Tank, Lomac and Jim put in countless hours of preparation. They looked over the finances, analyzed prior episodes, and attempted to come up with contingencies for whatever the judges may throw at them.
Jim constructed a vision of bringing the institution of the Maine lobster to Southern California, stating Cousins Maine Lobster has its lobsters transported directly from Maine in less than 24 hours, after pitching a $50,000 contract in return for 5% of the company. He added that the cousins couldn’t keep up with the demand for their low-cost East Coast specialty.
Barbara inquired about how the lobsters were carried across the nation every day while samples were distributed out and consumed. Jim added that they have established excellent commercial partnerships with local East Coast suppliers. Everything is as fresh as possible, according to Sabin, from the lobster to the bread. The Sharks were enthralled by the samples. That was the flavor Jim and Sabin had grown up with, and it was the taste they were giving to happy consumers in California every day.
In the first two months after establishing Cousins Maine Lobster, their single truck had made $150,000 in sales. Sabin said that their famous classic lobster roll priced $13 and took $5.85 to prepare. They paid $65,000 for the vehicle and spent $20,000 a month on personnel and other costs. Because the two cousins started into the endeavor knowing very little about the food truck industry, Jim said they intended to cut expenses after hiring a general manager.
The Sharks started sniping at each other, and Mark left since no one was paying attention to his questions. Barbara eventually instructs everyone to stay quiet, and she may make a serious offer to them. Kevin withdrew out because he believed the two were asking for too much money. Daymond also left when Jim said that he would be willing to give up 7-8 percent of the company for the money.
Trying To Make A Deal With The Sharks
Robert thought these two cousins have dedicated workers who were prepared to go above and beyond to ensure their company’s success. He countered with a $50,000 offer plus 25% ownership in Cousins Maine Lobster, but Jim and Sabin immediately refused such a large amount. Barbara offered an extra $5,000 in exchange for a 17 percent stake in the company. For a 25% increase, Robert upped the money spent to $100,000.
Kevin outlined the two current bids on the table: Barbara’s $55,000 for 17 percent of Cousins Maine Lobster and Robert’s $100,000 for 25 percent. Jim was curious about the techniques Robert and Barbara would use if they decided to invest in the company. Barbara felt it was a great idea and suggested that the outside of the truck be upgraded to incorporate the faces of the cousins who founded the company. Robert was irritated by the inquiry and decided to withdraw his offer since he didn’t believe he needed to prove his qualifications.
Barbara eventually reached an agreement with the two and agreed to $55,000 and a 15% stake in Cousins Maine Lobster. The offer was taken up.
After The Shark Tank, Cousins Maine Lobster
Jim and Sabin have grown Cousins Maine Lobster with the addition of food trucks in Nashville and San Antonio since collaborating with Barbara. Several television appearances, including appearances on The Today Show, The Chew, and Master Chef, expanded their market exposure. Cousins Maine Lobster now has 20 trucks in 13 places around the nation, as well as a physical presence in West Hollywood. Lobster dinners are also available online and on QVC.
Barbara’s assistance and advice were much appreciated by the cousins, and they take great satisfaction in offering high-quality cuisine and exceptional customer service. They are proud of their staff, whom they treat with respect, and they aim for open and honest communication at all times.
Jim and Sabin established a non-profit organization to give back to the communities that have been so supportive of their businesses. Cousins For A Cause aims to raise family and service awareness throughout the United States.
Sabin had been into some trouble years before he and his cousin carried Maine lobsters to California and the rest of the nation, and his mother enrolled him in Big Brothers Big Sisters of America. He was linked with a male role model via the program, who assisted him in turning his life around, allowing him to achieve the success that Cousins Maine Lobster has afforded him.
Sabin arranged Cousins For A Cause partnering with Big Brothers Big Sisters of America in Los Angeles to aid with money-raising activities and extra resources in order to give back to the organization that had such a good influence on his life. Sabin received the “Big Brother of the Year” award, which is a nationwide acknowledgment of his community service.
Royal Pitch is not linked with Cousins Maine Lobster, Shark Tank, or any of their companies, and the information presented in this article is only for educational purposes.
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