Mr. Tod’s Pie Factory Update | Shark Tank Season 01
Tod Wilson and the costumed mascot appeared in Shark Tank S01E01 to raise $460,000 in exchange for 10% equity in Mr. Tod’s Pie Factory.
Mr. Tod’s Pies is an American brand that offers delicious pies, desserts, and a selection of comforting homemade foods. The Sharks liked the taste of the freshly baked pie but were unsatisfied with the company’s valuation.
After several minutes of discussion, Wilson accepted Barbara Cocoran’s and Daymond John’s combined offer.
| Company Name | Mr. Tod’s Pie Factory |
|---|---|
| Founders | Tod Wilson |
| Founded | 2002 |
| Product | Pie Business |
| Ask | $460,000 for 10% equity |
| Deal | $460,000 for 50% equity |
| Sharks | Barbara Corcoran, Daymond John |
It has been almost fourteen years, and here’s Mr. Tod’s Pie Factory update after Shark Tank!
In Shark Tank S01E01, Mr. Tod’s Pie Factory got a combined deal from Barbara Cocoran and Daymond John. Both Sharks offered $460,000 for 50% equity, and Wilson accepted this deal on camera. But, he refused the agreement after the show because he didn’t want to give a 50% stake to the Sharks.
After Shark Tank, Wilson expanded his business to various New Jersey and New York locations. In terms of Mr. Tod’s Pie Factory updates, this company will still be operational in March 2024 and selling online.
However, Wilson faced many challenges in his entrepreneurial journey. In December 2017, Wilson was accused of witness tampering, but the court dismissed this charge.
In March 2019, he sued the Englewood, New Jersey, police department for “falsely imprisoning and maliciously prosecuting,” the court dismissed this lawsuit in November 2021.
Read on for more updates about Mr. Tod’s Pie Factory!
About Mr. Tod’s Pies
Tod Wilson owns Mr. Tod’s Pies and the baker of the tasty pies. He learned baking from his Godfather as he helped the bakery business.
Tod was just 25 when he started his journey in this business. He began selling his most famous and best-seller signature miniature sweet potato pies wholesale.
After his graduation, Tod began working in the bakery and, before long, became the most significant distributor. Soon after, he set up his factory in 2002.
Mr. Tod’s Pie Factory is a New Jersey-based bakery specializing in sweet and savory pies.
Mr. Tod’s Pie Factory makes baked goods from scratch using the best natural ingredients.
The flavors include freshly baked potato pie, butternut coconut, chocolate walnut, and many more. The ongoing net worth of the company is assessed to be $10 million.
Mr. Tod’s Pie Shark Tank Pitch Recap
Tod Wilson pitched in the first episode of Shark Tank Season 01. He asked $460,000 in exchange for a 10% stake in Mr. Tod’s Pie.
Mr. Pie Man appeared as a costumed mascot, carrying a tray of tasty pies to impress the judges.
During the pitch, Wilson presented his company’s history and highlighted his $850,000 wholesale business and retail sales, which instantly grabbed the Sharks’ attention.
Robert Herjavec said, “You’re making almost a million a year; you got a cute little mascot who follows you around, so what’s the problem? Why are you here?”
Tod said that the problem was the demand he could not keep up with. He wanted to expand his food service chain nationwide.
Kevin O’Leary asked, “What percentage of your $850,000 in sales is the sweet potato pies?”
Tod said his sweet potato pies contribute 94% of his wholesale business, meaning half of the revenue comes from one flavor –the most loved sweet potato pies.
When Robert Herjavec asked why the mascot was a part of the business, Tod explained that they took it into schools and had a program called “Pies for good grades,” which made him good money.
Despite the massive success of Mr. Tod’s Pie Factory, a few sharks opted out of the deal. Robert Herjavec said he was out due to concerns about Wilson taking shortcuts while extending too quickly, and it’s risky.
Kevin O’Leary, who told Tod to only focus on selling sweet potato pies wholesale, wanted 51% of the company and demanded that the mascot had to go.
He eventually chose to go out since he did not want to invest in somebody who was highly emotional and not exclusively focused on the company’s profits.
Kevin Harrington chose not to invest because he believed the company’s valuation was excessively high.
Barbara Corcoran, however, proposed a deal of $230,000 in exchange for 20% equity in Mr. Tod’s Pie.
Daymond John saw potential in Tod Wilson and his company, noticing similarities between their experiences.
However, he wanted 50% equity in the business. Daymond agreed to partner with Barbara on the condition that Wilson had legitimate customer orders.
When Tod said he would like to approach a counter deal, Daymond John said he would counter back if he did that.
Robert Herjavec warned Wilson that agreeing to Daymond and Barbara’s offer would surrender half of his stake.
Wilson carefully considered his choices and eventually accepted Barbara and Daymond’s combined deal of $460,000 for 50% stakes.
Mr. Tod’s Pie Shark Tank Update
Shark Tank helped Wilson boost his business, and his pies were featured in famous magazines.
Tod was also featured on reality TV shows such as Oprah Winfrey and Rachel Ray. This appearance helped the company gain worldwide appreciation.
However, Wilson withdrew from the deal after reconsidering his decision as he found giving half of the company to the Sharks was challenging. That is why the deal never happened.
After the show, Wilson also started a restaurant that was shut after six years, and today, Mr. Tod’s Pie Factory sells everything online.
Since appearing on Shark Tank, Mr. Tod’s Pie Factory has kept extending its reach and services. The company has opened more locations in New Jersey and New York, and its items are currently accessible for nationwide shipping.
The company also runs an online store through its website. They deliver all across the United States. Its social media pages have been active as well. They have added new flavors to its menu, including vegan and gluten-free choices for its customers.
As of March 2024, Mr. Tod’s Pie Factory is doing great online. It has an estimated annual revenue of about $15 million.
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Conclusion
After the episode aired, Tod’s deal with Barbara and Daymond never went through. Despite that, the owner has successfully expanded his business throughout the country.
Tod Wilson keeps offering motivational talks in schools and organizations around the New Jersey neighborhood. He inspires and hopes for an upcoming generation of potential young entrepreneurs.
