69-year-old retiree has Shark Tank judges in a frenzy
In further proof that you should never judge a book by its cover, 69-year-old retiree Jenny Holten has stunned judges on the popular television program Shark Tank with her idea for a business involving artisan standard gluten-free breads.
You sort of had a feeling the panel of entrepreneurs and investors didn’t think much of Jenny as she entered the room and prepared to deliver her pitch, but when she started to go into more detail the show’s judges were left absolutely floored.
Jenny, a coeliac, explained that she had started the business 10 years ago, originally running it from her home kitchen in Perth, when she was disappointed by the standard of gluten free bread available. Jenny now sells to some of the best local restaurants, with loafs retailing for $13 to $15 dollars despite only costing $1.60 to make.
But what really left the judges amazed was the admission Jenny’s business had turned over just under a million dollars last year, and was on track to double it this year.
Jenny valued her company at $3.5 million, and was hoping for an offer of $350,000 for a 10 per cent stake in the business. RedBalloon founding director Naomi Simson offered her a deal to get a 25 per cent stake, which Jenny accepted.
Congratulations Jenny! Do you know any seniors who are budding entrepreneurs?