The Rise and Success of Bon Bee Honey: The Journey Post Shark Tank Honey Bunchies, a family-operated snack bar business, underwent a significant transformation after its appearance on Shark Tank in its 14th season. Rebranded as ‘Bon Bee Honey’, this company founded by Kendra Bennett and her father experienced skyrocketing success despite not securing a deal from the Shark Tank investors. Here’s an in-depth look at their journey.
How Did Honey Bunchies Become Bon Bee Honey?
The transition from Honey Bunchies to Bon Bee Honey marked an evolution in the brand’s identity and vision. As the company expanded its product range and reach, a new name became symbolic of its growth and resilience.
What Kind of Growth Did Bon Bee Honey Experience Post Shark Tank?
Since their appearance on the show, Bon Bee Honey has expanded their reach to over 1,600 retail locations across the U.S. Their monthly revenue rose phenomenally, achieving over $295,000. These numbers are impressive considering the initial skepticism from the Sharks.
Where Can Consumers Find Bon Bee Honey Products Today?
The snack bars, boasting their honey-rich goodness, can be found at prominent retail outlets. From giants like Walmart, Whole Foods, and Kroger’s, the brand has made its mark. Notably, a significant portion of their sales, approximately 28%, comes from online avenues, with Amazon sales over the past year amounting to a commendable $520,000.
Has Bon Bee Honey Gained Recognition in the Media?
Yes, and in a big way! Their innovative product has caught the attention of leading national publications. Features in Forbes, Entrepreneur, and Inc. magazine have amplified their brand visibility. Furthermore, the recognition as the “Best New Snack” by the National Association for the Specialty Food Trade (NASFT) solidifies their position in the industry.
What Was Kendra Bennett’s Pitch on Shark Tank?
In 2023, Bennett bravely stood in front of the Sharks to narrate the touching story behind Honey Bunchies. She shared her father’s service story and how her mother’s honey bars provided sustenance during those challenging times. The pitch emphasized the product’s natural ingredients, its gluten-free and grain-free nature, and its rich nutritional profile.
Why Were The Sharks Skeptical?
Despite Bennett’s spirited presentation, the Sharks were not immediately sold. The main concerns:
- Was the product innovative enough? Bennett sought $200,000 for a 10% stake, but with a profit of only $22,000 against a sales figure of $519,000 the previous year, the Sharks were wary.
- Would the revenue projections hold? Bennett’s optimistic projection of sales between $2.2 million and $4.2 million in the upcoming year was questioned.
- What about the competition? The energy bar market is saturated, and Mark Cuban, for instance, was unsure about getting a swift return on his investment.
- Are personal preferences a barrier? Lori Greiner, not a fan of honey, felt she couldn’t back a product she didn’t personally enjoy.
- How do family dynamics play out? Daymond John was cautious, hinting at potential challenges in family-run businesses.
Lastly, Kevin O’Leary expressed his outright disapproval, calling Bennett’s valuation unrealistic.
Table: Bon Bee Honey At A Glance
|Founded By||Kendra Bennett and her father|
|Original Name||Honey Bunchies|
|Net Worth||$8 million|
|Retail Presence||Over 1,600 locations|
|Online Sales||28% of total revenue|
|Amazon Sales (Last Year)||$520,000|
|Awards||“Best New Snack” by NASFT|
The journey of Bon Bee Honey serves as an inspiration. Despite facing skepticism on a popular platform, they rose, proving that belief in one’s product, combined with hard work, can achieve remarkable success.