Lulu Bang Sauce is a genuine vegan gourmet sauce company. Lulu Bang Sauce’s net worth is nearly $5 million as per the reports of 2023.
The founders of Lulu Bang Sauce, Jorrae Bead, and Kelly Bead appeared in Shark Tank season 8 episode 6 intending to get an investment of $150,000 in exchange for 10% equity in their company.
But it is a matter of sorrow that the founders failed to get a deal on Shark Tank. Despite this, the company has become very successful and as of 2023, it is still active in business.
But the question is in what way the company managed to acquire a net worth of nearly $5 million after the Shark Tank show? Though the company Lulu Bang Sauces did not get a deal on shark tank, the founders went out of the show with a bang.
The founders cum two sisters Jorrae and Kelly Bead created their barbecue sauce and represented it in front of the sharks. They appealed to the sharks to invest $150,000 for a 10% share in their company.
But as soon as the sharks heard that the founders had managed to earn only $45,000 in sales in three months at Walmart, they did not agree to make a deal. Finally, no one accepted the deal.
It is very interesting that when the founders left the show, there was an argument among the sharks when Kevin O’Leary said that the sharks should have been more loyal to the women and that their company would not take off. Now, let’s learn about the latest update about Lulu Bang Sauce company.
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Joyce’s lulu bang is a natural marinade sauce that is prepared with fresh vegan elements and no preservatives are used to make this sauce. There are four varieties of the sauce: BBQ fusion, bourbon marinade, hot sauce, and a sign of persuasion.
The price of each jar is about $7.99. The most interesting fact is that this is a completely gluten-free product and contains a unique flavor that is usable with multiple dishes.
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What are the ingredients of lulu bang sauce?
The ingredients like high fructose corn syrup, tomato concentrate, vinegar, spices, salt, caramel, citric acid, color, potassium sorbate, hydrolyzed vegetable protein, natural and artificial flavor, xanthan gum, water, cayenne pepper, natural hickory smoke concentrate are used to make lulu bang sauce.
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What happened to Joyce’s Lulu Bang before Shark Tank
The founders started to represent their company on Shark Tank by showing their audition video. Jorrae and Kelly said that they are two sisters from Pennsylvania and they love to cook. They took inspiration from their mother who always prepared huge meals after church on Sundays. In their opinion, it is very important to follow the tradition in respect of their mother.
Jorrae thought of making her sauce but she was not able to get the proper taste that she wanted in the regular sauces. One day she served the sauce during her family dinner and everyone fell in love with the sauce.
They named it Lulu Bang in respect of their brother Mikecwho passed away. They want to keep him alive in this way. According to Jorrae if they manage to get a Shark taste in their product their journey will become easier.
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What happened to Lulu Bang on Shark Tank?
On the Shark Tank stage, the women appeared in front of the sharks. They said that they own the company Joyce’s Lulu Bang. They were intending to get an investment of $150,000 in exchange for a 10% stake in their business.
Kelly began to represent the company by saying that everyone loves bangs. The founders then asked who would like to taste Joyce’s Lulu bang.
Kelly depicted that their sauces contained spices and flavors that will change your eating habit. They have named their sauces like Asian Persuasion, or It’s Just Hot. Jorrae added that the most interesting part of their sauces is that they can go with anything no matter whether it is seafood, steak, chicken, rice, or potatoes.
They said their sauces may bang anything. They then asked the sharks who wanted to taste the sauce. They brought samples for testing and passed them to the sharks.
The presentation made the shares laugh. Kelly then brought the third woman, her daughter, to the stage. Kelly said that they have bright samples of different dishes that contain various sauces and asked the shares to rest those.
Daymond and Lori tasted them and they liked the sauces. Kevin then started to create difficulties. He said that he had tasted a lot of barbecue sauces and Joyce’s lulu bang was just like them. Then he asked the founders about their distribution policy.
Kelly said they would be glad to share that tale. She said that they began in catering and restaurants. Kelly said that everyone was appreciating their sauce. They began to make bottles of it and sold them in small amounts.
The sauce of the company was available in nearly 170 Walmart stores. This impressed Mark Cuban and Robert. Robert said it was very difficult for small enterprises to enter Walmart. Kevin inquired about the journey of their Walmart.
Kevin was eager to know whether Walmart intended on rolling them out to additional stores except in their local area. Kelly said they entered the stores only a few months ago.
Robert inquired about the manufacturing and selling cost of the sauce. Kelly said it requires about $1.94 to manufacture the sauce and the retail price of the sauce is $3.99.
Kevin asked how much they have sold till now. They said they have managed to make $4500) in Walmart in three months. Lori inquired how much they were selling every week. Kelly replied to nearly 500 items every week.
Marcus asked about their online response and Kelly replied that it was not running so well. The sharks understood that they were not doing so well in Walmart too. They were a new brand. So, it was very challenging for them to become successful.
According to Kevin, it will not be able to work. He said that they will not be able to make a big online business as the weight of the product is very high. Kevin said the company would require more money to make a strong brand image. Then he left the show.
Lori also went out of the show telling that the weight of the sauce was too much. He also added it is very difficult to ship these things online.
According to Daymond the taste of the sauce was amazing and he had already invested in the rib company that sold sauces. So, he knows all the issues this type of company faces. That is why he was not able to help. Telling this he left the show.
Robert said that their work was indeed outstanding but he was confused with the branding. He thought that he could not be an appropriate partner for the company. So, he left the show.
Lori also told the sisters that they indeed do an amazing job with Joyce’s Lulu Bang. They had worked their way up to being in Walmart, and that was no small feat.
She followed that up by saying that when she invested in the business, she likes it to be unique. Lori said that there are already 1 million barbecue sauces out there. She was out for that reason.
Kelly said that she had a firm faith that Joyce’s Lulu Bang might be the firm that Mark Cuban desired. He had told the founder that he was searching for a firm that may gain $10 million in the following 5 to 10 years. She informed him that she had talked with ShopRite and Walmart.
Kelly conveyed that they retain the development piece down. Mark admitted that but spoke out that the timeline was unfair to him. They could expand to 1000 stores, and sell 700 bottles a week, and it would be a great profitable business for the two of them. It was not able to make space for the investor.
Mark left the show saying that the two ladies were entitled to get a ton of praise for what they have done till now.
In their exit interview, Kelly said that she didn’t feel that their appearance on Shark Tank had been a wasted effort. She declared that she felt like Joyce’s Lulu Bang was going to be the sauce that will be available to every single family. She said it wasn’t an issue of if, but when.
Back in Shark Tank, Kevin was still super negative. He said that he did not think that the barbeque sauce business was going to be successful.
Robert told him that victory was comparable, and inquired of him if his company was prosperous from the beginning. Kevin simply declared that he was glancing at it and telling that there was no opportunity. Lori commented that since they had a contract with Walmart, they would be a prosperous small business.
Kevin thought to lie in the same way as the other sharks. He tried to show them the risk profile of the business. Mark said that the founders are capable enough to make it a $500,000 business by themselves. There was a huge discussion in the show as soon as he told it.
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What occurred to Joyce’s Lulu bang after Shark Tank?
Though Joyce’s Lulu Bang did not manage to get any investment in the Shark Tank episode they got the advantage of the Shark Tank impact. As soon as the episode was aired the barbecue sauce company of the sisters earned $60,000 in sales on their website within three days.
Moreover, there were huge orders on the website. Kelly said in an interview that they got an order in each minute and it was a great thing for the founders. After the airing of the Shark Tank episode, Joyce’s Lulu bang extended into Walmarts in various places like Utah and Virginia.
ShopRite picked them up and they are trading in New Jersey. Angel investors also approached them but they have not yet accepted any deal from them. They are taking time to find out everything. They are now trying to get a co-packer or set up a restaurant manufacturing factory hybrid at some point in the upcoming days.
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What is the net worth of Joyce’s Lulu Bang Sauce?
Lulu Bang’s net worth is about $5 million as of 2923. But when the founders appeared in the Shark Tank show the valuation of the company was about $1.5 million. Nevertheless, the company managed to sell more than $60,000 as soon as the show was officially aired.
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What is the latest update on Joyce’s lulu bang sauce?
We have said that Joyce’s Lulu Bang Sauce did not get any deal on Shark Tank. But the firm has become one of the most popular brands even without getting any support from the sharks. The company is still successfully doing business as of 2023.
Joyce’s lulu bang burgers & wangs shop is also still in business. They are also continuously selling their products with many Walmart places all over the USA. Considering that, Shoprite Stores entered the list of their retailers.
But they have not updated their social media accounts since 2019. But they are doing online as well as retail selling still now with a bang.
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Who founded Joyce’s Lulu Bang Sauce?
The two sisters, Jorrae Bead and Kelly Bead founded Joyce’s Lulu Bang Sauce. Kelly Bead is the CEO of the company. They had a catering business before launching the company.
Moreover, Kelly had previously served in the United States Air Force intelligence for five years. They named their business in respect of their elder brother. Moreover, they get inspiration for preparing sauces from the dishes made by their mother.
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Joyce’s Lulu Bang Sauce is available in four flavors. The sauces are prepared by using only natural ingredients like high fructose corn, tomato, and natural hickory smoke, and other spices are also mixed with them.
One may have it with any kind of food like vegetables, chicken, and seafood. The cost of a pack of two sauces is nearly $10.
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As per the online reports, the competitors of Joyce’s Lulu Bang sauce are Tzavos Tsavo BBQ sauce, Kentucky Pride Barbeque Sauce, and so on.
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To conclude we may say that Joyce’s Lulu Bang Sauce is indeed a very successful company. It has set a good impression in the market despite not getting any money from the Sharks. This is praiseworthy.
Lulu Bang Sauce where to buy?
The company sells its lulu bang sauce on its official website and at Walmarts all over the USA. Moreover, you may also get them now in selected ShopRite stores.
Is Lulu Bang still in business?
Yes, as of 2023, Lulu Bang is still in business.
When did Lulu Bank appear on Shark Tank?
Lulu Bang took part in Shark Tank season 8 episode 6.