Pirate Life Adventures Theatre and Cruise

Matt Slaman, from Toronto, asked for $150,000 for 25 percent of Pirate Life Adventures, a pirate-themed theatre cruise operating on a 45-foot ship licensed to run tours from Toronto's Centre Island. The ship holds 33 passengers and Matt charges $25 per person for a one-hour costumed adventure cruise with actors. He projected $200,000 to $250,000 in revenue this year over 100 days, growing to half a million within five years, with daily operating costs of about $500 plus fixed costs of $50,000 to $75,000 per year for land, vessel and lease.

Michael Wekerle went out first, saying the valuation was too high relative to the achievable profit given the boat's capacity. Michele Romanow said the growth curve was not what she looks for and went out. Manjit Minhas and Jim Treliving both went out over concerns the math did not work with only 33 passengers, and Joe Mimran also declined, saying the business model was difficult for him. No deal was made.

Pirate Life Adventures Theatre and Cruise is still operating and sells through its website.