The Slick Collar

Ross Seyed and Behzad Ghods, from Vancouver, pitched The Slick Collar, an adjustable shirt collar support device, asking for $60,000 for 15% equity. The founders, one a police officer of over 15 years, sold about 1,200 units in two months through Amazon at $15.95 each, with a landed cost of 93 cents, generating gross margins of 95% and net margins around 55%. They reported approximately $23,000 in sales after price testing and were projecting expansion into 60 retail locations by year end.

Manjit Minhas, Arlene Dickinson, and Jim Treliving went out over concerns about low barriers to entry, early stage scalability, and doubts about retail sales. Michele Romanow offered $60,000 for 35% for an e-commerce focused deal, while Lane Merrifield offered $60,000 for 30% plus a 5% royalty and proposed joining forces with Michele Romanow for a combined 40% plus 5% royalty. After back-and-forth negotiation, Manjit Minhas re-entered with $60,000 for 33.33%, and the founders tried to settle at 35% plus a 5% royalty, but confusion over the terms led Michele Romanow to withdraw her offer, followed by Lane Merrifield and Manjit Minhas also withdrawing, leaving the founders without a deal.

The Slick Collar is still operating and sells through its website.