Vaknin also invested $160,000 of his own money to roll some broad-and expensive-changes. But unlike 2016, when he put $600,000 profit in his pocket, Beyond Sushi actually took a $272,000 loss in 2017. The chain achieved $4 million in sales last year after $2.4 million the previous calendar and $978,000 the year before.
Vaknin hit the stage during an interesting crossroads in the restaurant’s history. After not hearing back initially, someone from the show connected and he jumped. He agreed finally and filled out the paperwork. His wife and business partner, Tali, pushed Vaknin to pitch on the show for years. Vaknin says he wasn’t nearly as nervous as he figured he would be when he stepped into the Tank. Beyond Sushi is a commissary-based business as well-a model that offers Vaknin flexibility to remain agile in the real estate gauntlet that is New York City, and to meet grab-and-go demand as off-premises booms. There’s a 108-square foot spot that does $600,000. Currently, the chain runs about $2 million average-unit volumes from its larger 2,500-square foot footprints, which also feature table service. The first store featured 12 seats, a counter, one employee and was pushing $1 million out of a 280-square foot box. Vaknin founded the chain, which specializes in vegan sushi, wraps, dumplings, and noodle bowls, in 2012 with $70,000 he had in life savings. He’s been constantly involved.”īeyond Sushi was the first vegan restaurant to ever pitch on Shark Tank. “Always connecting and always seeing what’s the next thing, and what we’re doing. Higgins checks in regularly, Vaknin says. He says viewers would be surprised by how involved and engaged the sharks are post investment. “If we ever venture into products in the future, she’s just a beast when it comes to that.” “Getting us into places, real estate, she’s amazing,” Vaknin says. Vaknin says getting Greiner on the deal was a surprise, and that she brings “so much to the table in terms of promotion, branding, the connections that she has.” With this investment, Lori and I will help Guy expand into the West Coast, but with our combined business expertise, we’re also going to do a lot more than that.” “I’ve worked with many concepts on their cross-coast expansions-and I bring network of incredible founders like Guy who continue to inspire and mentor each other through their growth. “This investment is also right up my alley,” he adds. He works incredibly hard and has limitless passion.” “But what really got me to invest was Chef Guy himself. Any non-vegan I know who has tried Beyond Sushi became a fan at the first bite,” Higgins says in a statement to QSR. “Of course I was blown away by the food itself. Vaknin accepted the offer after trying to counter at 12 percent. Additionally, inventor and entrepreneur Lori Greiner joined the deal. Vaknin came in asking for $1.5 million for 25 percent of Beyond Sushi’s upcoming West Coast venture and 5 percent of its established East Coast restaurants.Īfter drilling Vaknin on everything from profit level to mission statement, Higgins stood firm at $1.5 million in exchange for 30 percent of the West Coast business and 15 percent East Coast. Higgins, who sees more than 100 deals come across his desk each month, according to Forbes, didn’t tip his hand too quickly, though. READ MORE: Five restaurants that struck it big after Shark Tank.
Vaknin says after the show, Higgins told him simply, “I’m so happy you came in.” New to the show’s 10th season, Miami Dolphins vice chairman Matt Higgins, of private investment firm RSE Ventures, holds stakes in fast casuals like &pizza, David Chang’s Momofuku empire, and Bluestone Lane.
BEYOND SUSHI ORDER ONLINE SERIES
He walked through the doors of ABC’s iconic series hoping to strike a partnership that wouldn’t just grow the six-unit concept in its homebase of New York City, but help it scale across the coast with a potentially explosive California footprint.Īnd Vaknin knew he was pitching to the perfect Shark. He even assigned a team to watch over the website in case it crashed.īut unlike many Shark Tank pitches, especially those on the product side, Vaknin says the short-term upsurge wasn’t the long-term plan. Vaknin made sure his six restaurants were properly staffed and stocked up on product. The online ordering went a bit “cuckoo,” Vaknin says, as website business doubled and third-party delivery skyrocketed 70 percent. In the week following Beyond Sushi’s October 21 Shark Tank appearance, the vegan concept watched day-to-day sales explode 40 percent.
As much as Guy Vaknin saw the spike coming, it still wasn’t easy to hold it together.
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