We’ve all been taught that breakfast is the most important meal of the day. But on a busy morning, who has time for breakfast? People usually eat breakfast quickly or don’t eat it at all these days.
Go Oats is a new and different way to eat oatmeal. It comes in easy-to-eat oatmeal balls that are both healthy and filling. Go Oats is “oatmeal in a ball,” just like their slogan says. You don’t need a bowl or a spoon to eat it.
Find out which Shark invested in Go Oats and how the business is doing now that the investment has been made.
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Go Oats: Net Worth 2022
Go Oats’s wealth In 2022, will be $800,000 and is still going up. During COVID19, his sales were going down quite a bit, but with his new strategic plan, he is working to boost sales of the product. It is now sold in more than 20 Hainan’s and more than 60 Whole Foods stores in 7 states in the US.
Who is GoOats?
GoOats oatmeal bites are a quick and easy way to eat healthy oatmeal. It comes in either a box that can go in the oven with 3 balls or a box with 9 balls.
Only 107 calories are in a box of three balls, which is enough for a filling breakfast. There are four different flavors of these healthy oatmeal balls: cinnamon, maple brown sugar, blueberry, and cran-walnut.
The outside of the oat balls is crunchy, and the inside is creamy. They are only made with natural flavors and have no artificial additives to keep them fresh. People say that they are good sources of calcium, protein, fiber, and antioxidants.
To get them ready to eat, all you have to do is heat them quickly in the oven, air fryer, or microwave.
How Did Go Oats Start?
The GoOats oatmeal bites were made by Chef Nahum Jeannot. In 2015, when he worked at the Hyatt Regency, he made useful breakfast food for the first time.
He wanted to make something fun that people could eat with their fingers for breakfast or as a snack. He said he was inspired by his mother and grandmother’s tasty oatmeal bowls, which he and his siblings ate when they were growing up.
Jeannot said, “I remember coming downstairs in the morning to a bowl of oatmeal made from scratch with real ingredients.” “GoOats is my version of their oatmeal, a childhood favorite, but without the bowl.”
At the Hyatt Regency breakfast buffet, the oatmeal balls were very popular. This made Jeannot want to start making GoOats Oatmeal Bites. He rented a commercial kitchen so he could work full-time as a chef and perfect the tasty breakfast balls.
The founder of GoOats was told to contact SCORE (Service Corps of Retired Executives), a group that helps new and small businesses for free. Jeannot won the SCORE Perfect Product Pitch in 2020 with GoOats.
Jeannot wanted to grow his business and find a business partner. He knew that Shark Tank would help him do both.
Shark Tank Featured Go Oats.
The founder of GoOats went to the Sharks and asked for $150,000 in exchange for 10% of the business.
Jeannot said that he lost his job as a chef in March 2020 when hotels closed because of the COVID-19 pandemic. He thought it was a good thing because it gave him more time to work on boats. He said that he is now the company’s “Chief Oatmeal Officer” full-time.
Even though the Sharks liked how positive he was and how tasty his product was, they didn’t like how GoOats wasn’t selling very well and had low margins.
Jeannot said that GoOats made between $54,000 and $57,000 in its first year, 2017, and between $54,000 and $57,000 in its second year, 2018. This happened while GoOats were being sold at Whole Foods.
Shark said, “You’re not charging enough.” Mark Cuban was surprised when Jeannot said that each pack of GoOats costs $1.35 to make, but he sells them to stores for $2.66 and sells them for $4.99.
“You have to add $1 to everything above your cost because you’re not making enough margins to grow this business,” said Shark Kevin O’Leary.
How Did The Sharks’ Offers For GoOats Look?
Even though the Sharks liked the product, they weren’t too eager to put money into it. Only Shark Barbara Corcoran didn’t care that she might not be able to get her money back.
Corcoran said, “I’d like to make you an offer.” “I’ll give you $150,000, which is what you asked for, but I need 25% first.”
She also said that she could help him get his products into big box stores because she knew how to do that.
Jeannot thanked her for her offer, but he also asked if he could hear other offers. Corcoran said that she didn’t want to be shopped around, but she would let him make a counteroffer if he wanted to.
The founder of GoOats said, “If we’re going that high in equity, I was hoping you could bring a friend.”
Corcoran said that bringing in another Shark would make a committee right away. She told him to put all of his attention on one instead.
Jeannot said that he would take the $150,000 investment in exchange for 15% of the business. Corcoran said it was too low and shot it down.
“What do you think about making a deal at 20%?” she replied.
Jeannot looked worried as he thought about the offer and fiddled with his ring. The only offer on the table was this one.
Here is an ABC-made YouTube video of the GoOats pitch on Shark Tank.
Did Shark Tank Help GoOats Get A Deal?
Chef Nahum Jeannot agreed to take Barbara Corcoran’s offer of $150,000 in exchange for a 20% stake in his company, GoOats.
He gave up twice as much equity as he had been willing to give before, but he thought it was a good deal to take Corcoran up on her offer because she knew how to get products into bigger stores.
What Happened With GoOats After Shark Tank?
After Shark Tank aired in October 2020, there was a big boom for GoOats. Amazon was out of all the flavors, and more orders from their website had to be put on a waiting list.
A few days after the Shark Tank episode aired, Jeannot posted a note on GoOats’ Instagram and a Facebook page saying that they were sold out, but that they were committed to “getting your goods to you as quickly as possible.”
goods are slowly catching up on back orders and making a lot of products to meet the increase in demand.
Does GoOats Still Have A Business?
Go Oats is still very much in business. GoOats has been having delays because of the large number of orders and a bug on their website. Jeannot wrote on Instagram that if a customer has a problem with their order, they can contact them.
GoOats Oatmeal in a Ball is sold on their website and Amazon, though Amazon is currently out of stock.
It is now sold in over 60 Whole Foods stores in seven mid-Atlantic states and 20 or more Heinen’s stores.
goods will also be available at Gelson’s Markets in California starting in January 2021.
Lessons From The GoOats On Shark Tank
The global pandemic affected a lot of people’s jobs, including GoOats founder chef Nahum Jeannot. But when he was fired from his full-time job as a chef, he turned that bad thing into something good.
When one door closes, another one always opens. He used the chance to put all of his time and energy into growing his business full-time.
Nahum Jeannot was surprised to be left with only one ball to juggle after being an all-around hands-on Chief Oatmeal Officer for GoOats and working full-time as a chef for a prestigious hotel.
Now that he has GoOats, he is having a great time making more tasty things with it.