Dragons Den Update….
Well, season 8 of the Dragons Den has finished and unfortunately it did not include Soulful Sister.
So now….finally….I’m allowed to tell the world what happened at the CBC studios in Toronto one year ago.
I went to pitch to the Dragons with my graphic designer Victoria Mitchell from Vixen Creative Design. We had a blast. We walked through the silhouetted hallway, down the stairs and I opened with “Hello Dragons, my name is Joanne Arnold from Victoria BC, and I’m here to ask you to invest $80,000 for 30% of my business.” Once I started talking the nerves vanished. The Dragons asked us pretty typical questions with only a few sharp comments from Kevin and Arlene that we handled beautifully.
They tried and loved our products but when it came time to show me the money, one by one they declined. Everyone that is except ‘my man’ Jim Treliving. He offered me the $80,000 for 50% of my business. I tried negotiating to 40%, but he insisted on 50%. I thought about it and then shook hands with Jim and took the deal.
Very exciting! We did it!….or so I thought.
As Victoria and I were celebrating and packing our things to leave the studio, the producer came over and told us they had technical difficulties with our episode. In fact she said in the 8 seasons the Dragons Den has been filming this has never happened before (lucky us). We could only hope that the CBC editing room could save what we had filmed.
We were still elated but now the real work started. We flew back to Victoria and began the Due Diligence process (and phew, what a process THAT was!). In the end I wasn’t confident that we had the same intentions for my business and the product line so I ended up declining Jim’s offer. You could say that I ‘Followed My Soul’, for which I feel very proud and happy to have done. There are no hard feelings. Dealing with Jim Treliving’s team was a real pleasure. I’m so thankful to have made those connections and grateful to have had this experience. I personally grew enormously, as did my business acumen.
I want to extend a huge thank you to all my family, friends and Soulful Sister’s out there for the encouragent you offered me during our Dragons Den year. Our episode didn’t air but that won’t slow us down. The sky is the limit for Soulful Sister and that’s where we’re headed.
100% Owner of Soulful Sister Aromatherapy