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Money Steve Baxter spent $300,000 a year on Shark Tank to hire full-time staff to do due diligence on his deals

11:11  22 may  2018
11:11  22 may  2018 Source:   businessinsider.com.au

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Appearing on Shark Tank , the pair initially seek a $ 300 , 000 investment for 20 per cent of the company, giving it a valuation of .5 million. Mr Baxter also comes in, offering the full $ 300 , 000 for one third of the business.

That was five years ago. Last night the solution to Newland’s problem – the Scrubba Washbag – scored him a 0, 000 investment from Shark Tank judges Steve Baxter and Janine Allis. Allis and Baxter teamed up to make the investment, beating Naomi Simson

Steve Baxter won't go through with deals where all he has is © Network Ten Steve Baxter won't go through with deals where all he has is "expenditure but no revenue". Shark Tank star Steve Baxter has revealed a couple of reasons why just 4 of 27 businesses that won investments on the Australian television show actually received the money.

Speaking to The Australian, Baxter, who has had two successful deals result from his nine agreements on the show, said he simply won't go through with deals where all he has is "expenditure but no revenue".

“That’s not something I want, but at the same time, I’m not going to invest in stupid things," he said.

He also said some businesses don’t have a repeatable set of financial accounts or they don’t use software.

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  How this “inappropriate” HR manager convinced Naomi Simson to offer a $250,000 deal for mugs with the F word Inappropriate Gift Co founder Lori Phegan explains what led the Shark Tank investors to offer big deals for her online gift company.During the day, she was working as a human resources professional, “cautioning people about how to be” and act in the workplace.

Due diligence . A spokesperson for Shark Tank 's production company, Endemol Shine, told Fairfax Media that it is important to remember that the Sharks are investing their own money. Shark Tank ’s judges Steve Baxter , Janine Allis, Andrew Banks, Naomi Simson and Glen Adams.

This, along with various execution risks, led all the sharks except for Steve Baxter to drop out. The importance of confidence. Eight months later, the funding deal is still in due diligence and Kaelin But we still did a very good job.” This self-doubt is still hovering over You Chews’ Shark Tank deal .

"Or if they do it’s that poorly configured that when you run the same report twice you get a different answer," he said, "which doesn’t fill you with confidence.”

Baxter revealed that the show actually cost him about $300,000 a year because of the staff he had to hire to complete due diligence on deals.

He has been on the show since it started in Australia in 2015.

Baxter announced last week he is looking for a new owner for his startup hub River City Labs.

The Australian has more on his Shark Tank deals here.

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In seeking to motivate staff, the most simple and direct techniques are often the most effective, allowing leaders to gain perspective and directly address issues that may be hindering success.Writing at Inc., contributing editor Geoffrey James points to the emphasis Apple co-founder Steve Jobs placed on regularly asking his teams three simple questions, designed to get straight to the point and elicit direct answers.What isn’t working?An inability to single out small problems can lead to larger problems further down the track.

Source: http://au.pressfrom.com/news/money/-64772-steve-baxter-spent-300-000-a-year-on-shark-tank-to-hire-full-time-staff-to-do-due-diligence-on-his-deals/

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