The 10-year-old entrepreneur behind Broomfield's Jack's Stands accepted $50,000 in loans on Shark Tank Friday.
Jack Bonneau appeared Friday on the eighth episode of Shark Tank's eighth season to pitch his lemonade stand franchise and "kidpreneur" marketplace to ABC's multimillionaire sharks.
Despite being passed by the show's regulars, including Kevin O’Leary, Mark Cuban, Barbara Corcoran and Lori Greiner, Bonneau received an offer from repeat guest shark, Chris Sacca.
Sacca offered 10-year-old Bonneau $50,000--in loans--under two conditions:
- Jack must expand his web presence with a video podcast.
- He must accept the loans in $10,000 increments to ensure the business holds up and he can make the payments. And because, you know, puberty and stuff.
After conferring briefly with his father, Steve Bonneau, Jack accepted the loan, but not before O'Leary could slip in a word of warning.
"Jack, if you accept that deal, you will be the most in-debt 9-year-old I know," he said.
Bonneau hopes to use the money to expand to 12 locations across Colorado and then branch into New Orleans and Detroit.
Multimedia business & healthcare reporter Chloe Aiello can be reached via email at [email protected] or twitter.com/chlobo_ilo.
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