Ladonte Lotts certainly came on “Shark Tank” with the right energy. The passionate fitness instructor requested $50,000 in exchange for 12% equity in his company. In addition to expanding JiggAerobics outside of the Southern market, he also wanted to certify more instructors across the country. Lotts explained in his pitch that his classes cost $15 per hour-long workout, and he hosts pop-up sessions at gyms across the country. His team of aerobics aficionados even perform at basketball games and shows, entertaining plenty of crowds.
While the Sharks were taken by his charisma, they failed to understand how their investment would truly help JiggAerobics. Kevin “Mr. Wonderful” O’Leary dropped out first, explaining that JiggAerobics is a personal services business that doesn’t need a Shark. Lori Greiner explained that what Lotts is actually selling is himself and that investing in a personal brand isn’t for her. While Daymond John said he had experience investing in fitness businesses, their viability just isn’t guaranteed — he was out.
Fellow Sharks Mark Cuban and Barbara Corcoran had similar sentiments, telling Lotts that he himself is the business, not just his dance style. They also dropped out, urging him to continue traveling and performing to build up his clientele. Thus, JiggAerobics walked away from the Tank with no deal and many well wishes.
Post source: The List