The week on Shark Tank, third-generation chocolatier Jared Whetstone of St. Augustine, Florida, hopes to convince at least one Shark to bite into his family business that makes chocolate candy with a toy inside.
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The Atlantic Candy Company dates back to the 1980s, when it was called the Whetstone Candy Company. It quickly became a leading contract manufacturer for Hershey, Mauna-Loa, Nestle, and M&M Mars.
Today, the company creates niche products on an industrial scale, including their newest product, the Toy Box. The Toy Box is basically a chocolate novelty item in the form of a hollow milk chocolate ball with a prize inside. Toy Box utilizes patented Safe-Capsule technology that makes it safe for kids of all ages, according to the company.
Feeding The Sharks
Jared is in the tank with five hungry Sharks: Mark Cuban, Daymond John, Kevin O’Leary, Lori Greiner, and Robert Herjavec.
The Ask
Jared offered 10 percent of his company in exchange for an investment of $1,000,000.
- Sales in 2015 – $2.5 million
- Sales projected for 2016 – $3.3 million
Did the Sharks Bite?
No. The Sharks sniffed, but ultimately decided not to invest due to the fact that the patent on the unique capsule design runs out in less than 2 years. The Safe-Capsule technology basically makes the product legal to sell in the US. In less than two years, Atlantic Candy Company’s competition will be able to utilize the design.
A Closer Look
- Here’s the Atlantic Candy Company website
- According to Jared Whetstone’s LinkedIn page, he served four years with the US Coast Guard until leaving in February 2015. He also has a Bachelor’s Degree from Flagler College and is a member of the National Confectioner’s Association.
- Jared’s grandparents, Henry and Esther Whetstone celebrated their 60th wedding anniversary in 2015. Henry and Esther founded Whetstone Chocolates in 1967. The company is still family owned and produces its fresh made chocolates, fudge and pralines.
- The Atlantic Candy Company doesn’t appear to have a social media stream, with the exception of this stark business listing page on Facebook. In the meantime, you can find Whetstone Chocolates on Twitter and here on Facebook.
- This appears to be Jared on Twitter, but the account has pretty much been abandoned.
- Jared does have an Instagram account, but it’s private.
Earlier this year in June, Jared ordered these branded Tees for the Atlantic Candy Company.
Episode 803 of Shark Tank airs Friday, October 14, 2016 on ABC at 9 p.m., 8 p.m Central.
Images – ABC, Atlantic Chocolate Company
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