Self-Made Millionaire, Shark Tank’s Barbara Corcoran gave the Keynote Speach at the Iowa Women’s Conference in 2012. The conference took place in Eastern Iowa, not far from my home, giving me a unique opportunity to visit with Barbara before she gave her speech.
A small group of entrepreneurs visited with Barbara Corcoran in a private meeting room just off an extremely large ballroom filled to maximum capacity. Clearly, Barbara proved to be a huge draw for the business community.
Barbara Corcoran Quick Facts
- Born 03.10.1949 in Edgewater, NJ
- started the Corcoran Group Real Estate Firm with $1,000.00 provided by a boyfriend who ran off with one her employees.
- Published three books: 1)If You Don’t Have Big Breasts, Put Ribbons on Your Pigtails: And Other Lessons I learned from My Mom, 2)Nextville: Amazing Places to Live the Rest of Your Life and 3)Shark Tales: How I turned $1,000 into a Billion Dollar Business
- Barbara Corcoran’s Net Worth Reported North of 40,000,000.00 according to Celebrity Net Worth and some sites reporting as much as $1,500,000,000.00
I watched as the group of entrepreneurs listened to Barbara share personal experiences. She welcomed the group to ask questions, and a couple of them even brought material covering their companies.
Soon enough, the entrepreneurs were asking Barbara to critique their businesses. Before Barbara obliged, she warned them that she would not hold back, and they would get her honest thoughts.
A married mother stepped up, marketing material in hand, asking Barbara what she thought of the product and how she could take her product to the next level. This entrepreneur did extensive testing and clearly understood the cost of her transaction.
Barbara’s response was blunt and straight forward. She understood the need for the product, but didn’t feel the marketplace would make this a home run deal. That was a straight-forward answer, but the best was yet to come.
Stay home and rear your children…
The Shark questioned the entrepreneur asking her about her family, finances and personal needs. Once she had enough information, she delivered an answer nobody expected, saying she would be a stay-at-home mom while her children were small. Entrepreneurship is something she would be able to do anytime, but she only gets one shot with raising her kids.
Barbara Corcoran hates to lose money…
Ask about her investment in Body Jac, and you’ll see the gut wrenching response Barbara Corcoran has when she loses money.
Investors know most deals will at best break even, but likely fail. They typically have a strategy to put a percentage of their invest-able portfolio into a diverse range of businesses in order to achieve an overall gain on investments. I don’t know Barbara investment strategy according to her numbers, but I do know that she utilizes her intuition far more than most Sharks.
Barbara has made some investments that other Sharks believe to be extremely risky, even investing in companies with a goal of just getting her money back. She’s less driven by greed and is more about everybody doing well in a deal. That strategy has paid off in a big way.
Kim Nelson’s Daisy Cakes is probably still the best investment Barbara Corcoran did. All the Sharks declined her deal, saying the company is a regional play at best. That worked out perfectly for Barbara, who also didn’t think the company would be as big of a deal as it is.
Barbara watched the other Sharks as they looked for every last cake crumb on the plate Kim Nelson served. They all said these were the best cakes they had ever had despite not wanting to put money in the deal.
In a common fashion, Barbara waited, letting the others speak first, and when they were done, and it was apparent no deal was coming, Barbara surprised everybody and gave Kim the money she needed with one difference. Kim would give Barbara $1 for every cake she sold until Barbara received the money back.
Three weeks after the first episode aired, Barbara had her money back, and Daisy Cakes website crashed with a few minutes after the episode aired.
I’ve worked with several Angel Investors that have certain qualities Barbara Corcoran displays that are greatly appreciated. The entrepreneurial world is a better place because of people like her who inspire others to make the right decisions.
Barbara, if you happen to read this post, I greatly appreciated your time and the opportunity to visit with you!
Shark Tank Deals
- Aldo Orta – Aldo Orta
- Ava the Elephant – Tiffany Krumins
- Body Jac – Cactus Jack Barringer
- Chill Soda – Dan Mackey
- Daisy Cakes – Kim Nelson
- Gayla Bentley Designs – Gayla bentley
- Grease Monkey Wipes – Erin Whalen
- Mix Bikini – Frank Scozzafava
- Nardo’s Natural – Danny, DJ, KJ and Kyle Mastronardo
- Pork Barrel BBQ – Brett Thompson and Heath Hall
- Ride On Carry On – Darryl Lenz
- Stress Free Kids – Lori Lite
- Villy’s Customs
- 2012.04.10 – Fast Company – If Barbara Corcoran Can Turn off Her Phone at 6:30, So Can You — Here’s How
- 2012.03.19 – IWLC – Entrepreneur, Author and TV Personality Barbara Corcoran to be Keynote Speaker at IWLC
Barbara Corcoran Online
Books by Barbara Corcoran
- Shark Tales
View other Shark Tank Investors