“That investor was an ethnic Chinese man who spoke English. I did not speak the language, so I asked my wife to work with him. I never expected the two of them to develop feelings for each other. The investor wanted to take over the company as well, so I had to leave… My sense of honor was immense then; all I could think about was death,” the owner of Viba Nippers—a former rival of Nghĩa Nippers—shared on Shark Tank Vietnam.
Mr. Trần Vĩnh Bảo, responsible for manufacturing Tek Nails clippers.
Episode 13 of Shark Tank Vietnam recounts a sad startup story from a decade ago.
Trần Vĩnh Bảo, responsible for manufacturing Tek Nails clippers, previously owned Viba Clippers (Viba abbreviates Vĩnh Bảo). Before 2006, Vietnam had only 2 famous clipper brands: Viba and a giant manufacturer that is extremely successful in producing clippers today.
When Kềm Viba sought foreign investment, the investors' arrival coincided with the owner losing both his wife and his company.
“The investor was an English-speaking ethnic Chinese man. I did not speak the language, so I asked my wife to work with him. Unexpectedly, they developed feelings for each other. The investor wanted to take over the company too, so I had to leave…‘, Bảo shared.
‘He maneuvered me into selling that company to a Singaporean investor, together with a commitment not to work in the pliers industry for five years after the sale. At the time, my honor meant everything to me, and I thought only of death. But then I decided that I had to stand up, start again, and reclaim that honor.’
Tek Nails is a project manufacturing hygienic nail nippers, currently distributed exclusively by Vina Groups, which also owns a 31,5% stake.
On Shark Tank, Vina Groups–Tek Nails sought funding for 2 projects at once. Vina Groups wanted USD 500 thousand for a 5% stake, while the clean nail-nipper project Tek Nails offered 10% ownership for another USD 500 thousand.
Mr. Bảo said Tek Nails plans to produce 9 million products per month, targeting the difference in U.S. nail-clipper usage habits: users must know how to care for clippers after 1 use.
“Clean nippers will solve a major problem for nail technicians abroad, who must take great care to sanitize each pair before using it on the next customer. Simply forgetting can lead to a USD 500 fine for the technician and a USD 1,000 fine for the owner,” Mr. Bảo said.
He also confided: The clipper industry is distinctive in having no dedicated machinery; molds must be made in-house, and making them requires expertise.
‘Many people have approached me about working together, but they were not sincere partners. After a few months, once they saw how lucrative the pliers industry was, they tried to reduce my ownership stake. I have only five years left to devote to this, so I am looking for young people. My dream is to transfer all the secrets of the pliers industry to the younger generation within five years,’ Bảo confided.
Faced with 2 simultaneous fundraising projects, Sharks Phú, Hưng, and Linh all declined. Only Shark Trần Anh Vương, CEO of Sam Holdings, wanted to invest in Tek Nails out of respect for this dedicated entrepreneur. Vương's condition was a controlling 51% stake.
Mr. Bảo proposed USD 1 million in exchange for 51% equity.
‘Based on Vina Groups’ investment of VND 2.5 billion in exchange for a 31.5% stake in Tek Nails, including cash and technology, I propose purchasing a 49% stake for VND 4.5 billion,’ Shark Vương offered.
Although he had declined, Shark Hưng still intervened in this offer, warning Shark Vương that he had violated the rules.
Shark Tank's rules ensure startups receive the amount they need for their business. In other words, Sharks cannot offer less than the amount requested.
Meanwhile, Tek Nails' initial fundraising proposal of 500,000 USD was equivalent to more than 11 billion đồng.
Thus, the Deal Closed Almost as Soon as It Opened.
Collected.
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Chương trình liên quan tại YUP Education: X-FundUp – khóa học gọi vốn «Giải Mã Cơ Chế Vốn» · The Journey – lộ trình phát triển doanh nhân
