Caddy Girls Golf Caddies
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 17, 2014
Asking For:
$100,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
The Caddy Girls is an all-female golf-caddying company providing knowledgeable and attractive caddies for various golf events, emphasizing both fun and professionalism.
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Background Story
The Caddy Girls, founded by Meghan Tarmey from Myrtle Beach, South Carolina, represents a unique blend of golf and entertainment. Meghan’s entrepreneurial journey began during her college days when she found herself financially strained while bartending in Myrtle Beach, a region boasting an abundance of golf courses. It was during this time that Meghan identified a lucrative market – golfers who tipped generously and enjoyed the company of attractive caddies.
Inspired by this revelation, Meghan conceptualized The Caddy Girls, an all-female golf-caddying company that not only emphasized the professionalism associated with golf but also injected a fun and entertaining element into the sport. The company’s base in Myrtle Beach served as a launching pad, but Meghan quickly recognized the potential for expansion into other major golf markets. As the business gained traction, The Caddy Girls extended its reach to destinations like Scottsdale, Los Angeles, Miami, Orlando, and parts of Georgia, demonstrating a strategic approach to growth.
Meghan’s background in the service industry and her firsthand experience as a bartender in a golf-centric locale played a pivotal role in shaping the company’s vision. The lightbulb moment occurred when a group of golfers invited her to join them for a round, sparking the idea of providing golf caddies who were not only knowledgeable about the sport but also added a unique, entertaining flair. The fusion of professionalism and enjoyment became the hallmark of The Caddy Girls, setting it apart in the golf-caddying industry.
The Product
The Caddy Girls offers a distinctive and entertaining golf-caddying service that enhances the overall golfing experience. The core product revolves around providing all-female caddies who are not only knowledgeable about the sport but also add a fun and attractive element to the game. The caddies perform traditional tasks such as carrying clubs, fixing pitch marks, raking sand traps, tending the pin, and assisting with yardage, ensuring a seamless and enjoyable golf outing for the clients.
Clients can book The Caddy Girls for various occasions, ranging from everyday golf outings with a few friends to massive corporate charity tournaments. The service is adaptable to different settings, accommodating the needs of both individual golfers and large-scale events. The company has set pricing based on the duration of the golf outing, with $149 being the lowest rate per caddy for 18 holes. For 9 holes, the rate is $89.
Booking the services of The Caddy Girls is accessible, reflecting the company’s commitment to professionalism and ease of engagement. The appeal lies not only in the functional assistance provided by the caddies but also in the unique and enjoyable atmosphere they bring to the golf course. This combination of professionalism and entertainment sets The Caddy Girls apart, making it a sought-after choice for golf enthusiasts seeking a memorable and fun-filled experience on the greens.
How It Went
The company’s position before Shark Tank
The Caddy Girls demonstrated robust health and growth in the golf-caddying industry. Founded by Meghan Tarmey, the company started in Myrtle Beach, South Carolina, and successfully expanded its operations to major golf markets, including Scottsdale, Los Angeles, Miami, Orlando, and parts of Georgia. This strategic expansion showcased the company’s adaptability and recognition of potential markets beyond its initial location. The company’s success can be attributed to its ability to secure partnerships with golf courses, corporate clients, and other entities hosting golf events.
The engagement of The Caddy Girls in a PGA-sanctioned national championship further underscores its recognition within the professional golfing community. The customer base of The Caddy Girls comprises a diverse range of clients, from individuals planning everyday golf outings to large corporations hosting charity tournaments. Meghan mentioned having a database of thousands of customers, indicating a strong and growing clientele that values the unique blend of professionalism and entertainment offered by the company.
Meghan expressed a desire for investment during the pitch, seeking $100,000 for 20% equity in the company. Regarding profits and losses, Meghan disclosed that in 2013, the company achieved $148,000 in sales. The profitability of the business is underscored by consistent bookings, with Meghan stating that they had 70 girls working and bookings every day. Despite concerns raised by some Sharks, Meghan emphasized the company’s strict standards of conduct for its caddies, addressing potential challenges in the business model.
The Negotiations:
The negotiations for The Caddy Girls unfolded with Meghan Tarmey seeking a $100,000 investment in exchange for a 20% equity stake in her company. While the Sharks expressed interest in the unique business model and the potential for growth, concerns were raised about the scalability and long-term viability of the venture. Kevin O’Leary was the first to make an offer, proposing a $100,000 investment in exchange for 50% equity. This offer, while reflective of O’Leary’s confidence in the business, was met with hesitation from Meghan, who deemed it too steep a price for the equity being offered.
O’Leary attempted to justify the 50% equity by emphasizing the lifetime customer value and the stability of the golf industry. Despite O’Leary’s attempt to secure a deal, other Sharks voiced their concerns. Lori Greiner cited potential issues and risks associated with the nature of the business, particularly with regards to safety and liabilities, leading her to opt out. Mark Cuban and Robert Herjavec, both expressing disinterest in golf, also declined to invest. Daymond John and Barbara Corcoran did not make offers, leaving O’Leary as the sole Shark interested in a deal.
O’Leary attempted to sweeten the deal by proposing a 40% equity share for the same $100,000 investment, but Meghan stood firm, refusing to concede beyond 20%. Ultimately, Meghan declined O’Leary’s final offer, citing her belief in the value of her company and her reluctance to part with such a significant portion of equity. The negotiations concluded with no deal, leaving The Caddy Girls without a Shark investor but with Meghan’s confidence in her ability to continue growing the business independently.
