Season 5 | Episode 505 | EP505
In Season 5, Episode 5 of Shark Tank, Matt Richmond approached the Sharks seeking an investment of $150,000 in exchange for 25% equity in Rent a Goat. The company is currently based in Chapel Hill, North Carolina.
Rent a Goat is perhaps one of the strangest business ideas to appear on Shark Tank. This business, as the name suggests, is based around people renting goats. The idea is that people will be able to rent these goats to keep their lawn clear in the most environmentally friendly way. It may surprise you to know that a number of large industries actually own goats in order to keep their lawn in perfect condition. Rent a Goat is a scaled down version of this and of course means that people do not actually have to own the goat to get the benefits.
At the time of the pitch Matt had been unable to make any sales through his Rent a Goat system. He did however anticipate $200,000 being made in the first year of business. In order to demonstrate ‘proof of concept’ he brought along an owner of goats who had used a system that Matt had pioneered before. This goat owner was making $600,000 a year simply from goat rental. Matt’s goal was to turn Rent a Goat into a franchise which franchisees operating all over the world. The investment was required in order to get the franchise plan up and running.
None of the Sharks believed that this was a viable business proposition. They believed that if the business idea took off, and they really believed that it would not, the amount of competition out there would be too high. This would result in very little profit being made as prices have to be slashed. They also believed that the business was dependent on Matt. While Matt had demonstrated some success in connecting landowners and goat owners they simply believed that a franchise would not be successful. It would require somebody exactly like Matt running the show.
Matt Richmond was unable to secure any offers for funding and as a result he ended up having to leave the Shark Tank empty-handed.
No Sharks were confident enough in the business idea to consider making an offer for an equity stake in the Rent a Goat business.