Jackson’s Honest Net Worth Shark Tank Update

People love snacks, especially tortilla chips. They have been a delight for many years as they are a perk to munch on. But they come with their side effects too. Most of the time they are fried in unhealthy oil which makes them high-fatted and an unhealthy choice.

Scott and Megan Reamer, the co-owners of Jackson’s Honest, have the perfect healthy alternative. Their product is basically potato-based tortilla chips that are made in coconut oil. The oil has many benefits including improvement of the digestive system and the oil remains stable even after heating it. Thus, their product is a healthy way of munching on our favorite snacks.

The husband-wife duo came on Shark Tank to request $1.25M for 5% of their company. The sharks also tasted their yummy crisps. Let’s see if they got the deal or not.

Jackson’s Honest Net Worth Shark Tank Update

Scott and Megan were looking for an investment of $1.25 million in exchange for 5% equity in their company. At the time of the episode, they valued their company at $25 million. They successfully secured a deal with Rohan Oza for an investment of $1.25 million for 15% equity in the company. The investment adjusted the company’s net worth to around $8.33 million. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Jackson’s Honest in 2024 is around $16 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Rohan Oza	$1.25M for 5% equity	$1.25M for 15% equity	Yes
Mark Cuban	Out	N\A	N\A
Robert Herjavec	Out	N\A	N\A
Lori Greiner	Out	N\A	N\A
Barbara Corcoran	Out	N\A	N\A

The Owner’s Backstory

The idea for the business came from the owner’s son Jackson. He contracted a rare muscle disease. They even consulted different specialists but they were unable to make him healthy. Scott and Megan after research found that Jackson felt better by having more carbs and less fat in his diet. Then he was diagnosed with a rare autoimmune disease called AicardiGoutières syndrome and started taking his proper medication, resulting in the improvement of his health.

Scott and Megan have no background in food or diet. Scott is basically an undergraduate chemical engineer and their product only came from their sheer parenting drive.

While making different foods for Jackson in coconut oil, they also tasted it, especially the tortilla chips, and fell in love with it. This became the start of Jackson’s Honest business.

Initial Pitch

The owners came on the show to seek $1.25M for a 5% equity stake. They brought with them their unique flavored chips made in coconut oil too, to make an impression on the sharks with their tasty snacks.

Queries about the Product

Rohan Oza showed his interest in their company by asking the first question about their sales. Scott replied that last year their sales were $10.1M.

Herjavec then immediately asked about their sales the previous year. He pointed out that it was around $5.4M and before that, they were on $1.4M.

Cuban asked about the company’s profit. Scott replied that they have not been in profit yet as they lost $1.7M last year.

Lori inquired about the reason for such a huge loss. He highlighted that making food product is not easy and it takes a lot of money to make them. They grew so fast and getting shelf space in the market is quite expensive to handle. Thus, they have to give away their product to obtain shelf space. This cost them 18.4%

Herjavec then asked about their profit year. Scott pointed out that they would get profit next year.

Cuban inquired again about the amount of money they raised for their company. He replied that they raised from their friends and family about $3M in equity. They own 2\3^rd of the company now and sales for the current year are between $13-14M.

After Rohan inquired about the percentage of consumers from the whole food, Scott highlighted that they amount to 13% only. The reason behind such a low percentage is because of the large number of competitors in the same field. 

Shark’s Response and Final Decision

Herjavec was the first shark out as per the evaluation his investment doesn’t seem to be profitable.

Lori also backed out of the deal as she prefers the backed chips as compared to the fried ones.

As the margins didn’t click for Cuban, he decided to drop the deal too.

Corcoran acknowledged their passion behind the product but the grocery space was concerning her, leading to her backing out as well.

Even though Rohan was also concerned with their valuation still he offered them $1.25M for a 20% equity stake. Scott counter-offered the shark $1.25M for 7.5% equity.

Rohan then related his successful journey with the pop chips and offered them back $1.25M but for 17.5% of their company. Scott then highlighted that the offer was too steep for them and asked for a minimum of 10% equity.

Rohan then pitched his final offer of $1.25M for a 15% equity stake. They finally accepted the offer.

Product’s Availability

They eventually partnered with Rohan, who helped them launch Japanese heirloom sweet potato chips. By 2019, they were supplying their products to food service providers.

In 2018, after a tragic loss, the couple decided to rename their business “Jackson’s – the Super Snack” in memory of their son, Jackson. They also added grain-free puffs to their product. In August 2021, our research showed that Jackson’s opened its own factory in Muskego, Wisconsin, which produces 110 bags of chips per minute.

Today, Jackson’s focuses on making sweet potato chips using coconut oil, while the rest of their products are made with avocado oil. Their chips are available in flavors like Carolina BBQ, Sea Salt, Spicy Tomatillo, and Unsalted, and you can buy them in different sizes on their website or find them at stores like Wal-Mart.

In late 2021, the family moved to Crested Butte, Colorado, and started a program called “Everyday Heroes” to highlight kids making a difference in their communities. By August 2023, Jackson’s chips were sold in all Whole Foods stores, offering over 25 flavors. The company now earns over $16 million a year. The business continues to grow and proved to be a beneficial partner for the sharks.

Conclusion

Despite losing their son, Scott and Megan still worked on their business with the help of Rohan Oza. Their product has extended to more than 25 flavors and a new ingredient, avocado oil, has also been added. Their parenting dedication and coconut oil-based products make them unique, leading them to the heights of success.