Let Them Eat Candles Net Worth Shark Tank Update

Birthdays are special occasions that we celebrate every year, often with delicious cakes topped with candles. The sight of the cake with its flickering candles brings a sense of joy and excitement to the moment. However, sometimes the candles can accidentally mix in with the cake, making it a bit messy. They might even stick to some of the cake pieces, which can be disappointing. It’s a little frustrating when this happens because we want to enjoy every bite of the cake without any surprises from the candles!

Loree Sandler and Bob Michelson, the owners of Let Them Eat Candles, have introduced candles that can also be eaten easily. Their product is a premium chocolate birthday candle to light and eat. The candle has the ability to retail the ignition for a minute, which is enough for a wish.

The owners came on Shark Tank to request $250K in exchange for 10% of their company. They also presented the sharks with their very own chocolate candles to be burned and to get a chunk out of it. Let’s explore their journey on the show.

Let Them Eat Candles Net Worth Shark Tank Update

Loree and Bob were looking for an investment of $250K in exchange for 10% equity in the company. At the time of the episode, they valued their company at $2.5 million. Loree and Bob successfully secured a deal with Lori Greiner for an investment of $250K for 18% equity in the company. The investment adjusted the company’s net worth to around $1.39 million. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Let Them Eat Candles in 2024 is around $4.8 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	Out	N\A	N\A
Mark Cuban	Out	N\A	N\A
Lori Greiner	$250K for 10% equity	$250K for 18% equity	Yes
Robert Herjavec	Out	N\A	N\A
Barbara Corcoran	$250K for 10% equity	$250K for 25% equity	No

The Owners’ Backstory

Lori related that they have three sons and one day she and her youngest son were making his birthday cake together. She became disappointed when the candles melted all over the cake. Then she searched for candles that could be eaten as well but she found none. This pushed her to make edible candles herself. She started to take classes at the French pastry school in Chicago the Chocolate Academy. This helped her to handle chocolate and its molding and resulted in Let Them Eat Candles.

Initial Pitch

The couple came on the show to seek $250K for a 10% equity stake. Their product is an edible chocolate candle that can be burned as well to make a birthday wish. The edible chocolate candles have a very short wick that burns within a minute and the rest of the part can be eaten.

Queries about the Product

Lori asked the first question about the number of flavors of candles their business offers. Loree replied that they have only one flavor that is dark and milk while they do have seven different patterns on it.

Kevin inquired about the other edible candles in the market. Bob highlighted that there is one other business like them but theirs is just a chocolate bar and can’t be burned unless a whole candle is put into it by the consumer himself.

Herjavec wanted to know about the selling price of the product. The husband mentioned that it sells for $2.99 to $3.99.

Corcoran asked about the cost of making one. Bob replied that it costs them $0.85 to make a single unit. In wholesale, the candles sell for $1.69 and then directly to consumers for $3.99.

Lori was curious to know about their total sales. It has been $2.3M so far. Last year’s sales were $675K.

Herjavec then inquired about their estimated sales for this year and the profit from it. Bob related that the sales are estimated to be $1M and $100K will be the profit from it.

He also added that they came on the show to grow their business in grocery, especially the big grocery chain. Their first focus when they launched the product was Publix which is still reordering from them. For now, they are starting with Ahold, Kroger, and Albertsons. However, so far their biggest challenge is direct to consumers.

Cuban asked about their plan to ship the candles as the chocolates are hard to handle. Loree replied that their shipment is in the form of a box that is not only insulated but also gel-packed

Shark’s Response and Final Decision

Kevin was the first shark to back out of the deal because he believed the business still had a tough road ahead.

Herjavec passed the deal too as he is already into an edible birthday card and mini candles business that will be in conflict with theirs.

As their product is difficult to handle while doing a direct-to-consumer business, Cuban also passed the offer.

Corcoran offered them $250K for a 25% equity stake.

Lori also offered them $125K as a loan and $125K as cash for 20% equity in their company.

Lori revised her offer then to $250K for an 18% equity stake.

Finally, the couple accepted Lori’s revised offer and left the tank with a shark by their side.

Product’s Availability

With Let Them Eat Candles appearing on Shark Tank, their sales got a great increase. Besides the candles featured on the show, they are preparing to launch a new line of decorative, edible candles soon. Customer reviews show that their candles are already a favorite choice. The candles can be found on  Let Them Eat Candle’s website, Amazon.

Conclusion

Let Them Eat Candles made a memorable appearance on Shark Tank, with their unique edible chocolate candles designed to make birthday celebrations sweeter and less messy. Despite challenges in direct-to-consumer sales, the founders got a deal with Lori, who offered $250K for 18% equity. With a strong retail start and plans to get into more grocery stores, along with new designs, the company is making successful growth, and customer reviews already highlight how much people enjoy these edible birthday candles.