Food is one of the largest growing industries in the world. No matter where you go, you will be welcomed with at least one savory dish that will give you a sneak peek into the rich culture of that place. But why travel to taste such food when the said food can come your way?
This idea gave birth to Cousins Maine Lobster, a family business started by two cousins, Jim Tselikis and Sabin Lomac, with the idea of bringing Maine and its seafood culture to the bustling streets of LA. What started as a business opportunity discovered on a sunny afternoon soon began attracting the crowd at a small truck that the cousins had managed to purchase. Within the first few months, the producers of Shark Tank became regulars at Cousins Maine Lobster and saw an opportunity that the cousins turned down twice before finally giving in and appearing on Shark Tank.
Jim and Sabin appeared on Shark Tank’s season 4, asking for $55,000 at equity of 5%. The cousin duo wanted to buy more food trucks and expand their staff to reach the streets nationwide. While that was true, they were also looking for mentorship as they were new to the workings of the food industry. They talked about their business with particular emphasis on Maine’s seafood culture. Sharks, however, weren’t impressed.
Kevin discussed how they had zero advantage over other lobster businesses and was out. Mark didn’t like that they weren’t prepared with the economics of the food truck and further essential details besides giving more importance to other sharks; he was out. Daymond was impressed how the duo was able to make $150K during the first two months of the launch but wasn’t into the business and withdrew himself from the discussion.
Robert and Barbara were the only two sharks remaining, and each offered $55K at 25% and 17%, respectively. Upon asking what each could bring to the table, Barbara bragged about her savvy marketing skills, whereas Robert took it upon his ego, refusing to tolerate his skills being questioned. Robert was out, and the duo only had Barbara’s offer, which they countered with 12% equity. The parties then found a middle ground and agreed on $55K in exchange for 15%.
The cousin duo welcomed Barbara to the Cousins Maine Lobster family, and the team couldn’t be happier. The cousins got their ideal investor; since then, there’s been no going back.
Our Review of Cousins Maine Lobster
What initially began in 2011 as a single food truck business soon hit off the ground and turned into a million-dollar success. As of 2022, Cousins Maine Lobster is serving the food streets all around the country with 29 food trucks. In addition to these, the business has 21 different franchises. The company has also expanded with ten brick-and-mortar restaurants with an international branch in Taiwan.
Customers swear by the quality and taste of the lobsters they find at Cousins Maine Lobster, along with other varieties of seafood that the cousin duo has since managed to add to their menu. People find value for money in the dishes they find here and keep going back for more. Customers are incredibly pleased with the service they get at the restaurant and the value they feel while having their meals.
As of 2022, the business generates $27.5 million in sales per annum.
Pros of Cousins Maine Lobster
The Cousins Maine Lobster has succeeded in creating a loyal customer base for all of its franchise restaurants and good trucks, thanks to the excellent service they continue to provide. Here are some of the things that every seafood lover adores about Cousins Maine Lobster:
- The creative lobster-centric menu Cousins Maine Lobster has curated for its customer is applaudable as it keeps springing the customers back for more
- The variety of ways in which Cousins Maine Lobster reaches its valued customers, through brick-and-mortar restaurants and mobile food trucks, never lets people forget the taste of lobster served there
- The people coming to Cousins Maine Lobster feel valued thanks to the incredible and fast service they get from the staff working there. It’s enough the make them welcome there repeatedly
- The cousin duo is extremely relentless in pursuing their goals of bringing Maines cultural seafood from the shores to the entire nation and the world. Customers love this competitive attitude and keep supporting the local business that has grown enormously over the years with the drive and passion.
Cons of Cousins Maine Lobster
Though the loyal customers never seem to get enough of the creative menu of Cousins Maine Lobster, there are some things that few people aren’t happy about
- Due to the surging demand of the renowned business; there are often long queues of people waiting outside the food trucks and even the restaurants making people feel unwelcomed and displeased
- Many customers have complained that the serving sizes offered by Cousins Maine Lobster aren’t big enough. The size of the lobster is relatively small than what they would expect from the well-known business.
- Customers have often been served flavorless food when they were expecting flavor-packed dishes that looked appetizing
Who Is Cousins Maine Lobster For?
If you’re a seafood lover and enjoy it day and night, Cousins Maine Lobsters will certainly become your go-to. You can find a variety of seafood dishes that’d teleport you to the shores of Maine without moving an inch. If that’s the experience you’re looking for, you must try Cousins Maine Lobster.
You can also look forward to their delicious dishes being catered to weddings and other events they can be booked for through their website.
Are There Any Alternatives?
Though you can find numerous joints offering you lobster dishes, not many come close to what Cousins Maine Lobster can serve you. Lobster and Beer is a competition worth mentioning. The trendy vibe of the place, along with the lobster-centric menu, is enough to attract the seafood-loving crowd at the restaurant’s counters.
The free drinks at happy hours are another big attraction for the customers at Lobster and Beer. If you are looking for a place where you can casually hang out while having a drink and all things lobster, then you must pay a visit to Lobster and Beer.
Our Final Thoughts
Cousins Maine Lobster is considered one of the highest-paying investments of Shark Tank. The cousin duo brought in faith in their abilities and mixed it with timely decisions and Barbara’s advice to get where they are today. Cousins Maine Lobster has become a renowned chain of food trucks and restaurants all across the country and has a promising future in the international market.