Cousins Maine Lobster Shark Tank Update

A line of food trucks called Cousins Maine Lobster sells lobster, specifically lobster from Maine. The company was launched in 2012 after cousins Sabin Lomac and Jim Tselikis came up with the idea and developed a business plan; the company has been operating since 2012.

Sabin Lomac left Maine in 2006 to pursue a career as an actor in Los Angeles, just as so many people before him have done. While visiting his cousin a few years later, Jim Tselikis talked extensively about his childhood in the areas surrounding Portland, Maine, where both of them had grown up.

The topic eventually shifted to the famous lobster from Maine, and the cousins concluded that nothing was comparable to it on the West Coast. That was going to alter very soon. The delicacy of lobster was brought to Los Angeles by Cousins Maine Lobster as a food truck when Sabin and Jim pooled their money to develop the requisite $20,000 needed.

Cousins Maine Lobster has enjoyed a strong start in the marketplace due to word-of-mouth advertising and the strategic use of social media platforms. They were a hit on the West Coast because of the meat’s high quality, freshness, and authenticity. They had a large following from the East Coast.

Cousins Maine Lobster has grown in popularity to the point where it went on the nationally broadcast program Shark Tank to secure financing for a second truck to expand its operations.

What Is Cousins Maine Lobster?

Cousins Maine Lobster is a food truck company specializing in lobster, primarily lobster from Maine. They have a network of food trucks around the state. Two cousins from Maine are the founders and operators of Cousins Maine Lobster Food Truck in Los Angeles, California, hoping to expand their business by adding additional food trucks.

The company claims to have the best Maine lobster sandwich in the country because it can deliver lobster directly from Maine “from shore to door” in less than twenty-four hours, making it the best choice.

The entrepreneurs believe they can get better lobster prices than their competitors because of their Maine roots and family, who help them maintain and develop ties with fishermen that other food trucks cannot compete with.

The cousins run their business with a single truck but expect to add one or two more soon. You can order from their exquisite menu in three ways: through a roadside truck nationwide, local restaurants, online, or through their mobile app (currently in beta testing).

The company can deliver lobsters live to almost any location in the continental United States. They can also cater to special occasions such as birthday parties.

Who Is The Founder Of Cousins Maine Lobster?

Cousin’s Main Lobster was founded by Jimmy Tselikis and Sabin Lomac, two cousins who grew up in Maine and now own the restaurant. Like many before him, Sabin Lomac moved to California in 2006 to pursue a career as an actor.

Some years later, Jim Tselikis visited his cousin in Maine and spent considerable time reminiscing about their childhood outside Portland, Maine. When the conversation shifted to lobster, the cousins agreed that there are few things like Maine lobster on the West Coast.

Things were about to change, however. When Sabin and Jim joined their efforts to raise the $20,000 needed to bring the lobster delicacy to Los Angeles, they established Cousins Maine Lobster, a food truck serving Maine lobster.

Cousins Maine Lobster started strongly because of a clever blend of word-of-mouth marketing and a well-executed social media campaign. The restaurant’s signature lobster rolls, available only at the restaurant, were praised by customers from the East Coast for their authenticity, freshness, and high-quality meat.

The success of Cousins Maine Lobster made the company the subject of a local Los Angeles newscast, which led to an appearance on the nationally televised Shark Tank, where the company attempted to raise funds to purchase a second truck.

A lobster cage and a Maine harbor were pictured as Jim Tselkis and Sabin Lomac introduced themselves in the video. They claimed to be relatives from the state of Maine. According to Jim, the lobster was unquestionably the best part of growing up in Maine.

He says Maine lobster is the most delicious lobster meat you will ever taste. They now live in Los Angeles.  The camera cut to the side of a food truck with Cousin’s Maine Lobster emblazoned.

Jim poked his head out the door and asked if anyone wanted fresh Maine lobster. According to the narrator, food trucks are becoming increasingly popular in Los Angeles. He said they wanted to combine two of the most booming industries in the region.

A video showing hot lobster meat tossed into a skillet appears on the screen. Sabin explained that their business was thriving but could not serve everyone. The company considered buying another food truck, but they knew it would be impossible to do so alone.

Sabin stated that obtaining the Sharks’ financing was critical to the company’s success. The video came to a close with Sabin perched on Jim’s shoulders.

How Was The Shark Tank Pitch Of Cousins Maine Lobster?

Jim and Sabin appeared on Shark Tank seeking an investment of $55,000 in exchange for a 5% stake in Cousins Maine Lobster. Jim and Lomac spent several weeks acquiring the necessary skills and knowledge before diving into the Shark Tank.

They watched older episodes, rehearsed their presentation, reviewed the company’s finances, and made plans for various potential outcomes if the judges presented them with a challenge.

Jim constructed a vision of bringing the institution of the Maine lobster to Southern California after presenting a deal of $50,000 in exchange for 5 percent of the business. He claimed that Cousins Maine Lobster has its lobsters shipped straight from Maine in less than 24 hours. He added that the cousins could not keep up with the demand for their East Coast specialty, which was offered at an affordable price.

Barbara wanted to know how lobsters were moved around the country daily, so she raised the question as people passed out samples and gobbled them up. Jim added that they had developed strong commercial relationships with East Coast suppliers in the region where they were located.

Sabin asserted that all food, from lobster to bread, is as fresh as possible. The Sharks had a tremendous amount of fun eating the samples.

Jim explained that this was the flavor that he and Sabin had experienced throughout their childhoods and that they now provide to the full palates of consumers in California every day.

After establishing Cousins Maine Lobster for business, their single truck had already amassed revenues of $150,000 in just the first two months.

Sabin stated that the pricing of their classic and signature lobster roll was $13, with the roll’s production costing them $5.85. They paid $65,000 for the truck and an additional $20,000 monthly for their staff and other overhead costs.

Because the two cousins entered into the endeavor without much experience in the food truck industry, Jim stated they planned to reduce costs after employing a general manager.

The Sharks immediately started attacking one other, and Mark left the conversation because no one was paying attention to his inquiries.

Barbara orders everyone to keep silent so that she can perhaps make them a legitimate offer. Kevin gave up because he believed the two were asking for excessive funds.

Daymond also left after Jim said he would give up 7-8 percent of the company in exchange for the cash. Robert thought his two cousins worked diligently and were willing to put in extra effort to ensure their firm had the best possible success.

The counter offered $50,000 with 25 percent interest in Cousins Maine Lobster, but Jim and Sabin immediately turned down such a high amount of ownership.

Barbara proposed a new deal in which she would pay an additional $5,000 for 17% of the company. Robert increased the total expenditure to $100,000, a 25 percent increase.

Kevin presented the two proposals currently on the table: Barbara’s offer of $55,000 for 17 percent of Cousins Maine Lobster and Robert’s offer of $100,000 for 25 percent of the company.

Jim was curious about the techniques Robert and Barbara would implement if they invested in the company.

Barbara believed it was a very good question and discussed improving the truck’s exterior by adding the names and faces of the cousins who had initially launched the company.

Robert took exception to the inquiry and believed he was not required to justify his credentials. As a result, he decided to withdraw his offer.

Barbara agreed to a settlement with the two individuals and settled for $55,000 and 15% ownership in Cousins Maine Lobster. It was decided that we should take up the offer.

Final Deal: Barbara Corcoran agreed to invest $55,000 for 15% equity in Cousins Maine Lobster.

What Happened To Cousins Maine Lobster After Shark Tank?

After striking a deal with Barbara on Shark Tank, Cousin’s Maine Lobster has extended its truck fleet to include trucks in Nashville, Tennessee, and San Antonio, Texas. They have appeared on many television shows, including The Today Show, The Chew, and Master Chef.

Cousin’s Maine Lobster has expanded to include more than 20 trucks and a brick-and-mortar restaurant in West Hollywood, California. They even offer their lobster feasts online and through the QVC television network. You can order their delectable lobster from their website if you cannot visit one of their locations.

Jim and Sabin’s partnership with Barbara has led to the business expansion of Cousins Maine Lobster by opening food trucks in Nashville and San Antonio.

Cousins Maine Lobsters gained more market visibility because of their appearances on many different television shows, including “The Today Show,” “The Chew,” and “Master Chef.”

Cousins Maine Lobster has 13 locations in the United States and operates 20 trucks, and its physical location is in West Hollywood. The company also sells lobster dinners online and via QVC.

They greatly appreciated Barbara’s assistance and guidance, and they are very proud of the high quality of their cuisine and the service they provide to their customers. They are proud of their employees, all of whom are accorded the utmost respect, and they strive to always maintain open and truthful communication.

Jim and Sabin decided to give something back to the communities that have been so helpful to them in their pursuit of commercial success by founding a charitable organization. Cousins for a Cause aims to increase awareness of family and community service throughout the United States.

Sabin had gotten into trouble before starting to transport lobsters from Maine to California and the rest of the nation with his cousin and before Sabin’s mother enrolled him in Big Brothers Big Sisters of America.

The program connected him with a male role model who guided him toward a more positive path in life and helped pave the way for him to achieve the level of success Cousins Maine Lobster has provided him.

He has arranged for Cousins For A Cause to form a partnership with Big Brothers Big Sisters of America in Los Angeles as a gesture of gratitude to the organization that has been so influential in his life. This partnership will assist with fundraising activities and provide additional resources.

Sabin was honored with the “Big Brother of the Year” award, a nationwide recognition of his commitment to helping others and serving his community. Cousins Maine Lobster currently has 36 franchises, seven of which are restaurants and the remaining 29 trucks, as of July 2021.

 Cousins Maine Lobster generated roughly $29 million in revenue annually as of 2022. As per Cousins Maine Lobster, each food truck generates an average of $1.7 million annually. Cousins Maine Lobster is still in business, and they plan to expand its operations by adding three new trucks and one new restaurant.

Since collaborating with Barbara, Jim, and Sabin has expanded Cousins Maine Lobster to include food trucks in Nashville and San Antonio and an online store. They made several appearances on television, including The Today Show, The Chew, and Master Chef, which helped increase their market visibility.

The Cousins Maine Lobster fleet comprises 20 trucks in 13 sites nationwide and a brick-and-mortar outlet in West Hollywood. Lobster dinners are also available for purchase online and through QVC.

The cousins are grateful for the help and advice they received from Barbara, and they are very satisfied with offering high-quality food and exceptional customer service to their customers.

Their employees are treated with dignity and respect, and their management team maintains open and honest communication. The valuation of Cousins Maine Lobster was $660,000 after securing an investment from Barbara Corcoran on season 4 of Shark Tank. The current net worth of Cousins Maine Lobster is estimated to be $30 million.