Minus Cal Net Worth 2024: Healthy Beverage Brand’s Financial Standing
Minus Cal burst onto the health and wellness scene with big promises and ambitions. But what exactly was this product, and how did its journey on Shark Tank impact its fortunes? Let’s explore Minus Cal’s story and current net worth.
As of 2024, Minus Cal’s net worth is $0. The company that once hoped to revolutionize weight loss with its fat-blocking protein bars is no longer in business, having closed its doors in 2020. This dramatic fall from a multi-million dollar valuation to complete closure is a stark reminder of the volatile nature of the health supplement industry and the power of public perception.
What is Minus Cal?
Minus Cal was a line of protein bars and supplements that claimed to block fat absorption in the body. The product’s secret weapon was Choleve, which the founders said came from fermented tea extract. Minus Cal bars were marketed as a way to enjoy a tasty snack while preventing some of the fat you eat from being absorbed by your body.
| Category | Details |
|---|---|
| Product Name | Minus Cal |
| Founders | Barrett Jacques, Crom Carmichael |
| Main Product | Fat-blocking protein bars with Choleve |
| Peak Valuation | $2.5 million |
| Current Net Worth (2024) | $0 |
| Year Closed | 2020 |
| Shark Tank Ask | $500,000 for 20% |
Who Is The Founder Of Minus Cal?
Minus Cal was the brainchild of two entrepreneurs: Barrett Jacques and Crom Carmichael. Jacques, with a background in the music industry, teamed up with Carmichael, a former media personality turned angel investor. The pair met in Nashville and bonded over their shared interest in health and business opportunities.
How Was The Shark Tank Pitch for Minus Cal?
Barrett and Crom stepped into the Shark Tank seeking a whopping $500,000 for 20% of their company. They started strong, talking about how many Americans struggle with weight loss. But things went downhill fast when they started explaining how Minus Cal worked.
The Sharks didn’t love the taste of the bars. They asked tough questions about the science behind Choleve. Mark Cuban got into a heated argument with Crom about their studies. In the end, all the Sharks said, “I’m out.” Mark even called Minus Cal a “scam product” and told viewers not to buy it. Ouch!
Minus Cal Shark Tank Update
After their rough time on Shark Tank, Minus Cal didn’t get better. The company struggled to gain traction, and by July 2020, It had gone out of business. Mark Cuban’s warning seems stuck with people, and the lack of solid scientific backing hurt the product’s credibility.
What Happened To Minus Cal After Shark Tank?
Minus Cal’s appearance on Shark Tank in 2019 marked the beginning of the company’s end. That same year, their social media went quiet, and soon after, they shut down their online store. Without the boost of a Shark’s investment and facing skepticism from the public, Minus Cal couldn’t stay afloat in the competitive weight loss market.
Investments and partnerships
Minus Cal was self-funded by its founders. They didn’t secure significant outside investments or partnerships, which likely contributed to their struggles after Shark Tank.
| Aspect | Details |
|---|---|
| Funding | Self-funded by founders |
| Major Investments | None |
| Key Competitors | Established weight loss brands |
| Main Ingredient | Choleve (fermented tea extract) |
| Technological Innovation | Use of Choleve to block fat absorption |
Challenges and competitors
The weight loss industry is cutthroat. Minus Cal faced tough competition from established brands and couldn’t overcome the skepticism about its claims. The lack of strong scientific evidence to back up their product was a significant hurdle.
Technological innovations
Minus Cal’s main innovation was using Choleve, the concentrated tea extract. However, without more research to prove its effectiveness, this wasn’t enough to set them apart in a crowded market.
Does Minus Cal have added value? 💰 #SharkTank
— Shark Tank (@ABCSharkTank) September 30, 2019
Minus Cal Net Worth and Financial Performance
Minus Cal was valued at $2.5 million at its peak based on the founders’ Shark Tank pitch. However, without solid sales figures or ongoing operations, its net worth is $0. The company’s financial performance after Shark Tank was poor, leading to its closure in 2020.
Minus Cal Strategy of Marketing and Sales
Minus Cal relied heavily on its claims about fat-blocking to market its products. It is sold through its website and on Amazon. However, negative reviews and skepticism about its claims made it hard to gain loyal customers.
Minus Cal Social Media Presence
The company had accounts on Facebook and Twitter, but they went quiet in 2019. This lack of ongoing customer engagement likely hurt their ability to build a strong brand following.
Minus Cal Interesting Facts
- The name “Minus Cal” was meant to suggest that the bars would subtract calories from your diet.
- Crom Carmichael claimed he had been using Choleve for 12 years before starting Minus Cal.
- The Minus Cal Shark Tank episode is remembered as one of the most heated arguments in the show’s history.
What’s Next For Minus Cal?
Sadly, there is no “next” for Minus Cal. The company is no longer in operation. However, its founders have moved on to other ventures. Crom Carmichael is now the CEO of Nashai Biotech LLC, a pharmaceutical research company.
Final Words
The story of Minus Cal is a cautionary tale about the importance of solid science in the health and wellness industry. It shows how even a promising idea can fail without proper backing and clear communication. While Minus Cal’s journey ended in 2020, its appearance on Shark Tank remains a memorable moment in the show’s history.
For entrepreneurs, Minus Cal’s story teaches valuable lessons about the need for thorough research, clear messaging, and the ability to handle tough questions about your product. In the end, a good idea isn’t enough – you need proof, perseverance, and a bit of luck to succeed in the competitive world of startups.