Theoretically, if the company needed to buy $100k worth of gift cards and only sold $30k, O’Leary wanted to know who would make up the difference for the lost money. Shark Kevin O’Leary quickly voiced an issue he spotted in the business. Gift Card Rescue only made $55k in sales, but were expecting to make a 25% profit on the anticipated $120k they were going to make. After hearing such a large number like that, the sharks’ interest immediately picks up while Kuadey explains how his company will buy gift cards for about 65% to 70% of the card’s actual worth and then proceed to sell it at a discount of 10%.Īfter he is done speaking, Robert Herjavec asks to get into a little more detail with numbers. With $80 billion worth of gift cards being sold in 2008, that means that there is an $8 billion market going untouched. Following that, it is explained how nearly 10% of all purchased gift cards are unused by their recipients. He opens with his asking price, $150k for a 30% stake in his company. Once he is actually standing in front of the sharks, he transforms into a man who is very confident in the success of his business. Making his appearance at the beginning of the show’s fourth episode, Kuadey explains his desperation for funding from the sharks during a brief prologue that gives insight to his struggles at home. It was during this hardship that he made the decision to try out for an appearance on ABC’s Shark Tank. It was a genius concept that the company’s CEO was hoping would kick off in America, but unfortunately for Kuadey though, his business had quite a bit of trouble during its beginning stages and the gift card exchange was not as successful as he originally anticipated. People who have gift cards that they would like to sell for cash can put them online for a discounted price and customers who are looking to save some money in their favorite stores are able to get a little more than what they are actually paying for. Kuadey wanted to create this business in order to aid people in the selling and purchasing of gift cards. After this impromptu friendly conversation, the general premise for Gift Card Rescue was formulated. The inspiration behind this idea took root when Kuadey and a former friend had a conversation about had he had a plethora of gift cards that he wanted to sell for cash. Kwame Kuadey, a man originally from Ghana, made a long trip to the United States in order to pursue his dream of creating an online gift card exchange company.
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