FINALLY I can talk about the Tail Wags Helmet Covers’ Dragons Den episode that aired last night. The segment was taped on Easter Sunday (April 24th, 2011) so that’s a long time to keep a secret. If you watched last night’s show, you’ll know Tail Wags was offered and accepted an offer from Bruce Croxon and Jim Treliving (Boston Pizza) for an investment of $100,000 in exchange for 30% of the Tail Wags business. But, of course, all deals are subject to due diligence and final approval by both teams. The advantage of the long wait is I’ve had over 8 months to consider whether I really want to give up 30% of my business. I’ve put my heart and soul as well as my personal finances in to the business in order to grow Tail Wags to where it is today. Although I haven’t made a final decision, I’m leaning away from accepting the Dragons Den deal and instead I’m considering alternative sources of financing that don’t require giving up a share of my business. Bridge financing for large orders is often required by small businesses. There is a minimum 6-month delay between the production of the inventory (as well as the purchasing of fabric, packaging etc) and payment by the large retailers. For the retailers who have been selling Tail Wags for years and love the quality and amazing service we offer, please don’t be concerned. I PROMISE to continue offering a 100% Canadian-made product of the best quality possible. My “boutique” product line will remain the same. The designs offered to Canadian Tire are “basic”, in other words, they do not have the elaborate embellishments of the boutique line (for example, there will be no hand-sewn googly eyes). It’s a win-win situation because Tail Wags will now be available to the mass market at a lower price point and the boutique line will continue to provide customers with the designs they LOVE. Another way of explaining the change is there will be 2 different choices when selecting a Tail Wags … Hyundai versus Cadillac. Thank you so much to all of the Tail Wags customers and supporters who have helped my business grow in to the success story it is today!
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