When it comes to selling a business empire, may people choose their price based on assets, staff, and the love and time invested into building it.
That wasn’t Barbara Corcoran’s method—the real estate mogul chose her asking price based simply on the fact she liked the number.
It’s not the first time Corcoran—who is a star on ABC’s Shark Tank—has issued advice which doesn’t track with traditional business practices.
She’s famously not saved a “dime” of her wealth and says the best money she’s ever spent was on a coat.
The decision to sell her company—the New-York based Corcoran Group—in 2001 seems to also have been motivated by both business acumen and sentiment.
Speaking on Instagram, Corcoran revealed she settled on a figure in her mind because it was her lucky number, and refused to accept any offers until she got it.
“I got an offer for $100,000 one day, I couldn’t believe my good luck,” Corcoran recalled. “I said ‘I’ll take it!’ and then they changed their mind.
“Four years later someone else came by and offered me $20 million, I couldn’t believe it.”
She continued: “I thought for that much I’ll ask them for even more. I said ‘No I’ll only take $66 million, exactly $66 million. It took them a year to shuffle around, look at the books, but what do think they paid me? $66 million.”
But why did Corcoran decide she needed to up the figure by $46 million?
This was the question her buyers were asking, Corcoran said, explaining only after the deal had gone through did she reveal her rationale.
“I told them ‘Eh, it was my lucky number’—and it is lucky!” she laughed.
The 74-year-old captioned the video: “I wish 88 was my lucky number. Never settle for the first offer.”
Corcoran’s best deal
Despite earning herself a “lucky” $66 million payday, Cororcan has revealed the sale of her company wasn’t necessarily the best deal she’s ever made.
This summer the shark—who previously revealed she almost missed out on her spot on the show–said a contestant back in 2017 has proved to be her most valuable investment.
Speaking on The Daniel Mac Show podcast in June, Corcoran said her deal with The Comfy, a wearable blanket, has earned her the greatest returns.
“I got a third of the business for, I think, $50,000,” Corcoran said, adding: “They made me $468 million in three years… nobody [else on the panel] wanted it.”
Not every deal has worked out in Corcoran’s favor though—in fact the majority of her Shark Tank ventures haven’t bore much fruit.
Earlier this year Corcoransaid 90% of her Shark Tankinvestments haven’t made her a single dime, but even then she doesn’t regret investing in any of the businesses.
It hasn’t stopped the entrepreneur from holding back on making deals. According toSharkalytics, a data site monitoring the show’s deals, Corcoran has invested nearly $5.5 million on air in 53 deals.
