This Is The #1 Food In Shark Tank History: The Story Behind Its Success

When cousins Jim Tselikis and Sabin Lomac walked onto the "Shark Tank" stage in 2012, they had no idea what their future would hold, but they were motivated. After all, tons of successful food products started out on "Shark Tank." They appeared on the show just two months after kicking off their business, Cousins Maine Lobster, seeking a modest $55,000 in exchange for 5% of the company. Mark Cuban, Mr. Wonderful, and Daymond John definitely regret backing out within the first few minutes, because Cousins Maine Lobster went on to become one of the show's biggest success stories.

The two were able to hit $150,000 in sales after just two months of operation, and that was with only one truck in LA. Keep in mind, 2012 was the early days of food trucks. By 2017, the U.S. Chamber of Commerce Foundation reported that the American food truck industry was worth more than $2 billion, but back in the early 2010s, the buzz was just getting started. Most "Shark Tank" contestants apply to score a spot on the show, sometimes more than once. But Cousins Maine Lobster had such quick growth that the "Shark Tank" production team sought them out. Needless to say, the cousins packed their bags immediately.

Six years after their "Shark Tank" appearance, Cousins Maine Lobster increased their fleet to 29 trucks and exceeded $50 million in sales, and that was still just the beginning. We chatted with the lobster-loving duo back in 2023, the same year they ended at $585 million in sales, and they said they were still in "growth mode."

Jim Tselikis and Sabin Lomac went onto "Shark Tank" soon after starting their food truck business, but their love of lobster was ingrained since birth. Growing up in Southern Maine, fresh lobster was always within reach for Lomac and Tselikis, so they had a rude awakening when landing on the West Coast. 

The pair had a hankering for fresh Maine lobster rolls and years of restaurant industry experience, so they thought, "Hey, why not bring those delicious sea bugs to us?" "You don't realize what you had when you were kids," Lomac told us when reminiscing about Maine summers. The two got to work planning and plotting, determined to "bring the Maine lobster experience to Southern California" with a food truck, or "lobster shack on wheels," as they put it on "Shark Tank."

During the Season 4 episode of "Shark Tank," Jim Tselikis and Sabin Lomac got into the nitty-gritty of their business, revealing that their lobster roll was priced at $13 (this was back in the good ol' days) and cost them $5.85. They were pulling in a good profit, but with a monthly overhead of $20,000 at the time and only one truck, they were at a standstill. Mr. Wonderful pointed out that based on their pitch, they're valuing their business at $1.1 million. When asked what edge they have in the lobster business, Tselikis and Lomac said it was all about their connections and suppliers. The hardest part of successfully selling Maine lobster in Cali is obviously shipment, and these guys had that part locked in.

After three of the sharks stepped down, Robert Herjavec offered the requested $55,000 in exchange for 25% of the company. The pair responded by asking Barbara Corcoran if she was interested, which irked Herjavec enough to rescind his offer. That left the deciding moment down to just the cousins and Corcoran, who ultimately offered $55,000 as well, but for 17% of their business, simply because it's her lucky number. After Tselikis and Lomac countered at 12%, she put her final offer on the table at 15%. The cousins were pretty quick to reply: "Barbara, welcome to the family," they said, accepting her generous offer.

Jim Tselikis and Sabin Lomac saw quick success after their "Shark Tank" appearance, and one of the first things they wanted to do was return the favor to their LA community. In 2013, just a year after getting started, the two decided to give back. They partnered with Los Angeles' Big Brothers Big Sisters of America to create their non-profit, Cousins for a Cause. As one would expect, the cousins are all about family and aim to support the community in any way they can.

In 2018, six years after braving the "Shark Tank" lineup of big-shot investors, Cousins Maine Lobster had 10 brick-and-mortar restaurants and 21 different franchisees, with one as far from Maine as Taiwan. That same year, Tselikis and Lomac opened their first NYC location, and guess who was serving tables? None other than Barbra Corcoran. She put on an apron and joined the team to celebrate the company's 10th franchise. Now, with hundreds of millions in sales and decades of experience under their belt, the cousins of Cousins Maine Lobster are well known in the food truck world. They have a mobile app, and you can even order fresh frozen or live Maine lobsters on their website, shipped directly from the source.