If you tuned into Season 14 of Shark Tank, you probably remember Kendra Bennett’s heartfelt, Top Gun-inspired pitch. Dressed in her father’s old fighter pilot jacket, Kendra stepped onto the famous stage to present Honey Bunchies, an energy bar with a family story as sweet as its honey-based ingredients. But while her pitch tugged at heartstrings, it didn’t quite seal the deal with the Sharks. However, as it turns out, the Sharks might be kicking themselves for letting this one fly by.
From Fighter Jets to Energy Bars: The Honey Bunchies Origin Story
Honey Bunchies, now rebranded as Bon Bee Honey, is more than just an energy bar – it’s a tribute to family, love, and perseverance. The business was born out of necessity when Ed Payne, a Vietnam War F-4 Phantom fighter pilot, found himself hyperglycemic after overindulging in sugary snacks. Ed’s wife, Jennifer – lovingly nicknamed Honey Bunchies by Ed – crafted the original recipe that would later inspire the family business. In 2010, Ed decided to bring that recipe to life, launching a gluten-free, dairy-free, and allergy-free energy bar made with 42% honey.
Kendra Bennett, Ed and Jennifer’s daughter, took the reins to present the product on Shark Tank. She wore her father’s fighter pilot jacket, symbolizing the deep-rooted family history behind the brand. It was a pitch filled with passion and authenticity, but not even that could sway the Sharks.
The Shark Tank Pitch – What Went Down?
Kendra entered the Tank seeking $200,000 for a 10% stake in Honey Bunchies. At the time, the company had already achieved $300,000 in sales for 2023, with projections surpassing $500,000 by the year’s end. Even more enticing was the multi-million dollar forecast for 2024, driven by a budding deal with 7-Eleven stores.
However, the Sharks were hesitant. The company’s projected $22,000 profit on $519,000 in forecasted sales raised eyebrows, and the competitive energy bar market posed additional concerns. Despite a production cost of 81 cents per bar and a retail price of $2.99, the Sharks felt the profit margin wasn’t convincing enough.
Mark Cuban pointed out the saturated nature of the market, and Kevin O’Leary declined to make an offer even after Kendra pleaded for one. Barbara Corcoran added her two cents, warning Kendra that her optimism for sales growth might be unrealistic. Ultimately, all five Sharks passed.
A Post-Tank Spike and the Rebrand to Bon Bee Honey
While the Sharks may have passed, the viewers didn’t. The Shark Tank effect hit hard, driving nearly 10,000 visitors to the Honey Bunchies website immediately after the episode aired. Sales spiked, and suddenly, the Sharks’ rejection felt more like a missed opportunity.
Shortly after the show, Honey Bunchies underwent a rebrand, becoming Bon Bee Honey. The name change was announced via Facebook on April 9, 2024, just before the Shark Tank episode aired. According to the company, the rebrand was driven by the desire for a trademark that could grow with them.
Retail Expansion: Whole Foods, Kroger, and 7-Eleven
What is Honey Bunchies Net Worth? Honey Bunchies’ net worth is not publicly disclosed.
Despite the initial setback on Shark Tank, Bon Bee Honey experienced rapid growth in retail. The energy bars, available in coconut-almond and peanut-pecan flavors, quickly found their way into over 1,200 outlets, including Whole Foods and 7-Eleven.
A pivotal moment came two months after the Shark Tank episode, when Kroger announced they would begin selling Bon Bee Honey bars in at least 20 states. This partnership stemmed from the bars’ success at King Soopers, a Colorado-based chain under the Kroger umbrella that had been selling the bars since 2016.
As for the 7-Eleven deal? While Bon Bee Honey bars initially launched in fewer than a dozen 7-Eleven stores in Dallas, Texas, this small test run holds immense potential. Much like the King Soopers success story, the Dallas launch could expand to as many as 1,000 7-Eleven locations nationwide if the bars perform well.
Family-Run Success and the Future of Bon Bee Honey
At the heart of Bon Bee Honey is the Payne-Bennett family. Kendra Bennett, now the face of the brand, continues to honor her father’s legacy with every bar sold. Her parents, Ed and Jennifer, remain integral to the business, ensuring that Bon Bee Honey stays true to its roots.
Kendra, now in her late 30s, often highlights the importance of family in interviews. She has credited her father’s perseverance and her mother’s ingenuity for inspiring the business. The family-run company, based in Longmont, Colorado, continues to thrive, with Bon Bee Honey bars gaining traction across the country.
Why the Sharks Might Regret Passing
While the Sharks’ concerns were valid, Bon Bee Honey’s expanding retail footprint suggests they may have underestimated the potential. With deals at Whole Foods, Kroger, and 7-Eleven, the company is poised for continued growth. Plus, with the health-conscious snack market booming, Bon Bee Honey’s unique, honey-based formula stands out in an otherwise crowded field.
In retrospect, the Sharks may regret passing up on this family-owned gem. But for Kendra and her family, the rejection only fueled their determination to succeed. And if the rapid expansion and glowing customer feedback are any indication, Bon Bee Honey’s sweetest days are still ahead.
Bon Bee Honey’s journey from a heartfelt Shark Tank pitch to retail success is a testament to perseverance, family, and believing in your product. Whether you’re an entrepreneur or just a fan of a good snack, the story of Bon Bee Honey serves as a reminder that sometimes, the sweetest victories come after rejection.
