I have watched and loved shark tank for years; taking a look back in my archives it seems that I touted my love for the show as far back as 2009. Notwithstanding, I have had a new favorite show for the past few years, and I can’t believe I have never wrote about it. It is called The Profit, and it is on CNBC, which describes the show in the following manner,
When Marcus Lemonis isn’t running his multi-billion dollar company, Camping World, he goes on the hunt for struggling businesses that are desperate for cash and ripe for a deal. In the past 10 years, he’s successfully turned around over 100 companies. Now he’s bringing those skills to CNBC and doing something no one has ever done on TV before … he’s putting millions of dollars of his own money on the line. In each episode, Lemonis makes an offer that’s impossible to refuse; his cash for a piece of the business and a percentage of the profits. And once inside these companies, he’ll do almost anything to save the business and make himself a profit; even if it means firing the president, promoting the secretary or doing the work himself.
Marcus Lemonis is not a consultant on the show, he doesn’t come in and tell people how to run their business better for ratings or for an hourly fee. Instead, he buys into the business making himself a partner with the founder(s)…and then tells them how he would do things better (and usually forcefully insists that they follow his ideas).
What’s the Difference between Shark Tank and The Profit?
For me, the profit is shark tank on steroids. It takes all that is good about shark tank, introduction of a new business (the pitch) and negotiations, but instead of ending there you actually get to see the changes the expert (Sharks vs Marcus) implement. I think the main difference is the purpose of both shows. In my opinion Shark Tank is produced to highlight the negotiations (the what), whereas The Profit is produced to show the business getting to the next level (the how and why).
The video is perfect example of what makes the show so amazing. You get to see a retail genius go through his process to determine profit margin. You see this is whether Marcus is buying into a burger joint, ice cream wholesaler, print studio, candy store, sneaker company, etc. None of this is done on Shark Tank. That it is not to say it doesn’t happen, as soon as the Shark makes an offer his or her mind is swirling with ideas, but we, the viewer, do not get to see that idea and certainly not the implementation of the idea (beyond 32 second updates).
In addition the show, will take a business idea or term that may scare people, like the idea of breaking down a balance sheet or calculating the operating margin, and turns it into digestible pieces. It is amazing to watch a business owner, who has owned the business for 10 years, finally understand their own financials!
If you haven’t given the show a chance…do it today!