Cousins Maine Lobster, born from a simple idea by cousins Jim Tselikis and Sabin Lomac, has become a seafood sensation. What started as a food truck business in 2012 has grown into a thriving enterprise known for authentic Maine lobster dishes across the U.S. The journey of Cousins Maine Lobster is an inspiring tale of family, entrepreneurship, and a touch of luck from a well-timed appearance on Shark Tank.
Jim and Sabin’s idea was to bring the authentic taste of Maine lobster nationwide. With their roots deeply planted in New England’s rich culinary tradition, they recognized a gap in the market. They wanted to share the unique flavors and memories of their childhood summers in Maine with people everywhere. This passion not only fueled their business but became a driving force in their quest for success.
Shark Tank Appearance
Appearing on Season 4, Episode 6 of Shark Tank was a turning point for Cousins Maine Lobster. Jim and Sabin entered the tank seeking a modest investment of $55,000 in exchange for a 5% stake in their company. The strength of their pitch lay in its simplicity and potential for growth, although some sharks initially hesitated. Their confidence and vision, however, caught the attention of Barbara Corcoran.
After negotiations, Jim and Sabin secured a deal with Barbara, who agreed to invest $55,000 for a 15% equity share. This partnership brought much more than just capital. Barbara’s business acumen and extensive network provided a platform for Cousins Maine Lobster to expand its brand beyond their dreams. Her mentorship played a crucial role in guiding the company towards new opportunities and greater market exposure.
Immediate Growth and Impact
The Shark Tank effect was immediate and profound for Cousins Maine Lobster. Thanks to Barbara Corcoran’s connections, the brand garnered media attention from major networks, including “The Today Show” and “Master Chef.” This visibility elevated the brand’s profile and commanded attention nationwide.
Within a year and a half, they went from operating a beloved food truck to expanding their fleet to three more trucks. By 2016, they boasted 20 food trucks across 13 different locations. Their first brick-and-mortar restaurant in Los Angeles marked another significant milestone. This rapid expansion was reflected in sales, reaching a remarkable $20 million by 2016, a testament to their strategic growth and the quality of their offerings.
Franchising and National Reach
In 2014, just two years after their Shark Tank debut, Cousins Maine Lobster ventured into franchising. This move was a strategic suggestion from Barbara Corcoran, and it paid off exceptionally well. The franchise model allowed for rapid scaling, making it easier to bring their delicious Maine lobster to customers across the country.
For franchisees interested in joining the Cousins Maine Lobster family, the investment required is between $250,000 to $350,000 for a truck. Franchisees also pay an 8% royalty fee back to Cousins Maine Lobster. With a solid structure and support system in place, the brand expanded rapidly across the U.S. By 2019, they had 22 trucks and eight brick-and-mortar restaurants, serving communities far and wide.
As of 2023, there are over 50 food trucks and restaurants operating in 45 cities, contributing to annual sales that exceed $50 million. This impressive growth speaks to the demand for their product and the efficiency of their business model.
International and Product Diversification
Cousins Maine Lobster didn’t stop at national success—they took their culinary expertise overseas. Their first international market was Taiwan, where they introduced the unique flavors of Maine lobster to a new audience. This international expansion marked a significant milestone in the brand’s history.
In addition to physical locations, Cousins Maine Lobster launched an e-commerce platform, diversifying their product offerings. This online channel allows customers to receive live lobsters, lobster meat, steaks, and prepared seafood directly to their doorsteps, expanding accessibility to their renowned products.
Furthermore, the company has shown a commitment to giving back. They established a non-profit organization, Cousins for a Cause, which partners with Big Brothers Big Sisters of America. This initiative reflects Jim and Sabin’s dedication not only to business success but also to making a positive impact on communities.
Recent Developments
The growth of Cousins Maine Lobster continues unabated in 2023. They’ve ventured into new cities, including Portland, Oregon, Tampa, Florida, and Kansas City, increasing their footprint across the United States. Their latest initiatives include conducting road shows to explore emerging markets and engage with local communities, especially in the Midwest and other under-served regions.
Financially, the company is performing exceptionally well, with annual revenues reaching nearly $39 million. They have been listed among the top 15 Shark Tank businesses, boasting $585 million in lifetime sales. These numbers highlight not only their past successes but also their ongoing growth and market appeal.
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Recognition and Awards
Cousins Maine Lobster has not only achieved business success but has also gained significant recognition in the culinary world. They were voted the “Best Lobster Roll on the West Coast” by Tasting Table for three consecutive years: 2013, 2014, and 2015. This accolade reflects the quality of their products and their popularity among patrons.
Moreover, the brand has been featured in distinguished publications and on major TV shows. From Entrepreneur Magazine to Food & Wine and appearances on Good Morning America, their story and success have been shared broadly. These features have further solidified their position as a leading name in the seafood industry.
Conclusion
Cousins Maine Lobster’s journey from a small food truck to a nationwide culinary powerhouse is a remarkable story of innovation, dedication, and strategic growth. The initial boost from their Shark Tank appearance, coupled with the partnership with Barbara Corcoran, laid a strong foundation for expansion.
Their continued success can be attributed to their fierce loyalty to quality, the authentic taste of Maine lobster, and an unwavering commitment to their brand identity. Through effective franchising, strategic market expansion, and a keen sense of community involvement, Cousins Maine Lobster has become a beloved brand in U.S. and international markets alike.
Their story serves as an inspiring example for aspiring entrepreneurs, showcasing how a clear vision and passion for excellence can transform a simple dream into a flourishing enterprise.
