Michael and Babz Barnett turned down a potential investor who could have pumped $300,000 into their company in exchange for a 51 percent stake.
The Barnetts, who own Romp n' Roll, a chain of children's gyms, made the decision in front of a national audience and a house full of friends and neighbors.
The couple appeared Friday evening on the ABC show "Shark Tank." The episode was filmed in August.
On the show, business owners bring their concepts to a panel of five business moguls, the Sharks. The moguls then decide whether to invest in the company and how much of a stake they want.
The Barnetts originally asked for $300,000 and were willing to give up a 10 percent share of the company. Romp n' Roll has 10 locations in five states and Puerto Rico; three are in the Richmond area.
Shark Robert Herjavec, a software entrepreneur, made the counteroffer, asking for a majority of the ownership.
The Barnetts turned him down.
"We're really happy with the outcome," Michael Barnett said.
Since the show aired, Romp n' Roll has received more than 250 leads for possible franchisees and has gotten interest from four potential investors.
"I have a BlackBerry and, before the segment ended, we started getting leads," he said. "If we can make a couple of them work, that's better than taking the $300,000."
Contact Louis Llovio at (804) 649-6348 or LLLovio@timesdispatch.com.
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