035: Lobster-Truck Boys on SHARK TANK turn $20k into $20 Million – Jim Tselikis of Cousins Maine Lobster

Background on Jim Tselikis of Cousins Maine Lobster:

Jim Tselikis is a Co-founder of Cousins Maine Lobster. He is from the coast of Maine, where he and his cousin Sabin Lomac grew up surrounded by family and lobster. They both moved away (Jim to Boston and The College of the Holy Cross, then a secure job at Stryker orthopedics; Sabin to New York City to study drama before acting his way into a career in Real Estate in LA), then reunited in 2012 to bring the authentic experience of their childhoods to their customers.

Now living in Los Angeles, Jimmy travels to Maine often to get back to his roots of pond hockey, island hopping or lobster boat races and to spend time with those he loves most- his mother, father, sister, and black lab.

Time-Stamped Show Notes:

[0:48] Jim is the Co-owner of Cousins Maine Lobster.
[1:38] Jim and his cousin Sabin started their business in Los Angeles, California.
[2:14] “When you think of lobsters, most people think of Maine.”
[4:52] The reason they picked lobsters is because it reminds them of their childhood and families.
[5:53] They decided to go with food truck rather than a restaurant since it’s a lower investment and they can get to the market.
[8:54] The business started operating in April 27, 2012.
[11:31] They got an invitation from the show Shark Tank even before they opened. They declined the invitation twice but eventually decided to give it a try.
[13:21] “Take the jump at some point to make it work because if you stayed in the middle ground it would’ve been just that, it would have stayed as a passion project..”
[14:10] During their Shark Tank stint, they got a deal from Barbara, whom they actually targeted to be their business partner.
[20:45] Barbara helped them with everything and that opened so many doors for them.
[22:23] By the end of 2014, just after more than 2 years in the business, they started franchising the food trucks.
[34:29] “If you’re prepared, you have nothing to worry about.”