Minus Cal Networth – Did They Survive After Shark Tank?

Minus Cal Networth – Did They Survive After Shark Tank?

The weight loss market is saturated with many good products, and Minus Cal bars are one such offering. The creators, Crom Carmichael and Barrett Jacques announced that their innovative protein bar could inhibit fat absorption. They made a pitch on Shark Tank but failed to secure a deal. As of 2024, Minus Cal networth stands at $0, having ceased operations in 2020.

A Glimpse Into The Founders’ Past

Starting from South Bend, Indiana, Crom Carmichael crossed paths with Barrett Jacques after relocating to Nashville. Both Crom and Barrett are esteemed alumni of Vanderbilt University, where Crom completed his master’s degree, and Barrett secured a business degree.

Carmichael’s professional journey began as a columnist for the Nashville Tennessean. Subsequently, he transitioned into a business and political analyst role for WLAC-AM and WSMV-TV. Upon retiring from his media pursuits, he ventured into angel investing.

Conversely, Jacques initially established his reputation in the music sector. After graduating from college, he was contracted as a recording artist by Sony Music Entertainment.

Launching Of Minus Cal

As Barrett contemplated diversifying his investment portfolio, he thought a startup specializing in health-focused protein bars could be profitable. While developing his product, he stumbled upon Choleve, a component extracted from green tea.

He collaborated with Crom to isolate Choleve from green tea and amplified its concentration by 20-fold. Alternatively, you would need to drink large amounts of green tea to gain the health advantages of Choleve.

The project was launched in 2017, with the creators claiming that the supplement had the ability to stop the small intestine from taking in fat. 

What Happened With Minus Cal On Shark Tank?

The founders of Minus Cal appeared on Shark Tank, seeking an investment of $500,000 in exchange for a 20% equity stake. Unfortunately, their pitch did not resonate with the Sharks, and they left the reality TV show without securing any funding.

Despite their innovative concept that could potentially revolutionize dieting habits, their product presentation raised several concerns. Mark Cuban expressed doubts and challenged the authenticity of their assertions. Carmichael stood his ground to protect their product, while Barrett appeared more reserved.

The Sharks were also not impressed with the company’s valuation, mainly due to the lack of significant sales to support it. When the founders elaborated on the characteristics of Choleve and its promotion as a fat-blocker, the show’s investors exhibited some skepticism.

This skepticism triggered a series of questions regarding the product’s authenticity and claim to be a ‘fat blocker.’ In addition, when they presented their product, they advertised Minus Cal as a weight loss solution but also contradicted themselves by stating that weight loss isn’t guaranteed.

This perplexed the show’s investors, leading them to label the product’ fraud.’Consequently, Crom Carmichael and Barrett Jacques left the show without securing any investments, ultimately leading to the company’s bankruptcy.

The Collapse Of Minus Cal

Cuban cautioned viewers against purchasing any products towards the episode’s conclusion. It seems the audience heeded the billionaire’s advice, leading to the company’s struggle post-Shark Tank. The weight loss sector is fiercely competitive, and Minus Cal lacked the funds for advertising.

Minus Cal’s social media activity ceased in 2019, followed by the closure of its online store. The absence of scientific research raised concerns among customers. Minus Cal formally ceased operations in 2020 without disclosing any sales data.

The product has primarily received negative customer feedback, averaging two stars on Amazon from 16 ratings. Those who left positive reviews noted that the protein bars were satisfying and curbed their hunger but had an unpleasant taste. One customer reported a weight loss of 25 pounds, but this claim is unverifiable. The most recent reviews are from fans of Shark Tank who have not actually used the product.

Currently, Carmichael holds the position of CEO and founder at Nashai Biotech LLC, a company specializing in pharmaceutical research and development.

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