“The idea was definitely hatched over an excessive amount of drinking. Actually, Jim ordered an espresso martini which is just embarrassing and disgusting.”
Have you ever had one too many drinks with friends and come up with an absolutely brilliant business idea that you then launch and six years later becomes an international, $20 million dollar brand? You think I’m kidding.
Today I’m interviewing two of the most famous cousins in the business world, Sabin Lomac and Jim Tselikis, co-founders of Cousins Maine Lobster. You may know them from one of the early episodes of Shark Tank. Barbara Corcoran ended up taking a stake in their then 2-month old business. Since then they started franchising, opening brick & mortar restaurants, and now they’ve published a book called Cousins Maine Lobster: How One Food Truck Became a Multi-Million Dollar Business.
Sabin and Jim grew up together in Maine eating lobster off paper plates all throughout their childhoods. They went to college and started separate careers in different states and went a few years without much interaction. However, that all changed when Jim flew to LA where Sabin lived and asked him if he wanted to go out to eat dinner to catch up. That infamous dinner – which included more than a few drinks – was when they hatched the idea for their business.
We discuss how they prepared for Shark Tank, their biggest money mistakes and the big-ticket item they’re both saving up for now.
For more information about the cousins’ business, visit www.CousinsMaineLobster.com. Also, you can keep up with Sabin on Twitter and Instagram @sabinlomac and with Jim on Twitter and Instagram @JimTselikis.