Don’t let Donnie Baker’s small stature fool you. He may look like a sweet, innocent grandpa, but this man is a ruthless shark when it comes to business. As one of the most memorable entrepreneurs from ABC’s Shark Tank, Baker made a name for himself with his honest and blunt approach to business. Being a savvy investor, Baker knows what makes for an excellent deal and what doesn’t. Even though he didn’t make any offers in season 10 of the popular reality show, he has appeared on multiple seasons since then and made some great investments as well as some less than stellar ones. Let’s take a closer look at Donnie Baker’s net worth and how he got so rich!
Donnie Baker’s net worth
Since the majority of investments made on Shark Tank don’t close until after the show airs, it’s hard to know exactly how much money each investor has made. However, we can take a look at how much each investor was worth before the show based on their career. According to Celebrity Net Worth, Donnie Baker’s net worth is $3 million. During his career, he has worked in real estate, owned gas stations, and had a mobile car wash business. He has also owned a lawn care company and been a franchise owner. He made a name for himself with his company, The MKG Group, an energy consulting firm.
Shark Tank investments
One of the first investments Donnie Baker made on Shark Tank was in the product Hair Flips. These hair ties are specially designed to be hidden in your hair. You can find them behind your ears or in a bun. Baker invested $35,000 for 10% of the company’s equity in exchange for a licensing deal. This is the type of deal Baker typically makes with the products he invests in. They’ll pay him a licensing fee for the use of his logo and name on their product. This investment is expected to close on August 21, 2018. Baker’s investment in a plant-based protein bar for dogs, called PupCakes, was another memorable moment from his time on the show. He offered $50,000 for 33% of the company’s equity. This investment was expected to close in early 2019.
Since Baker’s company specializes in energy consulting, he is particularly interested in products that are energy efficient. As such, he is more likely to invest in a product that is environmentally friendly than a product that will make a lot of money but is harmful to the environment. Baker is also interested in products that people will use for a long time. This is because he gets a royalty on the product for as long as it is being used. Some of the products he is interested in include robotic lawnmowers, air, and water purifiers, and computers that use a fraction of the energy that a standard computer does.
Donnie Baker’s wealth strategy
While some investors on Shark Tank like Mark Cuban focus on making their investments as big as possible, Baker focuses on making many smaller investments. He prefers to make smaller investments in lots of different companies rather than one big investment in a single company. This strategy is ideal for someone who is looking to have a steady income rather than a big payout at one time. Baker’s smaller investment strategy allows him to make smaller payments to his partners while still keeping plenty in his pocket. Baker’s investments also have the potential to grow into much larger payoffs in the long run. Some of the companies he’s invested in have been around for several years, meaning he’s still expected royalties from them.
Final words: Donnie Baker’s advice
One piece of advice that Bell shares in almost every interview he gives are to “be honest and be yourself.” This is a great piece of advice for entrepreneurs who want to make a deal on Shark Tank. Entrepreneurs should be upfront about their company and product. They should make sure that their product is as close to perfect as possible so that the sharks don’t see any flaws. Above all else, entrepreneurs should be genuine and avoid sounding like a used car salesman. Baker says that if you have the right product, the sharks will come to you. He also says that entrepreneurs shouldn’t feel bad about walking away from a deal if they don’t think it’s a good one.