Here's What Went Down With Liquid Money Perfume After Shark Tank
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Patrick McCarthy ambitiously attempted to get into the very competitive fragrance market by pitching his scent, Liquid Money, on Shark Tank in season 3. McCarthy shared with the sharks that the smell of money can make people excited, and his concept was bottling the scent of money. On Liquid Money's website, McCarthy claims that a Japanese study discovered that workers were more motivated when they were immersed in the scent of money. So his concept was to tap into that motivation, not for employees, but for those who enjoy wearing fragrances. Of course, McCarthy's scent isn't going to smell like the inside of a wallet. Instead, he made his perfumes with scents of linen, cotton, and silk, which are the textiles used to print money.
Fragrance pitches are pretty rare on "Shark Tank." That's not to say we don't see unusual skincare and beauty product pitches. Laid Bare made an appearance on the reality show, pitching pheromone-infused hair care. Makeup and skincare presentations, like the pitch from Youthforia, are more typical of what we normally see. McCarthy arrived on "Shark Tank" requesting $100,000 for 5% equity in his company. For an avid fan of "Shark Tank," you can guess how the sharks responded to this request.
What happened to Liquid Money on Shark Tank?
Patrick McCarthy pitched his fragrance line, Liquid Money, to the sharks on ABC's "Shark Tank," on episode 3 of season 3. McCarthy came out with two models decked out in black dresses, and had money rain from the roof, so it was very over-the-top. McCarthy had a His Money Cologne Spray and a Her Money Eau de Parfum Spray. The sharks were intrigued by something that involved money so blatantly and playfully. McCarthy told them that he had $52,000 in sales that year to date and was in conversation with CVS Pharmacies to situate his fragrances for retail sale. He also explained that he had invested around $50,000 of his own money. McCarthy explained that he lined the boxes with real shredded American money, which he purchases from the Department of the Treasury.
Despite the fun of McCarthy's packaging and concept, the sharks weren't biting. Barbara Corcoran wasn't into the smell of the fragrances, while many of the sharks were confused by McCarthy's evaluation of his business. They felt that his request of $100,000 in exchange for 5% of his company was off. Kevin O'Leary felt like McCarthy wouldn't be able to get any retail space. Daymond John, who knows the business, offered McCarthy $100,000 in exchange for 80% of the company. All of the other sharks dropped out; McCarthy declined John's offer and left without a deal.
Liquid Money after Shark Tank
Patrick McCarthy walked away without a deal on "Shark Tank." After rejecting the only offer he got, the one from Daymond John, McCarthy said, "I have no regrets turning down Daymond's offer. The 80% was just out of line." However, McCarthy has continued to work on Liquid Money by himself. On the brand's website, he notes that after his 2012 episode, there was a major spike in sales, even though he didn't secure a deal with a single shark. So he was indeed able to ride the wave of "Shark Tank" exposure.
On his website, McCarthy noted that ABC re-aired his episode in 2013, bringing a fresh boost to his sales and claiming to be the most-aired episode of all time. While he's not a "Shark Tank" success story in the traditional sense, McCarthy has been able to keep his brand afloat and the fragrances are still available on his website.
Is Liquid Money still in business?
Patrick McCarthy's fragrance line, Liquid Money, is indeed still in business. A classic bottle of His Money Cologne sells for $52.50 on his website, and he has even gone on to create newer lines of fragrances. Staying current, McCarthy launched the His and Her Money: Make It Rain! 2024 collection, with a bottle retailing for $62.50.
McCarthy has also toyed with expanding his brand, though this seems to be still in the works. On his website, there's an apparel section, but no clothing items or merch added yet. People seem to have mixed reactions to the fragrance. On Amazon, one customer left a low review over the price point. "I give it a 1 star not worth the price they want to charge," they wrote. Another person had better things to say and loved the shredded money in the packaging. "Upon first opening the box you are greeted with shredded bills boldly flowing from the packaging," they began. "With the very first spray, one can pick up the scent of a masculine citrus with many other components to give off the ambient scent of real money that will please any nose." That's certainly a rave review and helps to explain why Liquid Money is still up and active.
What's next for Liquid Money and its founder?
By all accounts, it seems clear that Patrick McCarthy has every intention of carrying on with his Liquid Money brand. The launch of the 2024 fragrance line shows that he's invested in bringing new products to the company and moving things forward. He's also branching out into other ventures. On his website, he features his "3-Min Sales Excellence" podcasts, which remain on brand in terms of financial success and, well, money.
Liquid Money also has a presence on Instagram and boasts over 35,000 followers; however, there are only 11 posts to date, so there isn't a regular contribution of new content. However, in a post from October 10, 2023, the brand announced that they were partnering with MMA prospect Anthony "The Champ" Cassar. McCarthy has a presence on LinkedIn, and it's worth noting that Liquid Money isn't his only career. In some cases, entrepreneurs end up quitting their day jobs after "Shark Tank," but McCarthy currently works as a strategic account executive for Red Hat, a software solutions company, in Chicago. It's no knock against his fragrance brand that McCarthy kept his job. Many entrepreneurs do the same, and judging from how creative his fragrance line is, we have high hopes for the continued success of Liquid Money.