Wally Amos first started the very first Chocolate Chip Cookie Store “Famous Amos” in 1975 with a $25,000.00 loan. When it came to promoting his product, there was no one better than Famous Amos becoming a household name at the time. Wally claims he only planned on opening one cookie store, but this soon-to-be Famous Shark Tank Star sold over $1,000,000.00 in chocolate chip cookies in the second year and needed to expand, fast. Everything (especially from the early investors views) was going “Great” as Famous Amos Brand started growing at a phenomenal rate. In 1982, Wally’s entire business had revenues totaling over $12 million for the year.
So why is the man behind the most famous cookie company ever, going on the Shark Tank 35 years later selling a new brand called Cookie Kahuna? Well, for those that don’t know, Wally also became famous for losing his company to investors in 1988. The Shansby Group bought Famous Amos Brand for only $3 million after the company reported a $2.5 million loss for the year. Since that time, the Company’s changed hands at least four different times. Currently, the Kellogg Company owns all the rights to Wally’s former business and probably won’t be selling anytime soon.
Q: What was Amos doing before becoming famous for his cookies?