Wally Amos Appeared on “Shark Tank” but the Sharks Passed on a Deal — Watch the Late Cookie Creator's Pitch

The Famous Amos cookie founder died on Aug. 13 from complications of dementia

The late Wally Amos never gave up on his dream.

The founder of cookie giant Famous Amos died on Aug. 13 at age 88 from complications of dementia, PEOPLE confirmed. But the baked good mogul was still pitching and selling new treats up until the last several years of his life.

In 2016, Amos made an appearance on Shark Tank to pitch the hosts on his new cookie company inspired by his time living in Hawaii. Called the Cookie Kahuna, the company's goods made use of Hawaiian flavors like macadamia nuts and also offered classics like chocolate chip.

In the episode, Amos could be seen wearing his signature hat and loads of beaded necklaces as he asked the sharks for $50,000 in exchange for 20% ownership in the cookie brand.

Related: Wally Amos, Founder of Famous Amos Cookies, Dies at 88

"I've been selling cookies for 40 years," Amos said in the episode. "And for a long time, I actually thought I was selling cookies. But it occurred to me that I wasn't selling cookies, I was selling happiness."

Armed with a cardboard cutout of himself and a kazoo — which he was known to carry around with him often — Amos gave sharks including Mark Cuban, Barbara Corcoran and Lori Greiner a taste of his new brand of cookies and recalled how his ownership of Famous Amos was diluted over time and he lost the rights to his name and image.

"What went wrong was — I'm a damn good promoter, but I'm not a business guy and my focus was not on how much money I was gonna make, I just wanted to have a good time," the late entrepreneur recalled.

Despite his heartfelt pitch, the sharks ended up not taking the bait. After taking a look at Amos' shipping and packaging costs, Robert Herjavec criticized the business for not having a high enough profit margin.

"It's good to love the product. It's really important to love the business," Herjavec said at the time. "[But] your cost is too high, you have limited distribution. I'm sorry, I'm out."

Playing himself out on the kazoo, Amos left the studios without any investment from the sharks — and his cardboard cutout under his arm.

"I just know that this was just another step in my journey," he finished, ending his time on Shark Tank.

The brand eventually shuttered in 2018.

After exiting Famous Amos, Amos founded several other brands including Uncle Noname (referencing the loss of his name and image) and Uncle Wally’s Muffin Co., which is still in business today.

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Shawn and Sarah Amos, two of his children, told the New York Times that he died in his Honolulu home on Tuesday, Aug. 13. His family and Famous Amos' current owner, the Ferrero Group, confirmed Wally's death to PEOPLE as well.

"Ferrero and the Famous Amos team are saddened by the loss of Wally Amos and our thoughts are with his family. He brought joy to millions with his cookies and is an inspiration to generations of entrepreneurs. We will continue to work to honor his legacy," Ferrero said in a statement.

Wally is also survived by his two other children, Gregory and Michael, and his wife Carol Williams.

"Our dad inspired a generation of entrepreneurs," Wally's children told CBS News. "With his Panama hat, kazoo, and boundless optimism, Famous Amos was a great American success story, and a source of Black pride. It's also part of our family story for which we will forever be grateful and proud."

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