Shark Tank Valuation and Negotiation Lessons Myself Belts, BeardBrand, Titin Tech, Singtrix & Grace and Lace UpdateFollow @justelementary
Pitching a line of cute belts for kids is Talia Goldfarb from St. Loius Missouri. Goldfarb decided to create the line of belts for young kids as her child was potty training and wanted to do everything himself, but had trouble with his belt buckle. Goldfarb couldn’t find any convenient belts for 2 year olds, so she decided to make some of her own, and thus was born the line of belts she called Myself Belts. The name, Myself Belts, is self explanatory in that it allows young children the ability to undo and re-do belts on their own using one hand, which convenient for kids with small hands. Goldfarb had help from her sister to launch Myself Betls, and did so in 2004. Myself Belts has expanded to belts fro adults as well, as there plenty of adults who may have difficulty with dexterity to manipulate standard belt designs. Daymond might be interested in this business, so expect to see Goldfarb try to make a deal with him given his apparel background. This could also elicit interest from Lori Greiner IF she feels it has a large enough market. She may wait to hear the sales figures to determine whether she feels Myself Belts is a hero or not.
Eric Bandholz pitches the Shark Tank a line of beard care products called BeardBrand. BeardBrand is based out of the state of Washington. Beardbrand has a strong online presence, and is active on social media sites such as YouTube, Twitter, Facebook and more. Products that BeardBrand offers are beard oils for softening beard hair, beard trimming scissors, beard shaving soap, and other products that are for mustache hair including mustache wax. BeardBrand is also sold in retail stores throughout the United States and Canada, so expect to hear good sales numbers, and perhaps some interest from Daymond John. And you can see from the photo that Bandholz sports quite the beard, so he’s definitely a user of his own products!
Compression gear is extremely popular with athletes, especially in the NBA, where you can see athletes wearing compression sleeves on their arms and legs. Patrick Whaley innovated on the compression sleeve to make weight loaded compression apparel to help people gain muscle mass. Whaley’s product is called Titin Tech. Whaley created Titin compression apparel out of his own, which was from a desire to add muscle mass. The benefit of Titin’s compression gear is that it moves with the body, so makes the muscles work more due to the additional load of weight, but doesn’t get in the way of motion, since it flows with the body. Whaley launched Titin Tech in 2010, which is in itself an amazing story, as Whaley used his product to recover from a shooting incident that left him severely weakened. Expect the sharks to be firm admirers/supporters of Titin Tech, but whether a deal pans out or not, will depend on the last few years of sales.
Karaoke is a lot of fun, but it’s even more fun when the vocals sound good. Pitching the Shark Tank a very neat innovation are John Devecka and Eric Berkowitz. Their product is called Singtrix, and it has a voice modulation feature that makes the vocals sound like professional singers. Singtrix lets users plug in their iOS or Android tablet or smartphone to access their own music library, YouTube or the SingTrix library to sing along to songs that have the vocal removed. You have to listen to it to understand it, so check out the SingTrix video below.
Devecka and Merkowitz were part of the team that created the very popular Guitar Hero, so expect the Sharks to be incredibly interested in Singtrix, given that the duo already have a track record of creating a success. Whether or not there is an investment will highly depend on the business valuation and not on the sales, unless the sales are really bad.
Getting another Shark Tank update segment is Grace and Lace. You may recall that Grace and Lace offers knee-high boot socks for women and girls. The founder of Grace and Lace is Melissa Hinnat. Hinnat started Grace and Lace from scratch making the products herself and growing it from via visual online social media sites such as Instagram. The online marketing efforts were successful enough to get the Sharks all very interested in Grace and Lace. The sharks expressed their admiration of Hinnat, and she secured an investment from Barbara Corcoran. Let’s see how Grace and Lace has grown since the previous update segment the business received on Shark Tank.
Curious how much your business is worth, Just Elementary, Inc, Business Brokers can help you with Valuation Matters. We can also help you with Negotiation Techniques for your business when dealing with investors. Contact our Client Care Manager Sonia Chhabra at (888) 926-9193 or email firstname.lastname@example.org