There is a new type of beard, the urban beard so BeardBrand created products for facial hair. Eric is asking for a partnership with Shark Tank Investors. BeardBrand created a complete kit for facial hair grooming.
Eric believes his valuation is a great deal; they did nine thousand dollars in the first five months. The second six months, they did one-hundred-eighty-eight thousand dollars. Last six months the company produced six hundred thousand dollars in sales.
Lori Greiner feels Beardbrand founder's beard on Shark Tank
Lori has so many things that go through her mind when it comes to a beard. She asks can she touch his beard and he lets her. She likes the beard.
Season: 6 Episode 607
First Run: 10/31/2014
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
Entrepreneurs: Eric Bandholz
Ask: $400k for 15% equity
BeardBrand is selling online through their website. Their projected sales are going to be $1.25 million with a net profit of 25%. The kit sells for $170 and cost is about $60 to make. Their beard oil is the majority of the sales at 60%. They retail from $20-30, and they have 80-90% margin. They are working on building a brand instead of just being a product company.
Let's fast forward and say that Beardbrand does not get an investment from the Sharks, and the older I get, the more I come to appreciate not getting a deal. Eric and his company are doing well, are profitable, and have new products coming out. He doesn't have to deal with outside influencers driving his business, and he can grow Beardbrand at a pace that makes him feel comfortable.
After all, Beardbrand is a perfect lifestyle business that requires a passionate owner who will evolve the business as trends change. Eric could very well make more money without the Shark Tank Investors than with having a shark.
Eric's doing an excellent job with promotions and marketing online. He has a blog that features regularly published new content. Very few companies take the time to blog, and miss out on the natural search audience. Five stars for being smart with your website and community!
What do the Shark Tank Investors say about Beardbrand?
Mark seas their model as challenging to get his money back, so he's out.
Robert Herjavec doesn't see it, so he is out.
Kevin O'Leary said he is out because he would have to have almost all the company.
Daymond John loves this guy, and he was going to make an offer, but then he went back to the valuation, and he realizes he wouldn't get his money back, so he's out.
Beardbrand products are available on Amazon