The Shark Tank investors get a pitch from CordaRoy's founder and creator, Byron Young who focuses on landing a deal. CordaRoy's is the unique bean bag styled chair that unzips and becomes a bed, which is stuffed with the same material placed in a typical mattress but is cut up for flexibility.
CordaRoy's is eleven years old in Shark Tank
Byron's business, CordaRoy's, is eleven years old a the time of the Shark Tank pitch and has a store dedicated to the furniture in Mall of America. Byron secured the Utility Patent and successfully enforced it twice against other companies.
Season: 4 Episode 419
First Run: 03/07/2013
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
Entrepreneurs: Byron Young
Ask: $200k for a 20% equity
Deal: Lori Greiner – two-hundred thousand dollars for fifty-eight percent
Previous years sales for CordaRoy's is $1.4 million in the prior year. He's plateaued and is looking for a strategic partner to help take the company to the next level.
What do the Shark Tank Investors say about CordaRoy's?
Mark Cuban doesn't go for businesses that are impulse driven. Byron said that most customers that buy in the Cordaroy's Mall of America are making an impulse buy. Mark Is out.
Daymond John thinks he is not the right guy to help Byron take his business to the next level, so he is out.
Kevin O'Leary thinks the company is worth half of what Byron believes and he goes out.
Lori Greiner tells Byron that she is making a one time offer that will go away fast if he does not take the deal. Her proposal is $200,000 for sixty percent because she believes she will have to do all the work. Byron works hard to counter the offer without Lori Greiner budging, and finally, she gives a bit offering fifty-eight percent. Lori and Byron have a deal.
Sales are over thirty million dollars in the four years following Shark tank.
Robert Herjavec offers one hundred thousand dollars for forty percent if Lori Greiner gives him the other one hundred thousand dollars. Robert is out when Lori states she does not want a partner on this deal.
CordaRoy's Bean Bag Styled Chair to bed models are available on Amazon with free two day shipping.