Tie-Not
The Tie-Not filler and the Tie-Not stick makes filling water balloons extremely easy. Anyone can tie water balloons fast and easy. Wayne's wife bought 250 water balloons that he had to tie on his own. That made him think about an easy way to tie water balloons.
Tie-Not launched at the toy fair in 2012, with first year sales being $112,000. Cost to manufacture is $1.50 and they sale for $4.99. They ended up with a licensing agreement at 6%. They have a licensing deal that renews every year and they can cancel in sixty days.
Tie-Not Episode Data
- Company: Tie-Not –Website
- Entrepreneur: Wayne Skortchin and Scott Smith
- Ask: $125,000 for 10% equity
- Episode Season 5 Episode 529
- Companies in this episode:
- Bakers Edge
- Foot Fairy
- BZBox
- Tie-Not
- Shark Tank All Stars – Featured Update
- Sharks:
- First Aired: 10/09/2015
- Deal: Offer from Barbara Corcoran, Wayne can't do that deal.
What do the Shark Tank Investors say about Tie-Not?
- Mark Cuban – says Kevin is a toy mavin, he is not. He is out.
- Barbara Corcoran – has probably blown up 5 million water balloons. She makes them an offer of $125,000 for a 25% equity position and $50 as cash with a $75,000 line of credit. They counter at 18% with $50,000 cash and a $100,000 credit line. Barbara tells them that she is going to give them a chance to reconsider and she is not going to negotiate. They ask her to go 20%, but she says she will stay where she is. Wayne says he can't come up.
- Kevin O'Leary -thinks that the $1.2 million valuation doesn't work.Kevin thinks they are worth about $200,000. His specialty is licensing, and they should have had him before the deal. He is out.
- Lori Griener – thinks the Tie-Not is not a QVC product, and the valuation is too much.
- Robert Herjavec – loves the toy businesses and that bring a smile to your face. The 1.2 million valuation is crazy. He thinks it is a perfect QVC product.