Byron Young walked into Shark Tank with his product, CordaRoys. They are corduroy bean bag chairs that convert into beds. The business has been operating for almost 11 years and annual sales are $1.4 million. Byron asked for a $200,000 investment for 20% equity in his company.
Byron claims sitting in one of his CordaRoy bean bag chairs is “like sitting on a cloud.” The exterior covers are double stitched for strength and long life. The inside foam is top quality and CordaRoys are never vacuum packed.
Three of the five Sharks passed on Byron’s offer pretty quick. Robert Herjavec wanted a partner and asked for 40% equity if Lori Greiner put in half of the $200,000.
Greiner said she didn’t want to partner with Robert as she told Byron she was going to offer him a once-in-a-lifetime opportunity. She said she would give him $200,000 for 60% equity of his company. That is more than half the business and three times the amount of equity Byron originally offered.
Byron countered for 40% equity which was still not enough for Lori.
In the end, Lori told Byron she could make him millions and offered the $200,000 for 58% equity. Byron accepted the offer due to wanting to work with one of the Sharks. Having any of the Sharks align with your company could springboard your product overnight. The CordaRoy website received so much traffic during the airing of Shark Tank on Friday night that the site crashed.
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- Successful Inventor on Shark Tank Strikes for a Second Time (newproductconsulting.me)
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