The founder of the Grease Monkey Wipes, Erin Whalen and Tim Stansbury appeared on the 12th season of the shark tank. They introduced their product Grease Monkey Wipes.
Grease Monkey Wipes took the concept of normal cleaning wipes and turned them into wipes for heavy-duty cleaning. The wipes are used when you don’t have access to soap or water. These disposable wipes are used to clean oil, lubricant, grease, dirt from the skin, and other surfaces.
Grease Monkey Wipes at a glance:
- Wipes for heavy-duty cleaning.
- Founder: Erin Whalen and Tim Stansbury
- Asked For $40,000 for 40% at $100,000 valuation on Shark Tank.
- Received $40,000 for 40% from Robert Herjavec and Barbara Cocoran.
- Currently in business (acquired).
Index:
Who are the founders of Grease Monkey Wipes?
The business partner Tim Stansbury and Erin Whalen were both recreational cyclists. During one of such bike rides, Erin got a flat tire and Tim helped her fix it. Erin states despite wiping her hand on the grass and her denim shorts she was unable to get rid of the grease.
While on their way back Tim and Erin discussed the way to solve this issue as these on-road problems happen many times with the cyclists.
Tim Stansbury did research, he and Erin were finally able to come up with a perfect product and found a way to market it. Erin Whalen suggested that the product is not just for cyclists as there are other ways to use it as well.
Tim Stansbury thought the sharks would love the product because everyone they ever talked to about the product loved it.
How was the Grease Monkey Wipes Shark Tank Pitch?
Tim Stansbury and Erin Whalen appeared in season 1 episode 12 of the shark tank. They introduced their product Grease Monkey Wipes, these individually packed citrus-oil-based wipes. They went there seeking an investment of $40,000 for 40% of the stakes in the company.
While Erin handed the samples to sharks Tim states that the product is individually packed and a non-toxic natural cleaner for heavy-duty cleaning. Stansbury states it’s the ingredient that just breakdowns the oil.
Kevin O’Leary asks the founder if they have patented the product to which Tim Stansbury states that they have decided not to patent it for two reasons one being that the company is new in the market so they have no resources to patent it and second that once you patent the product you have to put your formula out there so by not having the patent they can protect the formula for a while before someone copies the formula.
Kevin Harrington loved the logo and branding they were doing for the grease monkey wipe stating that this is the best logo he has seen. Harrington continues by asking if the logo has been trademarked to which Erin says that they have trademarked the logo.
Kevin O’Leary asked how many wipes they have sold to which Tim Stansbury answers that the wipes have only been in the market for a couple of months so they have sold 7,600 wipes. When asked about the revenue Tim states their gross revenue has been seven thousand four hundred dollars.
O’Leary asks if that is sustainable To which Tim answers the number of registered automobiles in the United States grows the market for Grease Monkey Wipes.
Daymond John steps out of the deal by saying, it’s not just a business for him. Kevin O’Leary like the product but they lacked the proprietary rights. Kevin Harrington stated the product is just not unique for him, Barbara steps out saying she isn’t warmed up to the product enough.
Robert Herjavec showed interest in the product and after Tim and Erin persuaded him by saying they will do their best for the success of the company and that they won’t let them down Robert agreed.
By the end of the deal, Barbara Corcoran states she was about to make the deal simply because she liked Erin. Tim Stansbury and Erin walked home with the deal of $40,000 for 40% stakes with Robert Herjavec and Barbara Cocoran.
How do they make money?
During the episode of Shark Tank, Tim Stansbury revealed the product was sold at $1 per package. Upon asking if it’s sustainable for the company he continued by saying there are two hundred and eighty-five million cars, thirty million boats, and over six million motorbikes are registered in the united states of America which will expectedly help grow the business.
After the acquisition of the company with Beaumont products, the product sells on amazon where the box of 25 wipes sells for $15.97.
What happened to Grease Monkey Wipes after the shark tank?
After partnering with the sharks the business boomed for Grease Monkey Wipes. Barbara Corcoran hired people who helped her publicize the company.
This investment allowed the company to thrive and Tim Stansbury was able to pay off the sharks. Tim Stansbury eventually bought the company from her partner Erin Whalen.
On November 17, 2014, Beaumont products acquired the company at an undisclosed financial amount and continued the operations through Beaumont.
Competitors details:
Tim Stansbury stated that the biggest difference between Grease Monkey Wipes and their competitors is that they use the citrus-based formula and avoid using any harsh chemicals making it environment friendly.
Among the top 6 competitors of the company, Grease Monkey Wipes remain in the first place.
Interesting facts about Grease Monkey Wipes:
- The partners Erin and Tim both were recreational bikers. That’s how they met each other.
- During the pitch, Tim Stansbury revealed that the oils used for wipes come from juice companies after they squeeze the fruits.
- Grease Monkey Wipes can also clean permanent markers.
Do Share Your Thoughts:
Do tell us all your thoughts in the comments section below, we look forward to reading all the comments in the section below.
Also, do check useful Startup Resources and Tools below and do join our newsletter 📰 for free for more interesting Business Case Studies 💰, Startup knowledge 🚀, and Startup founders podcast 🎙️ delivered to your inbox every Sunday morning.
Related Articles:
- Cereal Killerz Kitchen-Cereal Bar: What Happened After Shark Tank?
- Elephant Chat: What Happened After Shark Tank?
- Minus Cal: What Happened After Shark Tank?
- Toygaroo: What Happened After Shark Tank?
- Beer Blizzard: What Happened After Shark Tank?
- Grill Charms: What Happened After Shark Tank?
FAQs:
What is Grease Monkey Wipes?
Grease Monkey Wipes took the concept of normal cleaning wipes and turned them into wipes for heavy-duty cleaning. The wipes are used when you don’t have access to soap or water.
Who founded Grease Monkey Wipes?
The founder of the Grease Monkey Wipes Erin Whalen and Tim Stansbury appeared on the 12th season of the shark tank.
