Would you like to buy a pan that has a sieve attached to it so that you can remove excess liquids from your dishes without too much hassle while preparing your meal?
The kitchen items industry is at $83.83billion now and plans to grow to around $131billion towards 2027. Two part-time entrepreneurs, Josh Conway and Adam Chaudhry have come up with their idea of pans and pots with a built-in sieve to remove excess liquids from food. This idea can be revolutionary for the industry but they have come to shark tank with the plan to make a deal for the shark and not for the money. Will the sharks “pan” out a deal? let’s see.
Handy Pan at a glance.
| Business idea | Built-in sieve for pans and pots to remove excess water and liquids |
| Founders | Adam Chaudhry and Josh Conway |
| Asked for | $10,000 for 20% |
| Accepted deal | $10,000 for 20% |
| Sharks | Lori Greiner |
| Business status | In business |
| Episode | Season 13, Episode 21 |
| Website | Handy Pan |
Index:
Founder Story:
Adam Chaudhry and Josh Conway were childhood friends and came up with their idea of the Handy pan. They tried to have a Kickstarter campaign to start their company, but it failed.
Yet they managed to have a deal with another kitchen appliance chain that helped them start their company and have a production run of $7900 they then come to shark tank for a deal.
Did Handy Pan get a deal on Shark Tank?
This surely must have been one of the quickest deals to happen on shark tank. The entrepreneurs enter the tank and introduce themselves, asking just $10,000 for 20% of their company, which the sharks are taken aback by. They then start off their pitch by talking about the different methods of removing excess fluids from food while preparing and demonstrate how their item, the handy pan, helps overcome these problems with its simple design.
Robert asks why they are asking for so less. The founders say that they want a shark to help them, so have kept their ask at an amount that doesn’t stop a deal. They have only had around $7900 in sales with their item costing $11.40 to make and selling for $29, along with a patent on the pan version and a pending patent n the pot version.
Barbara and Lori want to know what led to them having low sales to which they said that it may be due to them having spent very less on advertising and they weren’t good for digital marketing as it was not their forte, and their items were not even being present on major e-commerce websites like Amazon.
Kevin says that no one cares about this and Robert can’t understand why they haven’t tried to increase sales in over 3 years. Lori then decides to give them $10,000 for 20% since she has nothing to lose anyway. The founders agree and they do the deal.
What happened to Handy Pan after Shark Tank?
Even though we cannot confirm whether the deal with Lori closed, after appearing on Shark Tank, the company completely sold out all of its inventory. Lori also posted a question to her followers on Twitter if they would buy the product to which almost 3/4th of them said yes. They seem to have restocked just in time for the re-run of the episode that was in August 2022. Let’s hope it was enough!
Product details:
- The product is a non-stick pan with a built-in strainer to help drain excess liquids while preparing meals.
- The product costs $39.99 and is available on their website, HandyPan.com, but may be out of stock.
- The company can be contacted at, Admin@HandyPan.com.
Competitors of Handy Pan
Some competitors are-
- All-Clad D-3 stainless steel pan.
- Zwilling Madura + non-stick skillet
- Cuisinart Chef’s non-stick skillet.
What is the net worth of Handy Pan?
The Handy Pan was valued at around $50,000 at the time of the deal with Lori and is estimated to have a net worth of $250,000 as of 2022.
Is Handy Pan still in business?
Yes, Handy Pan seems to still be in business, with their website still operational, but we do not know much about the current revenue and sales of this company.
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FAQs:
What is Handy Pan?
Handy Pan is a built-in sieve for pans and pots to remove excess water and liquids.
Who founded Handy Pan?
Adam Chaudhry and Josh Conway were childhood friends and came up with their idea of the Handy pan. They tried to have a Kickstarter campaign to start their company, but it failed.