Jack Stand is a lemonade stand-based business model. Jack Stand helps kids to learn about making business and basic business steps and strategies along with paid income. Jack Stands is a target market business that approaches different areas and localities where they set up their lemonade stands and do pay services.
As it is managed through various locations, the founder of Jack Stands had the idea of developing entrepreneurial skills among the kids by paying them for their work. Jack Stands is a kind of franchise set up trying to cover all the major areas with proper permits. Jack Stand is a stand whose height may be adjusted and which is used to support an automobile.
Jack Stand at a Glance:-
| Idea | Online marketplace and support for young entrepreneurs |
| Founders | Jack Bonneau |
| Asked For | $50,000 for 10% |
| Accepted Deal | $50,000 loan at 2% interest |
| Sharks | Chris Sacca |
| Business status | In Business |
| Episode No. | Season 8, Episode 8 |
| Website | Jack Stand |
Index:
Who are the founders of Jack Stands?
Jack’s Stands was founded by Jack Bonneau when he was just 8 years old. He wanted to open a lemonade stand and presented the idea to his parents. His father helped him set up a stand in a local farmer’s market and in his first summer, he earned around $2000 in sales. The following year, Jack expanded his business to three more farmer’s markets and employed kids in the stands who wanted to earn some extra money.
Jack taught them the method to calculate profit and ways to interact with the customers. He wanted to expand his franchise in his native state, Colorado, and also in Detroit. He started a campaign to raise funds for IndieGoGo but fell short. He contacted entrepreneurs Moziah Bridges and Ryan Kelly as well. Jack learned math, business, and finance through his idea and his parents supported him. After a failed fund-raising campaign, Jack appeared on Shark Tank to get some financial help and expertise.
Did Jack Stands get a deal on the Shark Tank?
Jack and his father came on the show seeking an investment of $50,000 in exchange for 10% of his business. Jack shared the details about his business model and said he currently has 7 stands that are managed by kids for him. Out of 7 stands, two of them are at mall locations and the remaining 5 are near a farmer’s or crafter’s market. The total sales predictions are about to be $150,000 and forecasted to touch $1 million sales in one year, which made all the sharks laugh at him.
After all the explanations and questions, all the sharks seemed impressed with the business model. Kevin O’Leary was not very happy as he didn’t want any kid to quit school for it and went out. Mark Cuban said Jack would not be able to help the people out of his covered areas and went out. Lori Greiner and Barbara Corcoran also seemed to put their money into this and went out.
Chris said there was no way Jack was leaving with no deal in his hand. Chris made an offer of $50,000 at a 2% loan, which made everyone shocked. Later, Chris added that he’d get only $10,000 at a time. Once he pays that, he’ll get another $10,000 until it reaches 5 times. Jack immediately said yes to the deal and hugged Chris for the offer and his trust.
What happened to Jack Stand after Shark Tank?
After the show, Jack Stand became famous but difficulties arose when a few of the major locations didn’t allow kids to run the stands. Therefore, Jack joined local youth organizations that wanted to develop entrepreneurial skills for kids. Jack Stands is not a profitable business, but he is proud that kids have earned thousands of dollars while working and developing skills.
After the show, In 2018, a Colorado restaurant gave an opportunity to Jack’s team in their restaurant to try kids selling lemonade in their stores. In the year 2019, he started TeenHustl, a hyper-local delivery service where he delivers packages to the mentioned addresses by bike, car, or skates. There are two different major locations for it, one is in Broomfield and the second one is in Denver. In 2020, Jack will also face many problems due to Covid -19. Instead, he won the Dream Big Young Entrepreneur achievement award.
During the pitch, they asked for a valuation of $500,000. Jack stand had started a new start-up called Team Hustl – which is a delivery business model. Jack Stand pays the kids who run his stands in various locations. As of 2021, Jack Stands and Team Hustl, both his are both running smoothly and are profitable.
Competitors of Jack Stands
There are many similar kinds of service providers, but Jack Stand is a unique concept of business that has no competition in his segment.
What is the net worth of Jack Stands?
The estimated net worth of Jack Stands is around $1 million and has been doing great in ongoing years.
Is Jack Stands still in business?
Jack stand is still in operations along with his second start, TeenHustl. Jack Stand was earlier a non-profitable business but, later he started his second business, which was again giving opportunities for kids to learn and earn. Jack Stand is going profitable in both the market areas.
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FAQs:
What is Jack Stand?
Jack Stand is a lemonade stand-based business model. Jack Stand helps kids to learn about making business and basic business steps and strategies along with paid income. Jack Stands is a target market business that approaches different areas and localities where they set up their lemonade stands and do pay services.
Who founded Jack Stand?
Jack’s Stands was founded by Jack Bonneau when he was just 8 years old. He wanted to open a lemonade stand and presented the idea to his parents. His father helped him set up a stand in a local farmer’s market and in his first summer, he earned around $2000 in sales.