Elf on a Shelf: A Christmas Tradition had no complete Jewish answers until Neal Hoffman entered the market with Mensch on a Bench.
Mensch in Yiddish means ‘an honorable person. This is a brand that manufactures books about Hanukkah. It was Neal’s way of informing kids about Hanukkah in a fun way- a little ‘Funukkah’ It sells a plush toy named Moshe with a book explaining the Jewish tradition of Hanukkah. It was a well-worked idea and was a blockbuster in the market. In season 6, episode 614 of Shark Tank, Hoffman came to seek guidance and investment from the sharks.
Mensch on a Bench At a glance:
| EPISODE NO. | Season 6 Episode 12 |
| BUSINESS IDEA | A brand that manufactures books about Hanukkah. |
| FOUNDER | Neal Hoffman |
| ASKED FOR | $150,000 For 10% |
| ACCEPTED OFFER | $150,000 For 15% |
| SHARK | Lori Greiner And Robert Herjavec |
| BUSINESS STATUS | In Business |
| WEBSITE | Mensch on a Bench |
Index:
Founder Story:
Neal Hoffman is the brain behind Mensch on a Bench. He worked as a marketing executive for a toy-making company known as Hasbro. Currently, he is the CEO of Mensch on a Bench. The story leading to the existence of the brand is quite interesting.
Neal’s son wanted Elf on a Shelf for Christmas but Neal wanted his son and other children to learn about Hanukkah and Jewish traditions too. So, he created the Jewish equivalent of Elf on a Shelf- Mensch on a Bench. He crowdfunded around $22,000 for 500 products which sold out instantly. Neal appeared on Shark Tank to expand his business and also gather some expertise on his brand.
Who invested in Mensch on a Bench?
Mr. Hoffman came to the Shark Tank show in season 6 episode 12 for an investment and shark expertise for his business model, Mensch on Bench. He came with a pitch of $150,000 for 10% equity in the business.
After the demonstration, Kevin didn’t find this a business idea and went out by calling it a hobby. Mark Cuban rejected the product by saying Mr. Hoffman is going to grow into bankruptcy. But all the sharks in the tank didn’t think the same. Robert and Lori liked the product and gave an offer of $150,000 for 30% equity in the business to which Neal encountered them with an offer of $150,000 for 15% with a three-year personal guarantee on money.
Barbara jumped into the pitch and gave a statement of attention which was, “Neal don’t worry, I’ll give you a better deal of $150,000 for 20% equity along with a few demands like changing Mensch to ‘Cuter’ and rewriting a few phrases in books”, but before Neal could say anything, Robert and Lori accepted the encounter of Neal which was of $150,000 for 15% and the deal was made between sharks and Mr. Hoffman.
What happened to Mensch on a Bench after the Shark Tank show?
After the show, there was a huge increase in sales and Mensch on Bench. In 2015, Neal announced its clothing line. Even Neal and Lori appeared on the show Bed Bath and Beyond. They have built their relations in more than 1000 stores. They have sold around $1million sales after airing. It costs them $7.45 per unit in making and had sold $900,000 before appearing on the show.
Neal Hoffman is a tremendous entrepreneur who gets new ideas every moment and even after getting the investment and success in business, he wanted to add a few new things in the line which include Mitzvah Moose, Imam Adam, and Plus Deride. He had also added a talking version of toys in the segment. The current valuation of the company is $3million as of 2021 and still growing in the market.
Mensch on a Bench net worth:
At the time of the shark tank appearance, Mensch on a Bench was valued at around $1 million and the current valuation of the company is $3million as of 2021 and still growing in the market. Mensch has a big market from where it holds a huge margin. It has contracts in more than 1000 stores. It is also available on various online platforms like Amazon and its own website and also many more.
As it explains about the Jewish tradition, it holds all the consumers from a specific market. It is the first model which has all the answers related to Jewish traditions and has toys in variations. All the factors pull the consumers towards them and more revenue is generated.
Competitor analysis:
Competition in the market is paramount important to improve yourself to be stable in the market and make the brand more popular, but competition can affect one’s brand, goodwill, and reputation. Few competitors of Mensch on Bench are:-
- Star from Afar
- Elf on a Shelf
- Hallmark Cards
Is Mensch on a Bench still in business?
Mensch on a Bench has been working quite well since its appearance on Shark Tank. In 2015, Neal also announced a clothing line addition to the brand. It has its products available in more than 1,000 stores and has sold for more than $1 million. The company sees some significant seasonal sales.
In November 2021, the annual revenue of the company was estimated at $3 million. Looking at this, the company absolutely has a brighter future.
Interesting facts:
A few of the Interesting facts about it are:-
- ‘Mensch’ means an honorable person in Yiddish
- It manufactures books about Hanukkah.
- It explains the Jewish Tradition
- It includes toys also which attract the kids.
- It was proved to be a blockbuster idea with complete Jewish details.
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What is Mensch on a Bench?
Mensch in Yiddish means ‘an honorable person. This is a brand that manufactures books about Hanukkah. It was Neal’s way of informing kids about Hanukkah in a fun way- a little ‘Funukkah’ It sells a plush toy named Moshe with a book explaining the Jewish tradition of Hanukkah.
Who founded Mensch on a Bench?
Neal Hoffman is the brain behind Mensch on a Bench. He worked as a marketing executive for a toy-making company known as Hasbro. Currently, he is the CEO of Mensch on a Bench. The story leading to the existence of the brand is quite interesting.