Press "Enter" to skip to content

Sunflow Shark Tank Update

0

Imagine the white sandy beaches and the calm, serene blue waters that just keep you calling for a sun tan. But watch out the old beach gear has worn out its luster and it’s time to try out a new brand. Well, the next best fit would be Sunflow – the highly durable and long-lasting water-resistant beach chair that helps you tan in the sun without a care.

If the sun is not what you want then you can just block the sun rays with the sun cover attached at the back in a jiffy. There are added amenities to the chair. It is foldable and just like a backpack can be taken anywhere.

Sunflow beach chairs at a glance:

Business ideaA portable and unique Beach chair design.
FounderGreg Besner and Leslie Hsu
Asked for$1,000,000 for 6%
Accepted deal$1,000,000 for 5% Royalty $5 per chair sold till $1 million is paid.
SharksKevin O’ Leary.
Business statusIn business
EpisodeSeason 12 Episode 2
WebsiteSunflow
Buy on AmazonBuy Now!
Sunflow beach chairs at a glance.

Index:

Founder Story:

The proud and beach-loving owners Greg Besner and Leslie Hsu of Sunflow have come up with a patented chair design keeping in mind the customer’s needs. The two of them have added features like reclining and comfort to make the customer fall in love with the product. The company started in Jan 2018 and now is catering to the wild audacious goal they have of close to $16 million.

Today the company is well known in the USA and needs to have a summit worldwide.

Did Sunflow beach chairs get a deal on Shark tank?

The two beach lovers had a large investment that the shark could not digest. They came seeking an investment of $1 million for 6% of their company Sunflow. They started off with a demo of the product and showcased their accessories on stage. Then the cost of making and selling price was discussed. Leslie pointed out that they were expecting a 409% growth in 2022 as they had made $2.9 million in 13.5 months. Kevin first doubt that strikes are the valuation.

But Daniel believes them and makes an offer of $ 1 million for 22.5 %. Greg was overconfident and talkative which cost them most of their deals. He started off by saying that it will be the most successful business in SharkTank and talked about the valuation they desired to reach. Greg is asked to give a counter to Daniel’s offer but after not getting a reply Daniel opts out. Barbara believes the product is great but the business owners are overconfident, she’s out.

Mr. Wonderful makes an offer despite struggling to put a finger on the valuation. The offer he makes is $ 1 million for 4% and $5 per chair sold till $ 2 million is paid. Kevin increases the equity side of the deal to 6% until he recoups the $ 1 million from the royalty paid. Greg counters for 5% and they have a deal.    

What happened to Sunflow Beach Chairs after SharkTank next?

There was not much improvement in terms of this business as it asked for investments from other investors and the deal with Kevin never worked out. The total amount of investment was $3.5 million. There is no other information about after the company aired on SharkTank.

Product details:

  • The product is patented for design
  • The owners estimated it is a $22 million company.
  • The product is made from water-resistant plastic and cloth are woven material, that is durable and long-lasting.
  • The beach chair when folded is more compact as compared to other competitors.
  • The simple click of a button can help you open and close the product as fast as possible.
  • The accessories added with the product are the Sun shield at the back that has SPF 50 protection, The bottle holder on the side that rotates 360 degrees, the plastic packet to keep your valuables, and the sunglasses holder.
  • The product costs $70 to make and sells for $198.

Competitors of Sunflow beach chairs:

Competitors for this firm are:

  • Tommy Bahama Backpack Beach chair.
  • Hurley deluxe backpack beach chair.
  • Rio
  • Oileus
  • Old Bahama Bay

What is the net worth of Sunflow beach chairs?

Today the business has an unknown valuation but when it aired on shark tank it had a valuation of $16 million.

Is Sunflow beach chairs still in business?

The business is still generating revenues but there is no information as to the exact figures. They have generated an investment from other investors and are moving ahead with their support.

The company has come back to the beach and cooled down before it can reach its goal. Let’s see whether the product can make a worldwide summit or is a dream still to come true.

Sunflow social links:

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, don’t forget to download our Android app which contains startup and business book learnings, verified business knowledge and concepts, and no bullshit!!

Related Articles:

FAQs:

What is Sunflow?

Sunflow is a highly durable and long-lasting water-resistant beach chair that helps you tan in the sun without a care.

Who founded Sunflow?

The proud and beach-loving owners Greg Besner and Leslie Hsu of Sunflow have come up with a patented chair design keeping in mind the customer’s needs. The two of them have added features like reclining and comfort to make the customer fall in love with the product.

Leave a Reply

You cannot copy content of this page