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Tie Not Shark Tank Update

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Tie-Not is a brand that helps to tie the knot easily and quickly. Tie-Not manufacture two products that help to tie a proper knot. Children can fill the balloon with the help of a filler or a tying stick. Tie-Not wraps the balloon around the nozzle, filling it with a plunger, wrapping it around the tool, and then simply sliding the balloon through the notch and a properly tied knot is ready.

With the use of Tie-Not, users can tie the knot in just six seconds, which means Tie-Not is a time-saving device. Tie-Not is also available with a portable device that facilitates the process of inflating balloons.

Tie-Not at a Glance:-

IdeaWater balloon filler and tying tool
FoundersWayne Sikorcin and Scott Smith
Asked For$125,000 For 10%
Accepted DealNo deal
SharksNo Sharks
Business statusOut of Busines
Episode No.Season 5, Episode 29

Index:

Who are the founders of Tie-Not?

Wayne Sikorcin and Scott Smith are the founders of Tie-Not. They founded Tie-Not in the year 2010. Wayne was a craftsman and had all the tools and gadgets, whereas Scott started his career in sales and was appointed as Director of Sales at Craftsman. Wayne went on a family picnic and there they were making water balloons for fun, making a knot. Everyone had to be an easy choice for it. They tried a lot of things and finally, with the help of a stick, they found it easier to tie them.

Later, with the help of Scott, his family, a friend, and a business partner, he started the business and went into the market.

Did Tie-Not get a deal on the Shark Tank?

Wayne and Scott came on the show in Season Episode looking for an investment of $125,000 in exchange for 10% equity in the business. During the pitch, they demonstrated filling the water balloons and Mr. Wonderful came on the floor to give it a try.

Wayne shared that they made sales of $112,000 in the year 2010 and also received a licensing contract with Imperial Toy Company. Tie-Not had sales of $385,000 in 2012 when they used a royalty of 7-11%. Mark Cuban was the first to come out by saying that he is not a toy guy. Robert Herjavec said he loves the toys business but was not happy with the valuation. Robert suggested that it would do great on QVC, because Lori Griener said it is too inexpensive and, she’s out.

Mr. Wonderful said it did not seem to be a profitable business for him, so she went out. Barbara was the only shark left in the tank and she placed an offer of $125,000 in exchange for 25% equity with the condition that $50,000 would be in cash for 25% equity and the remaining $75,000 on a line of credit. Scott and Wayne gave a counter offer of $50,000 in cash for 18% equity along with $100,000 on a line of credit. Barbara said no to the counter.

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Scott gave another counter for a 20% equity. Barbara was not in the mood of negotiating and the duo was not ready to give them their 25% equity. Tie-Not said no to the offer Barbara and no deal was made on the show.

What happened to Tie-Not after Shark Tank?

After the show, once the episode aired, Tie-Not had captured the market, but this happiness was not for a long period. For many people, Tie-Not is just a  one-time experience or a total waste of money. Tie-Not is a big problem solver, which is why it didn’t result in what they had expected.

During the pitch, they came up with a valuation of $1.25 million and would have reached $500,000, but the duo rejected this valuation. Tie-Not used to operate through Amazon and their website. It costs $1.50 to make and is sold for $4.98 per unit.

After the show, Tie-Not has not extended the licensing agreement. Wayne is carrying his ownership of Craftsman Tool and Molds, whereas Scott left the job of Sales Director in 2018 from Craftsman Tool and is working as Director of Sales for DME, a firm which is specialized in molding the parts of machines. The initial stage sales for Tie-Not were $112,000, then, it rise to $385,000, and gradually, after 11 -12   years of serving, they went out of business.

Competitors of Tie-Not:-

Tie-Not has faced various competitors on his journey. Competition in the market was not able to survive Tie-Not in the market for a long time.

  • Toy World
  • Nitrotek
  • Relevant play and others.

What is the net worth of Tie-Not?

They have a valuation of $1.25 million and have received an offer of valuation of $500,000, which was declined. The estimated net worth of Tie-Not is more than $ 1 million. Unfortunately, they are not active anywhere as of 2022.

Is Tie-not still in business?

As of 2022, they are not in operation. The founder’s LinkedIn profile says they are back to their work. Wayne is handling his family business and Scott has joined another firm (DME). All the social media platforms are inactive, the website is also not active and Amazon is showing out-of-stock Tie-Not. Hence, they are no longer in business.

Tie-Not Social Links:

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FAQs:

What is Tie-Not?

Tie-Not is a brand that helps to tie the knot easily and quickly. Tie-Not manufacture two products that help to tie a proper knot. Children can fill the balloon with the help of a filler or a tying stick. Tie-Not wraps the balloon around the nozzle, filling it with a plunger, wrapping it around the tool, and then simply sliding the balloon through the notch and a properly tied knot is ready.

Who founded Tie-Not?

Wayne Sikorcin and Scott Smith are the founders of Tie-Not. They founded Tie-Not in the year 2010. Wayne was a craftsman and had all the tools and gadgets, whereas Scott started his career in sales and was appointed as Director of Sales at Craftsman.

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