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Wendy’s Gnome Shop Shark Tank Update

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Wendy’s Gnome Shop, known for its cute decorative Gnomes is here to amp up your festive decoration game, with its cult-classic, century-old, good-luck-bringing Gnomes but with a touch of freshness to its design and oozing cuteness to it!!

Wendy’s Gnome Shop at a Glance:-

IdeaDecorative Gnomes for holidays
FoundersWendy Hoffmeister
Asked For$200,000 for 20%
Accepted Deal$200,000 for 30%
SharksDaymond John
Business statusIn Business
Episode No.Season 13, Episode 8
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Index:

What is Wendy’s Gnome Shop?

Wendy’s Gnome Shop is a startup based on designing and manufacturing Gnomes for the purpose of decoration inside the house during the festive season.

The startup specializes in handcrafted gnomes that are designed for various known holidays and can also be customized based on the needs.

The Gnomes are designed using readily available materials such as cardboard, fabric, and foam.

Wendy’s Gnomes are believed to bring good luck in households and also serve as a beautiful decorating item for your festive-ready home.

Founder Story:

The startup is owned by Wendy and her daughter, Amber where they handicraft Gnomes with love. Gnomes have been thought to bring good luck in the Western folklore.

Garden Gnomes are popular in many American households even today.

Gnomes were a way to mend Wendy’s broken heart after she got divorced from her husband and ended up starting her business with just $1000.

Wendy, a delivery nurse by profession started creating gnomes as a hobby in 2019. She ultimately switched to full-time gnome-making and was later joined by her daughter in the same.

The mother-daughter duo wants to bring gnomes to the households as a decorative item and a part of festivals as well.

Did Wendy’s Gnome Shop get a deal on Shark Tank?

Wendy and Amber entered Shark Tank with a demand of $200,000 for 20% equity in the company.

She then goes on to explain her motive of spreading happiness through her “Gnome Bundles” and hands out gnomes made especially for the Sharks. Barbara, however, was invited to create her own custom Gnome.

Sharks such as Kevin, Mark, and Lori drop out immediately because they think that the product is too niche and festival leading to an unsure flow of capital.

Daymond, however, offers them $200,000 for 35%. Barbara also offers them $200,000 for 30% plus a $1 royalty on each product.

Daymond counters it with $200k for 30% plus $0.5 royalty per product.

After a few rounds of offers and counter-offers between Daymond, Barbara, and Wendy, both the Sharks make Wendy the Same offer, i.e., $200,000 for 30% equity.

The founders ultimately decided to go with Daymond’s offer stating the reason that he could help the business reach greater heights.

What happened to Wendy’s Gnome Shop after Shark Tank?

The deal with Daymond seemed to be fruitful, since on the night the episode aired, Daymond advertised the company on his official Twitter account.

After the stint on the show, the startup went from selling 40-50 gnomes per day to over 1000 in one day.

Wendy currently functions only through her website and retail marketplaces such as Amazon, but she would like to open an offline store soon.

She wants to use Daymond’s money to build a production space. The startup is currently working on increasing its production capacity along with the range of products offered.

Product Details:

  • The Gnomes are basically for indoor decoration and not the garden gnomes.
  • They are made of foam, cardboard, wood and fabric.
  • They make gnomes for all holidays such as Halloween, Easter, Valentine’s Day, and Christmas.
  • The gnomes are also available for customizing.
  • They are 8 inches tall with a price range of around $30-$40.

What’s the net worth of Wendy’s Gnome Shop?

Wendy’s Gnome Shop arrived with an ask of $200,000 for 20% ownership on the Shark Tank, valuating the company to $1 million.

The owners eventually decided to leave with an offer of $200,000 for 30% equity, bringing the valuation down to $666k.

The company is currently in booming business and is estimated to have a Net Worth of around $400k.

Who are the competitors of Wendy’s Gnome Shop?

There are not many potential competitors of the company as of yet, since it seems to be a very niche market. The local vendors are the only competition to the brand as of now.

Is Wendy’s Gnome Shop still in business?

Yes, the company is still in business. Wendy’s Gnome Shop has deemed itself successful and is on a dream run.

It has covered the long road from being called a Startup to a Company, it surely has come a long way and with an iota of doubt would go even further.

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FAQs:

What is Wendy’s Gnome Shop?

Wendy’s Gnome Shop is a company that produces decorative Gnomes for Holidays.

What's the net worth of Wendy’s Gnome Shop?

Wendy’s Gnome Shop is estimated to have a Net Worth of around $400k.

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