Are you a person who likes to groom their hair at home but is afraid of the cleaning process that follows it?
Do you want to quicken the cleaning process after a good hair sesh? Then, Beard King is just the place for you.
Beard King is a startup whose flagship product is a āBeard Bibā that catches any hair trimmings that fall down, thus preventing them from falling down and saving you from the tedious task of cleaning!!
Beard King at a Glance:-
| Idea | Apron for catching beard trimmings |
| Founders | Nicholas and Alessia Galekovic |
| Asked For | $100,000 for 20% |
| Accepted Deal | $100,000 for 40% |
| Sharks | Lori Greiner |
| Business status | In Business |
| Episode No. | Season 7, Episode 14 |
| Buy on Amazon | Buy Now! |
Index:
WhatĀ isĀ Beard King?
Beard King is an improvised take on a barberās apron which is used to catch the hair trimmings. The product is a fusion between a bib and an apron for those who groom their hair at home.
It is worn around the neck, much like a bib, and the other end contains suction cups that attach to the mirror to make a net-like arrangement.
Beard King is a product of the masses. It is essentially beneficial for those who groom their hair at home, whether it is trimming a beard, trying different hairstyles, or simply doing makeup.
Beard King is a simple yet effective product to ease up the tedious cleaning process, in the aftermath of the trimming session.
Founder Story:
The company was founded by Nicholas and Alessia, a husband-wife duo. Alessia was tired of the daily cleaning up that followed Nicholasās grooming sessions.
The couple was so annoyed by this recurring phenomenon, that they decided to find a solution for it. Hence, Beard King was created.
Their flagship product was a very simple yet effective design that caught all the hair trimming in the apron, thus making the cleaning process even faster and a lot less messy.
The major reason for the success of the product is because the problem here is faced by most of the common people in day-to-day life. This is why the company blew up due to a viral video on Social Media.
Did Beard King get a deal on Shark Tank?
Nicholas and Alessia enter Shark Tank with an ask of $100,000 for 20% equity. They then go on to describe the woe of cleaning up beard trimmings and how their product brings a solution to exactly that.
They demonstrate their āBeard-Bibā that attaches to the mirror on one side and is hung on your neck from the other, this acts as a basket for catching beard trimmings, making it easy to clean up.
On the financial front, the company is very new and had done only $80,000 a month before entering the tank. The product costs them $7 to manufacture, while they sell it for $29.
The founders say that due to the utility of their product, various wholesalers have approached them, but they are unable to fulfill orders at a large scale. Hence, they need help with increasing their manufacturing capacity.
While all the Sharks identify greatly with the problem, many of them have their own fundamental problems. Robert thinks that they can easily bootstrap their company based on their sales.
Kevin thinks that they have a product that cannot be converted into a company. Hence, all Sharks except Lori deem themselves out. Lori offers to make them a deal at 51%, which is finally countered at 40%, eventually sealing the deal.
What happened to Beard King after Shark Tank?
Even though the founders sealed a deal with Shark Lori Greiner, it actually never closed. The business was acquired in the year 2019, by a person named Raj Patel for an undisclosed amount.
The company has now increased its SKUs and sells beard oil, wash, and other beard-related items.
As reported in August 2022, the company continued its business with an annual revenue of $1 million. In September of the same year, Raj Patel, the former acquisitor of the company sold the business to Thrasio for an undisclosed amount.
After the second acquisition, the company ceased offering any of the newer SKUs. Now it only sells its flagship product, i.e., Beard Bib.
Product Details:
- The Beard Bib is made of high-quality, durable material designed to catch hair trims, which prevents making a mess on the bathroom floor or sink.
- The suction cups that attach to the mirror are easily removable, which aids in disposing of the hair easily.
- The bib is completely adjustable, owing to various different ages and sizes.
- The product is very compact, lightweight, and portable because of the travel pouch provided with it.
- It is also machine-washable, which helps with ease of maintenance and provides long-term usability.
Whatās the net worth of Beard King?
The founders entered the tank with a demand of $100,000 for 20% equity in the company, valuating it to $500,000.
On the show, they ended up accepting an offer of $100,000 for 40% equity, reducing the valuation to half, i.e. $250,000.
The estimated Net Worth of the company is around $7 million. It also has an annual revenue of $1 million.
Who are the competitors of Beard King?
The competitors of Beard King are as follows:
- Jinx
- Lynx
- Grills
- Heavy Grass, and many more.
Is Beard King still in business?
Yes, Beard King is still in business. The company has undergone major changes in its ownership as well as the products offered by it.
The company has also stopped operating from its website, shifting the business solely to Amazon. They have also limited the SKUs offered to only the Beard Bib.
Even though the company has gone through various changes in the recent past, they are still doing well in the niche market.
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FAQs:
What is Beard King?
Beard King is an improvised take on a barberās apron which is used to catch the hair trimmings.
What's the net worth of Beard King?
The founders entered the tank with a demand of $100,000 for 20% equity in the company, valuating it to $500,000. The estimated Net Worth of the company is around $7 million.
