Does your artistic mind love portraits and paintings and want to adorn your house walls with the artistic pieces you love without damaging your walls?
Well, then your search ends with GoodHangUps, a solution to the never-ending wall damage problem.
Leslie Pierson has come forth with her company to help you display whatever you want without the worry of damaging the walls!!
GoodHangUps at a Glance:-
| Idea | Magnetic wall hanging system |
| Founders | Leslie Pierson |
| Asked For | $100,000 for 10% |
| Accepted Deal | $100,000 loan for 10% increasing to 20% if unpaid after a year |
| Sharks | Lori Griener |
| Business status | Lori Greiner |
| Episode No. | Season 8, Episode 2 |
| Buy on Amazon | Buy Now! |
Index:
What is GoodHangUps?
GoodHangUps is an invention by Leslie Pierson to aid people in displaying their artwork, portraits, or pictures on the wall without damaging them.
It consists of small, metallic disks that can be stuck to any solid surface using non-marking, reusable adhesive strips. Small magnets are then used to mount the pictures to the discs.
In 2015, the company won Today Show’s “Next Big Thing” contest which helped Leslie clinch a chance to run on QVC.
Her product was liked to the extent that she was sold out within just a few minutes. Even though the product has got a good sale, Leslie needs capital to increase her production and Sharks’s help to scale her company further.
Founder Story:
Leslie Pierson, the founder of Good HangUps converted her idea into reality, fuelled by the want to organize her son’s artwork.
She is a doting mother to her 4-year-old son, who is prolific in artwork. She loved putting his paintings on the refrigerator, but his skills soon outgrew the refrigerator.
She then tried to think of a way to display his paintings without damaging the walls of her house. This was when she created GoodHangUps.
It is a way to mount your paintings or portraits on the walls without the fear of damaging them permanently.
Did GoodHangUps get a deal on Shark Tank?
The founder entered the tank seeking an investment of $100,000 for 10% equity in her company. She starts her presentation with a demonstration of her product by mounting Kevin’s portrait on a makeshift pole.
She then goes on to state that 50% of her sales are from QVC, and the other half from about 100 retail stores where the products are displayed, including The Paper Store.
On the financial front, the startup made $450,000 in almost a year. An 8-pack of the product costs $2.25 to make and sells for $14.99, which gives her a huge profit margin.
Mark likes her product but thinks that the company does not require his support, Robert also thinks similarly and states that he is not interested in artsy products.
Lori, however, is interested in the product and makes an offer of $100,000 for 20% equity.
Shark Kevin and Daymond try to bring the valuation done by offering 10% and 15% respectively and encourage Leslie to counter Lori.
She then counters with a $100,000 loan at 10% which becomes 20% if not paid within a year. Lori likes the offer and proceeds to seal the deal with Leslie.
What happened to GoodHangUps after Shark Tank?
The deal with Lori Greiner closed immediately after the episode aired and both Leslie and Lori even appeared on QVC together.
The product is now also present in Bed Bath and Beyond, buybuyBaby, and Amazon.
Since its appearance on Shark Tank, the company has experienced a major upsurge in its sales and has generated $1 million in annual revenue.
They also did $5.3 million in just three years following their appearance on Shark Tank. The company is also available for worldwide shipping.
Product Details:
- The product consists of small metallic disks, that are attached using adhesive strips, and a magnet to mount the pictures.
- The magnets provide a way to hold pictures without the need for nails or thumbtacks, thus protecting the walls from damage.
- The product suits various surfaces, such as brick, concrete, wood, glass, and even textured walls.
- It is adjustable and can be used for both temporary and permanent mountings.
- It provides a 30-day return policy to the customers.
What’s the net worth of GoodHangUps?
Good HangUps entered the Shark Tank with a demand of $100,000 in exchange for 10% equity, evaluating the company to $1 million.
She managed to negotiate and seal the exact deal with Lori Greiner, albeit with a slight difference. The valuation stood at $1 million even after the show.
Following the memo of Shark Tank appearances, the company earned a lot of fame amongst the common masses. GoodHangUps currently stands at a whopping Net Worth of $10 million.
Who are the competitors of GoodHangUps?
The competitors of GoodHangUps are:
- Genesis Art Supply
- Amy’s Attic
- Alabama Art Supplies Inc
- Stone Art Supply Co., and many more.
Is GoodHangUps still in business?
Yes, GoodHangUps is still in a thriving business and is taking the market by storm.
The product’s versatility and damage-free hanging solution has made it a customer favorite. With the support of Lori Greiner, the company is expected to go further in the years ahead.
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FAQs:
What is GoodHangups?
GoodHangUps is an invention by Leslie Pierson to aid people in displaying their artwork, portraits, or pictures on the wall without damaging them.
What's the net worth of GoodHangups?
GoodHangUps currently stands at a whopping Net Worth of $10 million.