Shark Tank, an American reality TV show, has provided hopeful business owners with a platform they desperately needed. Participants present their company plans to a group of international investors. They’re keeping their fingers crossed that the investors will put up some cash so they can realize their vision. Several success stories from the show have been seen in the real world.
The winners haven’t always fared well in the real world, either; sometimes the losers go on to make even more money than the winners. The backstory of the item known as “Beard King” is one such example. Beard King’s owners are continually increasing their wealth even if their attempt to attract investors ultimately failed.
Whether it’s a drama or a business transaction, how they’re shown on film and how they’re actually conducted are very different. A recent study found that almost 73% of 237 business owners did not close the sale they had initially pitched. It was usually worked out right before the show debuted on TV.
This is why so many business agreements fail to close after receiving an investment offer. The title “Beard King” is among them. Not only that, but 43% of contestants admitted that their deals never materialised at all after appearing on the show. However, the show is beneficial to the pitch and the individuals that make it. Many financial avenues open up to them, which they use to expand their company.
What Is The Net Worth of The Beard King?
The “Beard King” has an estimated $7 million in assets. Beard king’s sales were already excellent even before the competition began. The couple had made about $80,000 in a month from sales of their compromise-oriented product. The company’s order volume has increased throughout the years.
They made $700,000 in sales after the episode featuring their pitch aired. In fact, at year’s end, the business had budgeted for more than $1.6 million in revenue. Beard King has abandoned its once-ubiquitous bib for something entirely different.
They now sell a King Kit, which includes beard oils and brushes, in addition to the bib. In addition to the Beard Queen line. T-shirts and thongs are also available for purchase. As of late, the firm has been traveling the world.
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How Did The “Beard King” Pitch Go?
In 2016, a married couple presented their plan on the show Shark Tank. Nicholas and Alessia Galekovic stepped up to the mic to pitch their company, Beard King, which makes accessories for men’s facial hair care. They offered a bib for your facial hair.
The two were formally introduced by Nicholas, who introduced himself as King Nicholas Galekovic, “protector of the facial follicles,” and Alessia, who introduced herself as Queen of the Kingdom. Women are tired of men’s facial hair getting all over the bathroom, including the sink, counter, and floor. She then proceeded to quote Spider-Man, saying, “with a great beard comes tremendous responsibility,” before presenting a beard bib for simple disposal of facial hair.
After the individual explains how the prudent works, they can take it out of the pouch. Suction cups and a neck strap are attached to the mirror. When you shave, any hair that falls out of your face will be caught in the bib.
Simply detach the bib from the mirror and the neck to dispose of the hair and clean the bib. The panel of investors who judged the goods and presentation found it humorous. In response to a question about Beard King’s sales, Nicholas said that the company had, indeed, sold $140,000 worth of equipment in that time frame.
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What Happened to Beardbrand After Shark Tank?
Beardbrand CEO and creator Eric Bandholz appeared on an episode of “Shark Tank” in 2014, but he was unable to secure funding from the show’s namesake panel of investors. But that didn’t stop them from becoming a household name and raking in over $100 every single month in sales.
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