You can prepare, but you never know what’s going to happen. “Before I taped, I walked around for three months talking to myself about my pitch. All in all, when you think about it, taking an hour and cutting it to 8-10 minutes is an art they did a great job.” I don’t memorize my numbers on a daily basis, I have a CPA to deal with that.
I have a ledger that’s like several large, bound, volumes. Most of the businesses that appear on Shark Tank have ledgers that are the equivalent of a small brochure.
The whole confusion with the numbers – that’s just me. They also left out all of the company history. “They left out my wife, I actually introduced her to the Sharks. I was wrong about what was happening everyone was just nice, hardworking people.” CordaRoys In the Shark Tankīyron said he was in with the Sharks for about an hour. When I told them I was going to quit, the producers and I had a heart to heart. I told them I don’t need it I didn’t know what was going on, didn’t trust they were serious, and didn’t want to risk doing something stupid. “Once I got out to LA to tape in September, I was skeptical. I went from having bad attitude about it to getting an audition.” She pulled me in the back and we shot a video right there. I had no pitch planned, I just sold her the product like she was a customer. She started asking questions, about sales, years in business, patents and so on. People gathered around, and it turns out one of them was a producer. Then a lady came up and asked me about the beanbag. I was last in line and I was going leave. When they went to lunch, I just left the bean bag there. “I went to a casting call in Orlando and I got there late. I’d been watching show and thought I should try out sometimes, to help move my business further along.
I wanted to hit the masses, but I knew we needed exposure. We’re geared up to do higher sales than we’re doing, but it takes years to figure out all the logistics. “I know our product is solid, we know we can sell millions of them. After that six month period, the business started to go back up.” How CordaRoys Got on Shark Tank Luckily, my suppliers stuck with me and gave me time to get the business back on track. “After closing everything down, it was a rough six months. We still sell wholesale and direct online.” By 2009, we pulled out of 22 of the 23 kiosk locations the only one left is at The Mall of America. We should have pulled out sooner than we did. We were beginning to realize the kiosk thing was bad idea and it drained us. Unfortunately, we had some bad owners, we extended them credit and they didn’t pay. We were still opening kiosks when 911 hit. The economy was good, we opened mall kiosks all over the place (23 in total) and we couldn’t manufacture bean bags fast enough.” Unfortunately, I learned what it meant to grow too quickly. In 2001, I got an investor and it grew quickly. “From there,” he continues, “I spent the next few years making them in my garage, selling them here and there. I decided to get it patented.”īyron started selling his CordaRoys bean bags out of his garage in 1998. I gave them the inside of the bean bag and they loved it. It worked great and I was thrilled because I didn’t have to cut more circles! One night, I had some house guests that needed a bed. It started to hurt to cut circles, so I made the inside liner a square and stuffed it into the beanbag. “I first set out to make foam filled bean bags, so I started cutting circles of fabric. The fact that it changes into a bed was a happy accident. CordaRoys Historyīyron made his first bean bag chair by hand. He filled me in on the company history, his Shark Tank experiences, working with Lori, and the future of CordaRoys. Byron took a $200K investment from Lori for 58% of CordaRoys, a company he started back in 1998.
BIG BEAN BAG CHAIR BED QVC UPDATE
I spoke to Byron Young, the bean bag chair/bed maker, to get a CordaRoys update on the deal he made with Lori Greiner on Shark Tank episode 417.
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