Myself Belts Easy to Fasten Belts
DEAL
EPISODE SUMMARY
🕓 Air Date: October 31, 2014
Asking For:
$60,000 for 10%
Investor:
Daymond John
Deal:
$75,000 for 20%
PRODUCT SUMMARY
Myself Belts offers a unique children's belt designed for independence, allowing kids to fasten and unfasten it with one hand.
WATCH HERE
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Background Story
Myself Belts, founded by Talia Goldfarb, emerged from a personal parenting challenge and a desire to foster children’s independence. Talia, based in St. Louis, Missouri, embarked on this entrepreneurial journey during her son Jake’s potty-training phase. The inspiration struck when she noticed the struggle Jake faced with keeping his pants up after ditching the bulk of diapers. This pivotal moment led Talia to envision a solution – a belt designed specifically for children that would empower them to fasten and unfasten it with ease, using just one hand.
Witnessing Jake’s enthusiasm for doing things “all by myself,” Talia recognized the universal appeal of a product that could provide kids with a tangible sense of independence during a crucial developmental stage. Myself Belts was born out of this necessity, becoming not just a functional accessory but a symbol of a child’s achievement in self-sufficiency. Talia’s background includes navigating the challenges of motherhood while simultaneously building a business. Over the course of nearly 10 years, she has weathered economic downturns, strategic shifts, and the inherent struggles of managing a growing enterprise.
The company’s trajectory reflects Talia’s commitment to adapting and learning from market dynamics. Now seeking growth opportunities, she appeared on Shark Tank to leverage the expertise of the Sharks and explore avenues like licensing, tapping into the uniform market, and expanding internationally. Talia’s journey with Myself Belts exemplifies the fusion of personal experience, entrepreneurial spirit, and a commitment to empowering children through innovative solutions.
The Product
Myself Belts is a revolutionary children’s accessory designed to provide kids with a newfound sense of independence. The functionality of the belt addresses a common challenge faced by parents during their children’s developmental stages, particularly potty-training. The process is simplified to empower children to fasten and unfasten their belts independently, using just one hand.
The belts, available in various sizes and materials like canvas and leather, serve the dual purpose of a regular belt with a distinctive one-handed closure. Parents can easily secure the belt in the morning, attaching it to the child’s pants, and the child can subsequently manipulate the closure with minimal effort. This ensures that the pants stay securely in place while allowing the child to experience successful “I did it myself” moments.
The product’s adaptability and ease of use make it a versatile accessory that complements any outfit. It not only meets the practical need of keeping pants up but also fosters a sense of accomplishment for children. Myself Belts are sold online and in independent boutiques. The availability of different sizes and materials caters to diverse preferences, making it a popular choice for parents seeking a practical and empowering solution for their children.
How It Went
The company’s position before Shark Tank
Myself Belts has exhibited a resilient performance over its nearly 10-year existence, navigating through economic challenges and strategic shifts. The company’s health and position have been marked by a commendable commitment to adapting to market dynamics. Over the last year, the company generated $205,000 in sales, displaying a modest yet stable performance. However, the preceding three years experienced a slight decline attributed to economic downturns affecting the independent boutiques that primarily carried the product.
The company primarily operates in the online space, with a focus on independent boutiques, selling its belts at wholesale prices ranging from $8.45 to $9.45. The challenges faced in the wholesale sector were noted during economic recessions when boutiques adopted a more conservative approach. Despite this, Myself Belts has persevered, weathering the storm by shifting focus to online sales. The business model involves selling directly to customers through the online platform and establishing partnerships with independent boutiques. Myself Belts has actively sought growth opportunities, particularly through licensing closures to major brands like Lands’ End and The Gap.
International patents have been secured, signaling the company’s commitment to exploring broader markets. The company’s appearance on Shark Tank suggests an openness to securing additional investment for future growth. The negotiation with Daymond John resulted in a $75,000 investment for 25% equity. This strategic partnership is expected to provide the necessary capital infusion and expertise to propel Myself Belts into new markets and growth avenues.
The Negotiations:
The negotiations for Myself Belts on Shark Tank were a rollercoaster of scrutiny, tough questioning, and strategic decision-making. Founder Talia Goldfarb entered the tank seeking a $60,000 investment for 10% equity in her children’s belt company. The Sharks, however, subjected the business to thorough examination, expressing concerns about its sales trajectory, inventory management, and the founder’s perceived lack of determination. Despite facing skepticism from multiple Sharks, Daymond John emerged as a strategic partner who recognized the potential in Myself Belts.
He made a compelling offer of $75,000 for a 25% equity stake in the company. This offer reflected not only his confidence in the product but also his belief in Talia’s ability to navigate the challenges and spur growth. The negotiations reached a critical point when Talia, expressing gratitude for the opportunity, decided to counter Daymond’s offer, suggesting a 20% equity stake. This move added a moment of suspense to the negotiation, with the Sharks observing how Daymond would respond. After a brief pause, Daymond accepted the counteroffer, securing a deal with Myself Belts.
The negotiation dynamics revealed the Sharks’ diverse perspectives, with some expressing concerns about the company’s performance and others seeing potential for growth. Daymond’s strategic vision and belief in Talia’s product ultimately secured the deal. The episode showcased the challenges and triumphs of entrepreneurial negotiations on a platform like Shark Tank, emphasizing the importance of finding the right strategic partner to drive a business forward.
