Man-Pack – Rugged Bags for Men
NO DEAL
EPISODE SUMMARY
🕓 Air Date: November 7, 2014
Asking For:
$200,000 for 29%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Man-Pack is a sling-style vertical messenger bag designed for men, providing a practical and stylish solution for carrying daily essentials.
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Background Story
Man-Pack, a venture from Aaron Tweedie hailing from Front Royal, Virginia, brings a unique blend of practicality and style to the world of men’s accessories. Aaron, a former military member, embarked on the entrepreneurial journey with a diverse background that includes building his first house at the age of 19 and serving in Fort Benning, Georgia, at the age of 17. The genesis of Man-Pack lies in observing the changing needs of modern men. Aaron recognized a gap in the market as men today carry around an average of 4.5 pounds of essentials, including keys, cellphones, tablets, and energy drinks.
Traditional options like backpacks, briefcases, and messenger bags didn’t quite cater to the specific requirements of a modern man on the go. Motivated by this observation, Aaron set out to design a superior product, which he aptly named Urban Tactical. The goal was clear – to create a versatile, functional, and ergonomic messenger bag tailored for men. Man-Pack represents more than just a stylish accessory; it’s a solution to the evolving lifestyle of men who need a reliable and convenient way to carry their belongings.
The product’s design, named Urban Tactical, reflects Aaron’s understanding of the practical needs of his target audience. The bag’s three different wearing styles, chest-mounted utility pocket with magnetic closure, MOLLE rows for tactical gear, and collapsible beverage holder showcase Aaron’s commitment to crafting a product that not only meets but exceeds the expectations of the modern man. The result is a product that not only addresses a real need but also reflects Aaron’s passion for innovation and utility.
The Product
Man-Pack’s flagship product, Urban Tactical, stands out as a versatile and ergonomic messenger bag designed with precision to meet the dynamic needs of modern men. Priced at $59.95, this ingenious accessory offers a range of features that redefine convenience and functionality.
The bag is designed to be worn in three different styles, catering to various scenarios. Whether it’s the bandoleer style for quick access, the over-the-shoulder option for frequent on-and-off use, or the reverse style for added security in crowded environments, Urban Tactical adapts to diverse situations seamlessly.
Key features include a chest-mounted utility pocket with a magnetic button closure for securing cellphones, ensuring both accessibility and safety. The bag also incorporates three rows of MOLLE webbing, allowing users to customize their carry with tactical gear. A collapsible beverage holder adds a practical touch, ready to be used when needed and tucked away when not in use.
One of the unique aspects is the ability to access the bag without removal, thanks to its smart design. The bag’s ergonomic strap ensures weight distribution, making it comfortable even during extended wear.
Man-Pack sells Urban Tactical online, providing a direct-to-consumer model for easy accessibility. Priced competitively at $59.95, the bag strikes a balance between affordability and quality. The thoughtful design, robust features, and reasonable pricing make Urban Tactical not just a stylish accessory but a practical solution for the modern man’s daily carry needs.
How It Went
The company’s position before Shark Tank
As of the latest available information, Man-Pack has demonstrated a modest performance in the market. In the last year, the company reported sales amounting to $76,000, and the year-to-date figures stand at $65,000. The product, Urban Tactical, is primarily sold online, providing a direct-to-consumer sales model. This approach ensures accessibility to a broad consumer base and allows for effective marketing strategies. Aaron Tweedie, the founder, mentioned that he started Man-Pack with an initial investment of $5,000.
The absence of significant external funding suggests that the company has been operating with a lean budget and has been resourceful in managing its financials. Given the nature of the product and its online sales strategy, the company might be exploring direct partnerships with e-commerce platforms or utilizing its website for sales directly to customers. Aaron Tweedie mention his valuation of the company at $700,000 during the pitch, considering factors such as the design patent, intellectual property for YouTube commercials, and goodwill.
The valuation, however, was not accepted by the Sharks, and no deal was made. The company’s current structure and future plans were not extensively discussed. Aaron Tweedie emphasized his commitment to growing the business and making Man-Pack worth much more in the future. The rejection from the Sharks suggests that the company might be facing challenges in terms of market positioning and scalability, but Aaron remains optimistic about the potential for growth.
The Negotiations:
The negotiations for Man-Pack on Shark Tank were a rollercoaster, with Aaron Tweedie seeking a $200,000 investment for a 29% stake in his company, Urban Tactical. However, the Sharks, known for their shrewd business acumen, had reservations about the valuation and the overall potential of the product. Kevin O’Leary, notorious for his straightforward approach, was the first to bow out. Citing the small sales figures and the resulting high ownership percentage he would need for the investment, he expressed his discipline as a financial investor and decided not to make an offer.
Mark Cuban, echoing O’Leary’s concerns, shared his belief that the business might be challenging to scale, ultimately leading him to pass on the opportunity. Lori Greiner, Robert Herjavec, and Daymond John also decided not to invest, with various concerns ranging from market saturation, competition, and the overall appeal of the product. The negotiation took an interesting turn when Aaron mentioned his valuation of $700,000, taking into account factors like the design patent, intellectual property for YouTube commercials, and goodwill.
However, the Sharks found this valuation unrealistic and did not see eye-to-eye with Aaron on the perceived value of these elements. Despite the rejection, Aaron Tweedie remained steadfast and confident in the future potential of Man-Pack. The Sharks, while recognizing Aaron’s passion and commitment, didn’t see a viable investment opportunity at the proposed terms. The negotiation ended without a deal, leaving Aaron to continue his journey to establish Man-Pack in the competitive market for men’s accessories.
