The Hanukkah Tree Topper
DEAL
EPISODE SUMMARY
🕓 Air Date: December 13, 2013
Asking For:
$50,000 for 15%
Investor:
Daymond John
Deal:
$50,000 for 35%
PRODUCT SUMMARY
The Hanukkah Tree Topper, a product aimed at interfaith families, combines Hanukkah and Christmas traditions by serving as a tree topper that captures the spirit of both holidays.
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Background Story
One Life Products, led by founder Morri Chowaiki, is based in sunny San Diego, California. Morri, a passionate entrepreneur with a knack for innovative ideas, found himself at the intersection of two rich cultural traditions: Christmas and Hanukkah. Growing up in an interfaith household, Morri experienced the joy and unity that came with celebrating both holidays. Inspired by his own upbringing and the desire to create something that could bridge the gap between these two festive seasons, Morri conceived the idea for the Hanukkah Tree Topper.
Drawing from his background in marketing and product development, Morri saw an opportunity to cater to the growing demographic of interfaith families looking to seamlessly integrate both Christmas and Hanukkah traditions into their celebrations. With a keen eye for market trends and a deep understanding of consumer behavior, Morri identified a niche yet vibrant market for his product. Combining his entrepreneurial spirit with his passion for cultural inclusivity, Morri embarked on the journey to bring the Hanukkah Tree Topper to life.
Establishing One Life Products as the platform for his innovative venture, Morri poured his heart and soul into refining the product design, sourcing high-quality materials, and establishing strategic partnerships to bring his vision to fruition. Through dedication, perseverance, and a commitment to celebrating diversity, Morri and his team have positioned One Life Products as a trailblazer in the realm of holiday decor, offering families a symbol of unity and joy during the festive season.
The Product
The Hanukkah Tree Topper is a unique and innovative product designed to bring together the traditions of Christmas and Hanukkah seamlessly. Serving as a symbolic representation of Hanukkah atop a Christmas tree, the Hanukkah Tree Topper is crafted to fit securely atop most standard Christmas trees, adding a touch of cultural diversity to holiday decorations.
This beautifully designed tree topper features iconic Hanukkah symbols, such as the Star of David and traditional Jewish imagery, intricately woven into its design. Made from high-quality materials, the Hanukkah Tree Topper is durable and long-lasting, ensuring it can be enjoyed for many holiday seasons to come.
The product offers several benefits, including fostering inclusivity and cultural awareness, especially for interfaith families looking to celebrate both Christmas and Hanukkah. Its versatile design allows it to complement various Christmas tree styles and decorations, making it a versatile addition to any holiday home.
The Hanukkah Tree Topper can be purchased online through the company’s website, in select retail stores, and through in-flight magazines. Priced at $19.99 for standard versions and $35.99 for higher-end designs, the product offers a competitive price point for consumers seeking a meaningful and visually stunning addition to their holiday decor.
How It Went
The company’s position before Shark Tank
One Life Products, the company behind the Hanukkah Tree Topper, has shown promising growth and potential within the holiday decor market. With gross sales totaling $150,000 over the last three seasons, the company has demonstrated its ability to attract customers and generate revenue. While the sales figures indicate a solid foundation, there is room for expansion and improvement, particularly in diversifying product offerings and reaching a broader customer base. Currently, One Life Products has established partnerships with various retailers, including a prominent presence in Bed Bath & Beyond stores, as well as online platforms and in-flight magazines.
These partnerships have allowed the company to reach a wide audience and expand its market reach. Wholesalers play a significant role in distributing the Hanukkah Tree Topper, with approximately 70% of sales conducted online, 20% through in-flight magazines, and the remainder through brick-and-mortar stores. This distribution strategy enables the company to access diverse customer segments and capitalize on different sales channels. In terms of funding, One Life Products has primarily relied on internal investment, with the founders investing close to $130,000 of their own capital into the business.
While this demonstrates a commitment to the company’s success, additional funding may be required to support future growth initiatives, such as new product development and marketing efforts. Profitability and losses have been a mixed bag for One Life Products. While the company has achieved gross sales of $150,000, it’s essential to consider factors such as production costs, marketing expenses, and overheads to accurately assess profitability. Currently structured as a small-scale operation run from the founder’s garage, there is potential for growth and expansion into a more robust organizational structure as the company scales and achieves greater success in the market.
The Negotiations:
During the negotiations on Shark Tank, Morri Chowaiki, the founder of One Life Products, sought $50,000 in exchange for a 15% stake in his company. Despite his enthusiastic pitch for the Hanukkah Tree Topper, none of the Sharks were ultimately swayed to invest. Kevin O’Leary, known for his pragmatic approach, expressed concerns about the seasonal nature of the business and the challenge of scaling a product with limited market potential.
Daymond John was the only Shark to extend an offer, proposing $50,000 for a 35% stake in the company. However, Morri ultimately declined the offer, expressing his desire for a “happy Chrikkahmas” but hesitating to part with such a significant equity stake. Lori Greiner and Robert Herjavec echoed the sentiment that the market size and scalability of the product were insufficient for substantial investment.
Barbara Corcoran also voiced concerns about the one-time purchase nature of the product and its niche market appeal. Despite Daymond’s interest, Morri chose not to counter his offer and ultimately left the tank without a deal. While disappointed, Morri remained optimistic about the future of One Life Products and determined to pursue growth opportunities outside of the Shark Tank arena.
