Sweep Easy – Broom and Scraper
DEAL
EPISODE SUMMARY
🕓 Air Date: April 22, 2011
Asking For:
$40,000 for 25%
Investor:
Daymond John, Kevin Harrington (50/50)
Deal:
$80,000 for 25%
PRODUCT SUMMARY
SweepEasy offers the Sweep and Go Broom, a revolutionary cleaning tool equipped with a built-in scraper, designed to effectively remove stubborn debris from floors with ease.
WATCH HERE
IN A RUSH?
Click these to jump to the section you want to read.
Background Story
SweepEasy was founded by Shane Pannell, a former stay-at-home dad with a keen eye for innovative solutions to everyday challenges. Shane’s journey as a caregiver for his children and mother-in-law led him to confront the recurring issue of cleaning up various spills and messes efficiently. Frustrated with the limitations of traditional brooms, Shane embarked on a mission to revolutionize the cleaning experience by inventing a multifunctional solution.
Drawing from his experiences as a hands-on parent and his knack for problem-solving, Shane conceptualized the Sweep and Go Broom, a groundbreaking cleaning tool equipped with a built-in scraper. The idea struck him during a moment of frustration while scraping dried oatmeal off the floor with a butter knife, prompting him to ponder the need for a more effective cleaning instrument. Motivated by his desire to simplify the cleaning process for caregivers everywhere, Shane dedicated himself to developing a practical solution that would combine the functionality of a broom with the efficiency of a scraper.
Through meticulous prototyping and refinement, he transformed his vision into reality, culminating in the creation of SweepEasy. Shane’s background as a stay-at-home dad equipped him with firsthand insights into the challenges faced by caregivers, inspiring him to innovate and address a common pain point in household cleaning. With SweepEasy, Shane aims to empower users to tackle messes with ease and efficiency, reflecting his commitment to enhancing everyday experiences through innovative design.
The Product
SweepEasy’s flagship product, the Sweep and Go Broom, is a game-changer in the realm of household cleaning. Engineered with a patented scraping mechanism integrated into its design, this innovative broom offers unparalleled versatility and efficiency.
At the heart of SweepEasy’s functionality is its ability to tackle stubborn debris with ease. With a simple push of the handle, users activate the built-in scraper, allowing them to dislodge dried-up spills, sticky residues, and other stubborn messes from floors effortlessly. Once the debris is loosened, users can swiftly sweep it away using the broom’s bristles, ensuring a thorough and efficient cleaning process.
The Sweep and Go Broom’s intuitive design makes it suitable for a wide range of applications, from routine household cleaning to commercial settings such as restaurants, schools, hospitals, and movie theaters. Its compact size and lightweight construction enhance maneuverability and make storage a breeze.
Available for purchase at an affordable retail price of $19.95, SweepEasy offers consumers an accessible solution to common cleaning challenges. Customers can acquire the Sweep and Go Broom through various channels, including online retailers, brick-and-mortar stores, and direct sales platforms.
How It Went
The company’s position before Shark Tank
SweepEasy was in the pre-launch phase, with the founder, Shane Pannell, actively seeking investment to propel the company’s growth and market entry. While the company had not yet generated revenue, Shane had garnered significant interest from potential partners and retailers, indicating a promising market reception for the Sweep and Go Broom. SweepEasy’s strategy involved establishing partnerships with janitorial supplies companies and retailers to distribute its innovative cleaning tool. Shane had engaged in discussions with leading players in the industry, receiving positive feedback and inquiries about the product’s availability.
Additionally, SweepEasy aimed to target a diverse customer base, including households, restaurants, schools, hospitals, and other commercial establishments seeking efficient cleaning solutions. In terms of funding, SweepEasy was reliant on securing investment from Sharks on the show, with the negotiated deal involving an $80,000 investment for 25% equity split between Daymond John and Kevin Harrington. This injection of capital would enable SweepEasy to finance production, secure necessary licensing and insurance, and launch marketing initiatives to promote the Sweep and Go Broom.
As a nascent company, SweepEasy’s financials were not disclosed during the pitch. However, the negotiated investment provided the company with the necessary resources to execute its go-to-market strategy and establish a foothold in the cleaning supplies market. SweepEasy’s organizational structure likely centered around Shane Pannell as the founder and CEO, with potential expansion and team building on the horizon as the company scaled its operations.
The Negotiations:
The negotiations during SweepEasy’s pitch on Shark Tank were dynamic and competitive, with multiple Sharks expressing interest in partnering with the company. Founder Shane Pannell initially sought $40,000 for 25% equity, prompting offers from several Sharks. Daymond John and Kevin Harrington ultimately secured a deal, offering $80,000 for 25% equity split between them. However, the negotiation process saw various counteroffers and competing strategies proposed by other Sharks. Barbara Corcoran advocated for a licensing deal, emphasizing the potential for broader market reach and scalability.
Meanwhile, Robert Herjavec and Kevin O’Leary, proposed alternative funding arrangements, suggesting adjustments to the equity stake in exchange for additional capital. The negotiation dynamics shifted as Sharks presented contrasting visions for SweepEasy’s future trajectory. While Daymond and Kevin emphasized their expertise in direct response marketing and product distribution, Barbara highlighted the value of licensing partnerships for global expansion.
Ultimately, Shane weighed the various offers and decided to accept Daymond and Kevin’s joint offer, recognizing their combined resources and strategic insights as instrumental to SweepEasy’s success. The negotiation process showcased the Sharks’ diverse investment philosophies and highlighted SweepEasy’s potential to disrupt the cleaning supplies market. Shane’s strategic decision-making underscored his commitment to securing the best partnership to accelerate SweepEasy’s growth and market penetration.
