Bridal Buddy
DEAL
EPISODE SUMMARY
🕓 Air Date: May 12, 2017
Asking For:
$75,000 for 10%
Investor:
Lori Greiner, Kevin O'Leary (50/50)
Deal:
$75,000 for 30%
PRODUCT SUMMARY
Bridal Buddy is a sheer, lightweight slip worn under a wedding gown that allows brides to use the bathroom independently.
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Background Story
Heather, the inventive mind behind Bridal Buddy, hails from the picturesque Poconos region in Pennsylvania. Her journey into the bridal industry began in 1998, where she took on various roles within the sector. However, it was a recurring question from brides that sparked the idea for her groundbreaking product. Brides consistently inquired about the challenging task of using the restroom while adorned in their elaborate wedding gowns. Faced with traditional solutions like enlisting the help of bridesmaids or resorting to unappealing alternatives such as wearing a garbage bag, Heather recognized a significant gap in the market.
In 2002, she crafted the initial prototype for what would later become the Bridal Buddy. However, life’s twists and turns, including the anticipation of starting a family, led her to put the project on hold. As a dedicated stay-at-home mom for several years, Heather’s commitment to her family remained steadfast. It wasn’t until she rediscovered her notes and materials in 2015, while living on her own with her children, that the spark reignited. Realizing the time was right, Heather revamped her original prototype into a more refined version of the Bridal Buddy.
Heather’s background in the bridal industry and her personal experience as a bride-to-be fueled her determination to create a product that addressed a common, yet overlooked, issue for brides. Her resilience and belief in the Bridal Buddy, combined with a commitment to overcoming obstacles, serve as a testament to her entrepreneurial spirit. The Bridal Buddy not only reflects Heather’s innovative thinking but also embodies her journey of overcoming challenges to bring a practical and much-needed solution to brides on their special day.
The Product
The Bridal Buddy is a revolutionary solution designed to alleviate one of the less glamorous challenges faced by brides on their wedding day – using the restroom independently. This sheer and lightweight slip is ingeniously crafted to be worn discreetly under a wedding gown. The process is simple: when the inevitable moment arrives, the bride bags up her gown using the Bridal Buddy, with strategically placed armholes serving as her “something blue.”
Adjusting the drawstring securely contains the gown, allowing the bride to effortlessly use the bathroom without assistance. The product not only provides a practical solution but also safeguards the gown from any potential mishaps in the restroom stall.
Priced at $29.95, the Bridal Buddy offers an affordable and invaluable accessory for brides. The drawstring ensures a secure fit for gowns of various styles and sizes. The product is available for purchase online, offering brides a convenient way to acquire this essential accessory for their special day. With a focus on functionality and discretion, the Bridal Buddy stands as a must-have companion for brides, empowering them to navigate their wedding day with grace and independence.
How It Went
The company’s position before Shark Tank
Bridal Buddy has exhibited a commendable performance since its inception. With sales reaching $195,000, the company has demonstrated market demand for its innovative product. However, challenges emerged as the initial price point of $59.95 proved to be too high, resulting in a decline in sales. Despite this setback, Bridal Buddy has maintained a production cost of $14 per unit, indicating a healthy margin. While major retailers such as David’s Bridal did not align with the product, the company has successfully sold directly to customers, showcasing an ability to connect with its target audience.
The challenges in securing partnerships with prominent retailers highlight the need for strategic connections and a broader network, a crucial aspect that Bridal Buddy aims to address for future growth. The company’s ability to generate $195,000 in sales suggests a degree of financial stability. Available capital, profits, and losses are not detailed, but the company’s decision to seek a $75,000 investment from the Sharks implies a strategic move to secure additional resources for expansion.
The company’s structure is centered around Heather, the founder, and inventor of Bridal Buddy. The negotiation with the Sharks involved discussions about potential partnerships, with Barbara and Kevin ultimately securing a deal for 30% equity (15% each). The collaborative effort is expected to leverage Barbara and Kevin’s expertise and connections to propel Bridal Buddy to new heights in the bridal accessory market.
The Negotiations:
The negotiations for Bridal Buddy unfolded in a dynamic manner, reflecting the Sharks’ enthusiasm for Heather’s innovative solution. Initially seeking $75,000 for 10% equity, Heather’s pitch garnered interest from multiple Sharks. Barbara and Kevin, recognizing the potential of Bridal Buddy, presented a joint offer of $75,000 for a total of 30% equity, with each Shark taking 15%. However, the negotiation took an unexpected turn when Mark and Lori proposed an alternative structure. They suggested a 40% total equity, with each of them taking 20%, leaving room for Heather to decide Marissa’s involvement in the deal.
This sparked a discussion about the logistics of Marissa’s role and the overall partnership dynamics. In a surprising twist, Barbara and Kevin agreed to reduce their stake to 30% (15% each), aligning with Mark and Lori’s proposed equity distribution. The negotiations continued with the Sharks addressing the complexity of Marissa’s involvement, leading to a finalized deal. The agreed-upon terms included an investment of $75,000 for a 30% stake in Bridal Buddy, shared equally between Barbara and Kevin.
This collaborative effort is poised to bring not only financial support but also strategic guidance and industry connections to propel Bridal Buddy into new markets and heights within the bridal industry. The negotiations showcased the Sharks’ belief in Heather’s resilience and the potential of Bridal Buddy, resulting in a mutually beneficial partnership.
