Click & Carry Bag Carrier Handle
DEAL
EPISODE SUMMARY
🕓 Air Date: December 11, 2020
Asking For:
$225,000 for 15%
Investor:
Barbara Corcoran, Mark Cuban (50/50)
Deal:
$225,000 for 40%
PRODUCT SUMMARY
Click & Carry is a gadget that allows shoppers to easily carry multiple bags hands-free, reducing the strain of carrying heavy loads.
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Background Story
Kim Meckwood, the founder of Click & Carry introduced Click & Carry as a solution to the common problem of carrying heavy grocery bags from the cart to the car and then into the house. Kim explained that Click & Carry was designed to make this task easier and more comfortable. The idea for Click & Carry came to Kim in a dream, but it was born out of her personal experience of having to carry groceries after a breakup.
She realized the need for a hands-free solution to this problem, and that’s when Click & Carry was conceived. Kim’s background is in the medical-device industry, where she excels in sales. However, her true passion lies in inventing innovative products like Click & Carry. She expressed her desire to focus on her inventions full-time.
The Product
Click & Carry is a versatile gadget designed to simplify the process of carrying multiple bags, making it more convenient for shoppers. Here’s how it works:
Twist and Load: Users twist open the Click & Carry device, allowing them to load handle bags on each side. It can accommodate various types of bags, including plastic, paper, or even a purse.
Even Weight Distribution: The key to using Click & Carry effectively is evenly distributing the weight between the two sides of the device, ensuring a comfortable carrying experience.
Click and Carry: Once the bags are securely loaded, users click the top back into place. They can then choose to carry it in their hand or, for hands-free convenience, place it on their shoulder.
How It Went
The company’s position before Shark Tank
At the time of the Shark Tank pitch, Click & Carry had generated approximately $625,000 in sales over the lifetime of the product. However, Kim Meckwood, the founder, was seeking an investment of $225,000 to take the business to the next level. She indicated that Click & Carry was not her only invention and that she had several other innovative ideas ready for development.
The company’s current structure was not fully detailed in the pitch, but it was clear that Kim Meckwood was the driving force behind Click & Carry and was actively involved in sales and product development. Click & Carry likely operated as a small business with Kim as the primary operator. The pitch did not provide specific information about Click & Carry’s partners, wholesalers, or customers.
Kim’s primary focus was on securing investment and sharing her passion for the product.Kim emphasized the potential for growth with focused advertising, influencer marketing, and targeting specific customer segments such as mom bloggers and do-it-yourselfers. The pitch did not delve into the company’s profits and losses, available capital, or other financial details beyond the requested investment.
The Negotiations:
During the negotiations on Shark Tank, Kim Meckwood initially sought $225,000 for 15% equity in Click & Carry. However, as the Sharks evaluated the business and its potential, they expressed concerns about the product’s current state and its valuation. Kevin O’Leary (Mr. Wonderful) was the first to bow out, citing the high valuation and the product’s current status as a hobby rather than a fully developed business.
Lori Greiner, known for her QVC success, was also skeptical due to the valuation and the need for a significant amount of sales to make a profit at a $9.99 price point. Barbara Corcoran, impressed by Kim’s determination, made an offer that was unconventional. She proposed investing the requested $225,000 but in exchange for 85% equity, with Kim keeping 15%. Kim immediately rejected this offer as she wanted to retain a significant portion of her company.
Finally, Mark Cuban stepped in with an offer that Kim accepted. Mark and Barbara offered the $225,000 investment but in exchange for 40% equity in Click & Carry. They planned to focus on operations and inventory management while allowing Kim to concentrate on creating new products. Kim agreed to this deal, expressing her excitement and gratitude for their partnership.
