College Foxes Packing Boxes
NO DEAL
EPISODE SUMMARY
🕓 Air Date: August 9, 2009
Asking For:
$250,000 for 25%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
College Foxes Packing Boxes offers professional packing, organizing, and unpacking services staffed by college students.
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Background Story
Omar Soliman and Nick Friedman, the founders of College Foxes Packing Boxes, are seasoned entrepreneurs based in Washington, D.C. Their journey into the business world began during their college years when they founded College Hunks Hauling Junk, a junk removal service, as a summer project. This venture, started with a single cargo van, grew into the largest and fastest-growing junk removal franchise in the United States. Building on the success of College Hunks Hauling Junk, Soliman and Friedman identified a complementary market opportunity in professional organizing and moving preparation services.
With their combined experience in business management, marketing, and operations, Soliman and Friedman established College Foxes Packing Boxes. The idea stemmed from their observation of the challenges people face when relocating, especially those with decades’ worth of accumulated belongings. Recognizing the need for reliable, efficient, and professional assistance in the moving process, they conceived College Foxes Packing Boxes as a solution.
Located in the bustling city of Washington, D.C., College Foxes Packing Boxes aims to revolutionize the moving industry by providing high-quality, personalized packing, organizing, and unpacking services. The founders’ background in scaling a successful business from the ground up equipped them with the skills and insights needed to launch and grow College Foxes Packing Boxes into a thriving enterprise. Their commitment to excellence and customer satisfaction drives the company’s mission to alleviate the stress and hassle of moving for individuals and families.
The Product
College Foxes Packing Boxes offers comprehensive packing, organizing, and unpacking services tailored to the needs of individuals and families preparing to move. The process begins with a consultation where customers discuss their specific requirements and preferences with the College Foxes team. Trained college students, referred to as “Foxes,” are then dispatched to the customer’s location to assist with various tasks such as decluttering, sorting belongings, packing items securely, and labeling boxes for easy identification.
Using efficient packing techniques and high-quality materials, the Foxes ensure that each item is properly packed and protected during transit. Upon arrival at the new location, the team assists with unpacking, organizing, and setting up the space according to the customer’s instructions, facilitating a smooth transition into the new home.
Customers benefit from the professionalism, enthusiasm, and attention to detail exhibited by the College Foxes team throughout the moving process. The service alleviates the stress and time-consuming aspects of moving, allowing clients to focus on other priorities. Pricing for College Foxes Packing Boxes varies based on the scope of services required and the size of the move, with transparent pricing provided during the initial consultation.
How It Went
The company’s position before Shark Tank
College Foxes Packing Boxes, as a spin-off of the successful College Hunks Hauling Junk, benefits from a strong foundation and established infrastructure. While College Foxes Packing Boxes is still in its early stages, it leverages the resources, expertise, and customer base of its parent company to fuel its growth. The company operates primarily in Washington, D.C., with plans for expansion into other markets. Partnerships play a crucial role in College Foxes Packing Boxes’ operations. The company collaborates with various moving and relocation services to offer comprehensive solutions to its customers.
Additionally, strategic alliances with real estate agencies, property managers, and home staging companies contribute to the company’s visibility and customer acquisition efforts. As a service-oriented business, College Foxes Packing Boxes caters to a diverse clientele, including homeowners, renters, and businesses undergoing relocation. The company’s target demographic consists of individuals and families seeking professional assistance with packing, organizing, and unpacking during the moving process. In terms of funding, College Foxes Packing Boxes relies on a combination of internal resources, external investments, and revenue generated from its services.
The company’s current structure likely includes key departments such as operations, marketing, customer service, and finance, each playing a vital role in delivering exceptional service and driving business growth. With a scalable business model and access to capital, College Foxes Packing Boxes is well-positioned to capitalize on opportunities for expansion and establish itself as a leader in the professional organizing and moving preparation industry.
The Negotiations:
During the negotiations, the founders of College Foxes Packing Boxes, Omar Soliman and Nick Friedman, faced a challenging decision-making process as they sought investment from the sharks. The sharks were initially intrigued by the founders’ successful track record with College Hunks Hauling Junk but expressed reservations about investing in a new venture without securing a stake in the established business. Kevin O’Leary and Daymond John emphasized the importance of obtaining equity in both College Foxes Packing Boxes and College Hunks Hauling Junk to justify their investment.
Robert Herjavec made an offer of $250,000 for 10% of College Hunks Hauling Junk and 50% of College Foxes Packing Boxes, structuring his offer to safeguard his investment by holding equity in the proven venture. However, the founders deemed this offer unrealistic and countered with a $1 million valuation for 10% equity, which the sharks found too high.
Despite Herjavec’s fair offer, the founders declined, believing their businesses were worth more and unwilling to give up significant equity in their established company. This led to the negotiations concluding without a deal, leaving the sharks frustrated with the founders’ high valuation and perceived lack of flexibility. Despite the missed opportunity for investment, the founders remained confident in their businesses’ potential and continued their pursuit of growth and success.
