Man Medals
NO DEAL
EPISODE SUMMARY
🕓 Air Date: September 27, 2013
Asking For:
$10,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Man Medals offers humorous novelty medals designed to reward men for performing mundane household tasks, such as taking out the garbage or putting the toilet seat down.
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Background Story
Man Medals, founded by Jim O’Brien, is a quirky novelty business centered around rewarding men for completing mundane household tasks. The company’s origins lie in the playful banter between O’Brien and his wife, Kathy, as they joked about rewarding him with medals for chores like taking out the garbage or putting the toilet seat down. Inspired by this lighthearted exchange, O’Brien, with his background in sales, saw an opportunity to turn the concept into a business venture.
O’Brien’s entrepreneurial journey began with the launch of the company less than a year ago. Drawing on his experience in sales, O’Brien utilized his creativity and sense of humor to develop the six original medals that make up the Man Medals product line. O’Brien’s background in sales provided him with the skills necessary to bring his product to market. His ability to identify a niche audience and capitalize on a humorous concept has been instrumental in the early success of Man Medals.
With a keen eye for business opportunities and a knack for storytelling, O’Brien has effectively marketed his novelty items, attracting customers not only from the United States but also from countries such as Canada, England, and Australia. Through Man Medals, O’Brien has found a unique way to blend humor with everyday tasks, resonating with a broad audience seeking lighthearted solutions to household chores. As the company continues to grow, O’Brien remains committed to expanding his product line and exploring new avenues for distribution and marketing.
The Product
Man Medals offers a range of novelty medals designed to humorously reward men for completing various household tasks. Each medal represents a different chore traditionally associated with men, such as taking out the garbage, picking up dirty clothes, or putting the toilet seat down. These medals serve as lighthearted tokens of appreciation for completing these everyday duties.
The medals are crafted with attention to detail, featuring playful designs and witty captions that add to their comedic appeal. Made from durable materials, they are designed to be worn or displayed proudly as a badge of honor.
Man Medals can be purchased individually or in retail displays, making them accessible for both individual consumers and retailers looking to stock novelty items. The retail price for each medal is $5, offering an affordable and fun way to acknowledge and celebrate household contributions. Additionally, the wholesale price of $2.50 per medal provides retailers with a competitive pricing structure, ensuring a healthy markup potential.
Customers can purchase Man Medals through the company’s website or through various online platforms, providing convenient access to these humorous tokens of recognition. With their universal appeal and whimsical charm, Man Medals offer a playful twist on everyday tasks, making them a popular choice for anyone looking to inject some humor into their household routines.
How It Went
The company’s position before Shark Tank
Man Medals, while presenting a humorous and creative product, faces challenges in terms of its financial performance and market positioning. With sales amounting to only $2,500, the company’s revenue remains modest, indicating limited traction in the market. Despite international interest from countries like Canada, England, and Australia, Man Medals has yet to establish a strong foothold in the novelty item industry.
It can be inferred that Man Medals may collaborate with retailers or online platforms to distribute its products. Wholesale pricing of $2.50 per medal suggests a potential partnership with wholesalers to expand distribution channels. Man Medals’ target customers are individuals seeking humorous and novelty gifts, particularly those interested in playful tokens of appreciation for completing household tasks. While the product appeals to a broad audience, its niche nature may limit its market reach.
Overall, while Man Medals presents a unique and amusing product, its performance in terms of sales and market reach indicates room for improvement. The company may need to strategize on enhancing its marketing efforts, expanding distribution channels, and securing additional funding to drive growth and establish a stronger presence in the novelty item market.
The Negotiations:
During the negotiations on Shark Tank, Jim O’Brien sought $10,000 for 10% equity in Man Medals, valuing the company at $100,000. However, the Sharks expressed skepticism about the company’s valuation and its modest sales figures. While O’Brien showcased international interest in the product and highlighted its potential, the Sharks remained unconvinced about its scalability and growth prospects.
Kevin O’Leary critiqued the aggressive valuation, comparing it to public multiples of medal companies, which he found to be unreasonable. Although he appreciated the concept, O’Leary ultimately opted out of investing in Man Medals. Barbara Corcoran acknowledged the novelty and humor of the product but felt that the sales figures did not justify the valuation. She suggested exploring trade shows to validate the product’s viability before seeking investment.
Daymond John empathized with O’Brien’s entrepreneurial journey but found the idea too gimmicky for his taste. He admired O’Brien’s presentation skills but ultimately decided not to invest in Man Medals. Mark Cuban encouraged O’Brien to dream big but expressed concerns about the company’s limited revenue and market potential. He emphasized the importance of realistic valuation and growth projections in securing investment. Ultimately, none of the Sharks made an offer, citing concerns about the company’s valuation, sales performance, and long-term viability.
