My Wonderful Life
NO DEAL
EPISODE SUMMARY
🕓 Air Date: January 20, 2012
Asking For:
$100,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
My Wonderful Life is a free website where users can plan and personalize their own funerals, aiming to relieve the burden on their families and ensure their final wishes are honored.
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Background Story
Nancy Bush and Sue Kruskopf founded My Wonderful Life after Nancy’s experience planning her husband’s memorial. They realized the lack of options for personalized funeral planning and saw an opportunity to cater to the 75% of baby boomers who desire more celebratory funeral experiences. Their motivation stemmed from personal loss and the desire to provide a solution to a growing need in society.
The Product
My Wonderful Life offers a free website where users can create personalized funeral plans, including details such as venue, beverages, and whether they wish to prepay for their funeral. Users designate up to six individuals to carry out their wishes, who receive a summary of the plan upon their passing.
Additionally, the company offers the My Wonderful Life Plan, allowing users to prepay for their funerals through an insurance policy, with the company earning a commission on each sale. The platform targets baby boomers who seek more celebratory funeral experiences and prefer to preplan their arrangements. Pricing varies based on the amount users choose to set aside for their funeral.
How It Went
The company’s position before Shark Tank
My Wonderful Life has been operational for three years and has attracted 7,000 users. However, the company has not yet generated revenue. They have partnered with a large insurance company to offer the My Wonderful Life Plan, which allows users to prepay for their funerals. The company’s business model relies on earning commissions from these prepaid plans. Despite having a user base, they have not successfully monetized their platform. They face challenges in acquiring customers and competing with funeral homes that offer similar services.
The Negotiations:
The Sharks expressed concerns about the viability of the business model, noting the lack of monetization despite having a user base. They questioned the exclusivity of partnerships with insurance companies and the feasibility of acquiring customers. Ultimately, none of the Sharks made an offer, citing various issues with the business model, lack of monetization strategy, and early stage of the company’s development. Despite the founders’ enthusiasm and willingness to test their model, the Sharks felt the business was not sufficiently developed to warrant investment.
