Original Runner Company
NO DEAL
EPISODE SUMMARY
🕓 Air Date: May 6, 2011
Asking For:
$250,000 for 15%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
The Original Runner Company offers non-slip fabric aisle runners for weddings and special events, providing both safety and elegance for grand entrances.
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Background Story
Julie Goldman, founder, and CEO of The Original Runner Company, is a visionary entrepreneur based in New York City, where her business journey began. Faced with the daunting task of planning her own wedding, Julie encountered a significant challenge when searching for an aisle runner to complement her ceremony venue. Disappointed by the limited options of paper or plastic runners, she recognized a gap in the market for a safer and more elegant alternative. Drawing upon her creative instincts and entrepreneurial spirit, Julie decided to take matters into her own hands.
Utilizing her background in design and her keen eye for detail, she set out to craft a solution that would revolutionize the wedding industry. Inspired by her own wedding planning experience, Julie envisioned a non-slip fabric aisle runner that would not only enhance the aesthetic appeal of weddings and special events but also prioritize safety and functionality. Through meticulous research and development, Julie brought her vision to life, founding The Original Runner Company to offer high-quality aisle runners that catered to the needs of discerning brides and event planners.
Her dedication to innovation and commitment to excellence quickly garnered attention, attracting a loyal clientele of wholesale buyers and celebrity customers. Driven by her passion for helping couples create memorable moments, Julie continues to lead The Original Runner Company with unwavering determination and a relentless pursuit of perfection. From its humble beginnings in New York City to its global reach today, the company stands as a testament to Julie’s entrepreneurial prowess and her unwavering belief in the power of a grand entrance.
The Product
The Original Runner Company specializes in non-slip fabric aisle runners designed to elevate weddings and special events with style and safety in mind. These aisle runners offer a blend of functionality, elegance, and durability, making them a popular choice among brides and event planners worldwide.
Constructed from high-quality fabric, the runners are meticulously crafted to ensure stability and prevent slippage, providing a secure surface for walking, even in high heels. Their non-slip feature offers peace of mind to brides and guests, minimizing the risk of accidents and ensuring a seamless entrance.
The runners come in various lengths to accommodate different venue sizes and preferences, with options for customization including monogramming and embellishments. They can be easily purchased through The Original Runner Company’s website or through select retail partners, providing convenience and accessibility to customers.
Pricing varies depending on the runner’s size, design, and customization options, catering to a range of budgets and preferences. Despite their luxurious appearance, the runners offer excellent value for money, combining affordability with premium quality.
Whether used for weddings, galas, or other special occasions, The Original Runner Company’s aisle runners serve as a stylish and practical addition to any event, enhancing the overall ambiance and creating unforgettable moments for clients and guests alike.
How It Went
The company’s position before Shark Tank
The Original Runner Company has demonstrated resilience and adaptability in navigating the competitive wedding industry landscape. Despite economic downturns and market fluctuations, the company has maintained a solid position with steady growth and a loyal customer base. Partnerships play a crucial role in The Original Runner Company’s success, with collaborations ranging from retail stores to wedding planners and event venues. These partnerships have enabled the company to expand its reach and access new markets, solidifying its presence in the industry.
Wholesalers form another integral part of The Original Runner Company’s distribution network, with strategic relationships established with leading retailers and distributors. These partnerships have facilitated widespread availability of the company’s products, ensuring accessibility for customers across various regions. The company’s clientele primarily consists of brides, grooms, wedding planners, and event coordinators seeking premium-quality aisle runners for their special occasions. With a focus on delivering exceptional customer service and customizable options, The Original Runner Company has cultivated a loyal following among discerning couples and event professionals.
In terms of funding, The Original Runner Company has primarily relied on self-funding through sales revenue to sustain its operations and fuel growth initiatives. While the company may explore additional funding avenues in the future to support expansion plans, its current financial position remains stable, with profits reinvested into product development and marketing efforts. As for the company’s financial performance, The Original Runner Company has maintained consistent profitability, with revenues steadily increasing year over year. In terms of structure, The Original Runner Company is likely organized as a privately held corporation, with Julie Goldman as the founder and CEO overseeing strategic decision-making and day-to-day operations.
The Negotiations:
During the negotiations on Shark Tank, Julie Goldman of The Original Runner Company faced a challenging yet insightful exchange with the Sharks. Julie initially sought $250,000 for a 15% stake in her company, highlighting her success in the wedding industry and her innovative approach to aisle runners. Despite her confidence in the business, the Sharks raised concerns about the company’s valuation, profit margins, and expansion strategy. Kevin O’Leary made the first offer, proposing $250,000 for a controlling 51% stake in the company.
However, Julie adamantly rejected this offer, expressing her reluctance to relinquish majority ownership and control of her business. Other Sharks, including Mark Cuban, echoed similar sentiments, questioning the scalability of The Original Runner Company’s retail-focused approach and advising against diluting ownership. As negotiations progressed, tensions rose as Julie defended her valuation and growth projections. Despite receiving feedback and constructive criticism from the Sharks, Julie remained steadfast in her vision for the company and her belief in its potential.
Ultimately, all Sharks bowed out of the deal, citing concerns over control, scalability, and valuation. In the end, Julie stood firm in her decision to decline Kevin O’Leary’s offer, emphasizing her commitment to maintaining ownership and control of The Original Runner Company. While she acknowledged the Sharks’ expertise and insights, Julie ultimately opted to pursue her growth strategy independently, confident in the company’s trajectory and future success.
