PetPaint
NO DEAL
EPISODE SUMMARY
🕓 Air Date: November 8, 2013
Asking For:
$200,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
PetPaint is a washable, veterinarian-tested colored hair spray for dogs, accompanied by a range of stencils for easy application, making dogs fashion-forward and party-ready.
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Background Story
Based in Camarillo, California, PetPaint was founded by Abe Geary, an entrepreneur with a passion for pets and creativity. The genesis of PetPaint stemmed from Geary’s personal experience with trying to dress up his dogs. Frustrated by the limitations of traditional pet clothing, which often got torn off, Geary embarked on a mission to find a more innovative solution. After years of research and development, Geary introduced PetPaint, a revolutionary colored hair spray designed specifically for dogs.
With a background in product development and a keen eye for market opportunities, Geary invested approximately $240,000 of his own money into the venture, primarily focusing on building up inventory. Geary’s vision for PetPaint was to provide pet owners with a fun and safe way to express their pets’ personalities through colorful designs. Understanding the importance of safety and quality, Geary ensured that PetPaint underwent rigorous testing by veterinarians to guarantee its suitability for use on dogs.
Inspired by his own frustrations and fueled by his entrepreneurial spirit, Geary saw an opportunity to tap into the burgeoning pet accessory market with a product that offered both novelty and practicality. PetPaint not only allows pet owners to unleash their creativity but also provides a hassle-free alternative to traditional pet clothing, making dogs stand out at events, parties, and celebrations. Geary’s dedication to providing innovative solutions for pet owners, coupled with his determination to bring PetPaint to market, highlights his commitment to improving the lives of both pets and their owners through creativity and fun.
The Product
PetPaint is a vibrant and washable colored hair spray specifically formulated for dogs, offering a unique way to accessorize and style furry companions. The product comes in a convenient spray can, making application easy and mess-free. PetPaint is veterinarian-tested to ensure safety for pets and contains no harmful ingredients, making it suitable for use on a wide range of dog breeds.
With a quick-drying formula, PetPaint allows for fast and hassle-free application, drying in just 20 to 30 seconds. The spray is available in a variety of bold colors, allowing pet owners to unleash their creativity and customize their dogs’ appearance for various occasions, from festive gatherings to themed events.
One of the key benefits of PetPaint is its versatility. Whether for Halloween costumes, birthday parties, or everyday fun, PetPaint offers pet owners a creative outlet to express their pets’ personalities. Additionally, PetPaint is washable, allowing for easy removal with water and gentle shampoo, ensuring that dogs can return to their natural look without any lasting effects.
PetPaint can be purchased online through the company’s website or potentially through retail partners like PetSmart. Priced at $9.99 per can, PetPaint offers an affordable option for pet owners looking to add a splash of color to their furry friends’ lives.
How It Went
The company’s position before Shark Tank
PetPaint has demonstrated promising performance since its inception, with a solid foundation in place for growth and expansion. The company’s health and position are characterized by a strong focus on product development, strategic partnerships, and market penetration efforts. At present, PetPaint has secured a significant deal with PetSmart, a major retail partner, indicating growing interest and demand for the product in the pet industry. This partnership opens up opportunities for PetPaint to reach a wider audience through retail channels and potentially expand its presence in the pet care market.
Given the company’s plans for retail distribution, it’s likely that they have established relationships with other pet product retailers and distributors to facilitate broader distribution and sales. PetPaint’s primary customers include pet owners who are looking for fun and innovative ways to accessorize and style their dogs. With its unique colored hair spray, PetPaint appeals to a diverse range of dog owners seeking to express their pets’ personalities and enhance their appearance for various occasions.
Funding for PetPaint has primarily come from the founder, Abe Geary, who has invested approximately $240,000 of his own money into the venture. While the company has demonstrated sales and potential for growth, profitability may still be in the early stages as PetPaint continues to invest in inventory, marketing, and distribution efforts to expand its market reach. PetPaint operates as a privately held company, with Geary likely serving as the founder and CEO, overseeing day-to-day operations and strategic decision-making processes. The company’s structure may evolve as it continues to grow and potentially secures additional funding or partnerships to support its expansion goals.
The Negotiations:
The negotiations for PetPaint on Shark Tank involved a series of offers and counteroffers from the Sharks, ultimately resulting in no deal being made. Abe Geary, the founder, initially sought $200,000 for a 20% equity stake in the company. Barbara Corcoran expressed interest in the product but offered $200,000 for a 60% stake, emphasizing her desire to take over the company’s social media presence and sales strategy. Despite her efforts to persuade Geary, he ultimately declined her offer due to the high equity stake requested.
Robert Herjavec also made an offer, proposing to invest the requested $200,000 but in exchange for a 60% ownership stake. He emphasized the potential of leveraging social media and online sales, which Geary acknowledged but ultimately declined due to the significant equity stake involved.
While Geary was willing to entertain offers, he expressed reluctance to part with a majority ownership stake, believing in the long-term success of PetPaint and his ability to drive the company’s growth. In the end, Geary chose not to accept any of the offers, opting to pursue online sales based on the feedback from the Sharks. Despite not securing a deal, Geary left the tank determined to capitalize on the potential of PetPaint in the online market.
