TanglePets – Kids’ Hair Brush
DEAL
EPISODE SUMMARY
🕓 Air Date: October 8, 2017
Asking For:
$75,000 for 35%
Investor:
Lori Greiner
Deal:
$75,000 for 50%
PRODUCT SUMMARY
TanglePets is a high-quality hairbrush placed inside an adorable plush character designed to make brushing children's hair a fun and enjoyable experience.
WATCH HERE
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Background Story
Liz Martin, the founder of TanglePets, is a mother of three girls from Battle Ground, Washington. As a salesperson with a knack for finding good products, Liz became frustrated with the challenge of getting her children to sit still for hair brushing. After encountering various uncomfortable brushes, she had a breakthrough when she combined a high-quality hairbrush with a plush character, creating TanglePets.
The idea struck her while her kids were playing in their room, and she playfully integrated a brush into a toy, witnessing an immediate positive response. The product not only solved a common parenting problem but also made the experience enjoyable for kids.
The Product
TanglePets is not just an ordinary brush; it’s a patented product featuring a high-quality brush placed inside an irresistibly cute plush character. The plush characters, such as a blue lion, ladybug, turtle, sassy kitty, and puppy, make the brushing experience fun for kids.
Liz highlighted that the brush is not just for show; it is functional and suitable for all hair types. The product is made in China, costing $2.60 landed, wholesaling for $5, and retailing for $12.
With a provisional utility patent, TanglePets claims uniqueness in design. Since its launch in November, Liz has sold $8,000 worth of TanglePets.
How It Went
The company’s position before Shark Tank
Liz’s journey with TanglePets faced challenges due to her husband’s health issues. With a focus on family during a difficult time, Liz managed to make sales of $8,000. The product’s uniqueness lies in its functionality combined with the plush toy appeal, making it a necessary purchase for parents. Despite the modest sales figure, Liz expresses confidence in the product’s potential, projecting sales of $100,000 in the coming year. The TanglePets brush is positioned as a valuable item rather than a mere trinket, adding to its market appeal.
The Negotiations:
The Sharks, while acknowledging the uniqueness of TanglePets, raised concerns about its scalability and market presence. Despite expressing enthusiasm, some Sharks felt the product might not have a lasting impact. Barbara, Robert, and Kevin bowed out, each providing their reasons.
Lori, recognizing Liz’s energy and the product’s potential, made an aggressive offer of $75,000 for 50%. Negotiations ensued, with Liz countering at 45%, and they ultimately reached a deal. Lori, confident in her ability to push TanglePets into major retail outlets like Buy Buy Baby and QVC, expressed admiration for Liz’s determination and announced their partnership, closing the deal amid cheers and excitement.
