The Better Bedder
DEAL
EPISODE SUMMARY
🕓 Air Date: February 26, 2021
Asking For:
$150,000 for 10%
Investor:
Lori Greiner
Deal:
$150,000 for 18%
PRODUCT SUMMARY
The Better Bedder is a product that simplifies the process of making the bed by acting as a giant headband that wraps around the sides of the mattress, making it easy to tuck in sheets and eliminate the need to lift heavy mattresses.
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Background Story
Nita and Judy, the dynamic duo behind The Better Bedder, are the embodiment of resilience and entrepreneurship. Their journey began in the picturesque town of Mandeville, Louisiana, where they embarked on a mission to transform the way we make our beds. With an impressive 15 years of collaborative experience in the insurance industry, these two tenacious entrepreneurs were well-versed in navigating challenges and seizing opportunities.
The spark for The Better Bedder ignited when Judy’s son returned home from college, choosing to sleep on the living room couch rather than his own bed. The reason was a familiar one – the ill-fitting sheets on his mattress made the task of making the bed a daily struggle. Judy, always one to rise to a challenge, decided to take matters into her own hands.
Together with Nita, her trusted partner in both life and business, they transitioned from their stable careers in insurance to the dynamic world of entrepreneurship. Their shared goal was clear: to simplify the daily chore of bed-making for people everywhere. This transition wasn’t just a career pivot; it was a leap of faith and a testament to their unwavering determination.
The Better Bedder was born out of necessity, nurtured by innovation, and brought to life by their mutual passion for making life’s daily routines more manageable. Their journey is a testament to the power of resilience, adaptability, and the pursuit of a dream. Today, from their roots in Mandeville, Louisiana, Nita and Judy are on a mission to revolutionize bed-making for households across the globe, one Better Bedder at a time.
The Product
The Better Bedder is a versatile, innovative, and durable accessory that has revolutionized the art of making beds. It functions as a giant headband for your mattress, offering a simple yet highly effective solution to the perennial problems of wrangling with fitted sheets and heaving heavy mattresses.
One of its remarkable features is its universal fit, accommodating sheets of varying lengths with ease. Whether you prefer to shop for sheets at your local store or an online retailer, The Better Bedder ensures that they fit perfectly every time.
While white is the primary color option, the product is also available in different shades to cater to diverse customer preferences and room aesthetics. What truly sets The Better Bedder apart is its ease of use. Gone are the days of struggling to lift and tuck in your heavy mattress corners.
How It Went
The company’s position before Shark Tank
The Better Bedder’s performance in the market has been nothing short of impressive. Year to date, they have achieved remarkable sales figures, totaling $476,000. What’s even more exciting is their projection to hit the million-dollar revenue mark by the end of the year. This rapid growth is a testament to the product’s appeal and the founders’ entrepreneurial spirit.
Their success in the market can be attributed to their creative and cost-effective marketing strategies. Unlike many businesses that rely heavily on influencers or extensive media coverage, The Better Bedder’s initial exposure was driven by viral Facebook video ads. With just Nita showcasing the product at the corner of a bed and minimal production values, these videos garnered over a million views, sparking significant interest.
Though the entrepreneurs initially faced challenges related to production costs, it’s important to note that their success was achieved in an entirely new industry for them. With backgrounds in the insurance sector, they navigated unfamiliar territory with remarkable resilience and adaptability. One key factor contributing to their high production costs was the impact of COVID-19 on the availability of materials and resources. The global pandemic posed challenges for countless businesses, and The Better Bedder was no exception.
Despite these challenges, the founders remain undeterred in their pursuit of excellence. They are eager to explore partnerships and opportunities to lower their production costs while maintaining the high quality and appeal of their product. Moreover, with the strong presence they’ve established in the market, The Better Bedder is well-positioned for future growth and expansion.
The Negotiations:
In the “Shark Tank” episode, The Better Bedder entrepreneurs received offers from three Sharks: Barbara Corcoran, Lori Greiner, and Daymond John. Each Shark brought unique expertise and value to the table, making for a tough decision. Barbara Corcoran kicked off the negotiations, offering $150,000 for an 18% equity stake in the business. She emphasized her ability to help reduce production costs, which was a critical concern for the founders.
Her extensive experience in entrepreneurship and real estate made her an appealing choice. Lori Greiner, often referred to as the “Queen of QVC,” made a compelling offer of $150,000 as well, but she asked for a 25% equity stake. Lori’s strengths lie in marketing and retail placement, and she expressed her intent to leverage her connections to get The Better Bedder into major retail stores. Her track record with successful consumer products and infomercials added significant value.
Daymond John entered the negotiation with an initial offer of $150,000 for 20% equity, which he later adjusted to 18% after a counteroffer. Daymond saw potential in the product’s applications for the hotel industry, specifically targeting the Asian American Hotel Owners Association (AAHOA), which owns a significant portion of hotels in the U.S. His manufacturing and distribution expertise, coupled with his understanding of the product’s broader market, made him an attractive partner.
Ultimately, the entrepreneurs chose to partner with Daymond John, valuing his commitment to addressing their production cost concerns and his deep knowledge of manufacturing and distribution. Daymond’s strategic vision for expanding The Better Bedder into different markets and industries aligned with the founders’ goals, making him the ideal Shark to join their team. The deal was sealed at $150,000 for an 18% equity stake, setting the stage for exciting growth and development for The Better Bedder.
