Total Tie Keep – Necktie Accessory
NO DEAL
EPISODE SUMMARY
🕓 Air Date: January 5, 2016
Asking For:
$50,000 for 25%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Total Tie Keep is the ultimate necktie accessory designed to correct, straighten, and control ties, especially suited for professionals like federal agents who wear ties regularly.
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Background Story
Dwight Littlejohn, a special agent with a federal agency based in Washington, D.C., came up with the idea for Total Tie Keep due to the challenges he faced in maintaining a neat and professional appearance while wearing a tie every day as part of his career. Being in the company of important individuals, he noticed common issues like the tie blowing in the wind or the rear apron peeking out, affecting the overall look.
The idea originated from his need to exude “command presence” and control a room just by walking in. Dwight’s background as a federal agent gave him a unique perspective on the importance of a polished appearance in his line of work.
The Product
The Total Tie Keep is a necktie accessory that addresses common tie-related issues without over-stiffening the tie’s natural flow like traditional tie bars. Priced at $25 for a pack of four, the product costs Dwight Littlejohn just under $3 to produce.
The application process involves attaching the tie keeping two buttons up from the tie loop, securing the rear apron in an upper loop, and tucking the entire device behind the tie loop for added control and security. The product aims to offer a solution for professionals who wear ties regularly, promising a neat and controlled appearance.
How It Went
The company’s position before Shark Tank
At the time of the pitch, Total Tie Keep had limited sales, with Dwight mentioning that he had not yet dedicated enough time to the business due to his full-time job as a federal agent. The product retailed for $25, and Dwight had sold some units online and given many away to law enforcement. He had also attempted to sell the product in a major men’s warehouse, resulting in 200 units sold and a trial on their website.
However, the product placement was not optimal, and Dwight believed that the advantages of Total Tie Keep needed a better explanation. Dwight expressed his interest in licensing the product and sought the Sharks’ assistance in growing the business.
The Negotiations:
The negotiations faced challenges as the Sharks questioned Dwight’s ability to dedicate time to the business while maintaining his full-time job. Mark Cuban and Kevin O’Leary expressed concerns about the lack of sales and the need for someone to work on the business day-to-day. Dwight was seeking $50,000 for 25% of the company, resulting in a $200,000 valuation.
However, the Sharks were not convinced of the company’s potential at its current stage and declined to make an offer. Dwight’s valuation was questioned, and the lack of infrastructure for growth became a significant issue. Despite Dwight’s plea for help, the Sharks felt the business was more of a hobby and lacked the sales and structure required for investment. Ultimately, Dwight left the tank without a deal.
