What Happened to Grease Monkey Wipes After Shark Tank?
What is Grease Monkey Wipes?
These are heavy-duty wipes that are used to clean hands in the absence of soap and water.
On the skin and other surfaces, dirt, grease, oil, grime, and lubricants may all be removed.
These wipes are small, disposable, and citrus-based, which means they are free of harmful chemicals.
Grease Monkey Wipes include a special combination of solvents, including citrus oil that break down grease effectively while being gentle on the skin.
There are other products available that remove oil and grease, but they are not as gentle.
Because citrus-based wipes do not require rinsing, they are especially handy when there is no access to water.
Who is the Founder of Grease Monkey Wipes?
Grease Monkey Wipes were created by Tim Stansbury and Erin Whalen.
The two came up with the notion during a 100-mile bike trip. Whalen was forced to pull over to repair a flat tire, leaving oil all over her hands.
She attempted to clean it off the grass and even her denim shorts, but she was unsuccessful.
They considered building a portable system capable of easily removing grease and debris on the go while they rode.
They eventually created the right product after a great deal of effort and trial and error, and their success followed quickly thereafter.
What Happened to Grease Monkey Wipes at Shark Tank pitch?
Tim Stanbury and Erin Whalen made their debut appearance on Shark Tank in 2010.
Stansbury and Whalen were asking for $40,000 in exchange for their 40% ownership in the business. This implies a $100, 000 valuation of the Company.
They show the cleaning agent’s capacity to dissolve stubborn fats and oils through the use of citrus-oil based wipes.
The Sharks are impressed with the cleaning abilities, but Kevin O’Leary has reservations. He is inquiring as to whether the product is patent protected.
Stansbury comments that they have not yet applied for a patent due to a lack of resources. Until now, the pair has relied on their product’s relative obscurity to keep imitators at away.
While oil-cutting cleansers are widely available, Robert Herjavec points out that the majority are industrial solvents that are unsuitable for eliminating oil from the skin.
The Sharks are taken away by the unusual symbol of the Grease Monkey Wipes. “This is the most beautiful logo I’ve ever seen,” Herjavec stated.
Kevin O’Leary is direct. He is inquisitive about sales. Stansbury reports that the packets have been on the market for a few months, with 7,600 units sold and $7,400 in total revenue.
O’Leary is taken aback by the cost, and questions whether such a low price can be sustained. According to the pair, they believe the low price will be countered by the great volume of sales.
Stansbury says that they have a 75% success rate when pitching to new retail locations, with 40% of those retailers replenishing stock.
Because the company is just a few months old, it is hard to determine the reorder rate.
“For me, branding and presentation are not a business,” Daymond John says of the branding and presentation. He has departed from us.
Barbara Corcoran expresses reservations about Stansbury’s background. He confesses to have a business MBA and skills in product management.
According to O’Leary, the firm lacks “proprietary content,” which he considers to be “one of the most crucial characteristics of a good investment.” As a result of this, I’m departing.”
Kevin Harrington is up next. I look for something really, incredibly exceptional, with a one-of-a-kind selling proposition, he continues. I simply do not believe this is sufficiently unique in the market. He has departed from us.
Barbara Corcoran says, “I don’t believe I’ve ever had my hands filthy.” She has departed.
There is only one Shark remaining. Robert Herjavec is the lone remaining investor. He is unable to make up his mind. He was pleased by the presentation, but not by the numbers. “I vow we will not let you down,” Whalen assures him.
Herjavec mulls it over. He appears to be conflicted, and the product has aroused his attention.
He recommends a $40,000 contract at a 40% discount.
Barbara Corcoran is so charmed by the pair that she intervenes and offers Herjavec a 50/50 split.
When he accepts, the Grease Monkey Wipes partners walk away with a Shark Deal.
What Happened to Grease Monkey Wipes After Shark Tank?
The Grease Monkey Wipes became an incredible tale for the Sharks, more than recouping their investment.
Grease Monkey Wipes was bought in November 2014 for an unknown sum by Beaumont Goods Inc., a major maker of organically derived and environmentally friendly products.
Today, the product is still available.
Whalen earned a Master of Business Administration from the University of Texas in Austin in 2013.
She worked at Grease Monkey Wipes until 2013, when she joined Boston Consulting Group as a Business Services Director.
Stansbury departed Grease Monkey Wipes in 2015 and is currently employed at Houghton Mifflin Harcourt as a Product Manager. And Beaumont Products Inc. continues to produce the product.
Who are the Grease Monkey Wipes Competitors?
Grease Monkey Wipes are the first wipes designed specifically for this purpose.
They do, however, face competition.
Wipe New is the primary rival. Wipe New uses a liquid solution similar to Grease Monkey Wipes, however they are not pre-moistened, requiring you to wet them yourself.
What is the Net worth of Grease Monkey Wipes?
Stansbury and Whalen were asking for $40,000 in exchange for their 40% ownership in the business. This implies a $100, 000 valuation of the Company.
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FAQS of Grease Monkey Wipes?
What is Grease Monkey Wipes?
Grease Monkey Wipes are pre-moistened wipes that are ideal for cleaning grease and dirt from hands, tools, equipment, clothes, and virtually any other surface in the garage.
Who bought grease monkey?
The firm was bought by Beaumont Products Inc.
How much did Stansbury sell Grease Monkey Wipes for?
Beaumont Products acquired the Grease Monkey Wipes Company in 2014 for an unknown sum.
How much money did Grease Monkey Wipes make?
Stansbury claims they’ve been in business for only a few months, yet they’ve already sold over 7,600 wipes for $7400.
What happened to grease monkey after shark tank?
Stansbury ultimately acquired the investment Sharks and his partner, Erin Whalen, transforming Grease Monkey Wipes into a massively successful one-man show.
Stansbury sold the brand to Beaumont Products in November 2014 for an undisclosed sum.
How Grease monkey wipes doing today?
Today, the device is being offered and manufactured by Beaumont Products Inc.
Did Grease Monkey Wipes secure a deal at the Shark Tank pitch?
Whalen and Stansbury negotiated a $40,000 contract with Barbara Corcoran and Robert for a 40% stake.
How much does Grease Monkey Wipes costs?
It cost $1 to purchase.
Who founded Grease Monkey Wipes?
James Stansbury and Erin Whalen, both students, created the firm.
Grease Monkey Wipes are featured on which Shark Tank episode?
Grease Monkey Wipes were featured in season 1 episode 12.
Can you make money from grease monkey?
Yes, Grease Monkey Wipes is an easy-to-sell product with a built-in market. However, they are not unique items; a plethora of comparable things are accessible for purchase.
