What Happened to Hammer & Nails After Shark Tank Pitch?
What is Hammer & Nails?
Hammer & Nails is a grooming establishment for males. It gives an amazing experience for them as they receive hand and foot therapy.
In addition, the clinics provide haircuts and shaving services in a pleasant atmosphere intended just for men. It also doubles as a manicure and pedicure parlour.
Who is the Inventor of Hammer & Nails?
The macho salon was started by Michael Elliot, a former Hollywood screenwriter from Los Angeles.
In November 2013, Eliot, a skilled screenwriter turned entrepreneur, opened the Los Angeles facility.
He performed extensive market research and learned that many males want manicures and pedicures but don’t want to go to “girly” salons to get them.
Eliot designed a man-cave-like environment complete with deep leather recliners, wide-screen televisions, and complementary beer to make gentlemen feel more at ease while getting their nails done. Women are not permitted in the business, with the exception of manicurists.
What Happened to Hammer and Nails During Shark Tank Pitch?
Michael went on Shark Tank season 6 episode 1 for $200,000 and a 20% share in his company. This corresponds to a $1 million valuation.
He explains the man-cave vibe of the Hammer & Nails salon.
He summoned Robert Herjavec to try out one of the massive leather chairs, to which Mark Cuban objected, saying, ‘I wanted to give it a try.’
While Michael tells the narrative of how he came to open the salon, Robert looks to be having a good time.
Hammer and Nails has generated $150,000 in revenue in seven months with around 3000 clients.
Lori Greiner inquired about Michael’s rates at Hammer & Nails, and he stated that they varied from $23 to $125.
He describes how he started Krush Magazine, the “Rolling Stone of Hip Hop,” while narrating his hardships as an impoverished boy. Daymond is familiar with him, but his narrative of how he became a renowned screenwriter astounds the Sharks.
Kevin then questions the statistics. Hammer & Nails has reached its break-even threshold.
Mark is against franchising since he believes it puts the cart before the horse, thus he is out.
Lori is dubious that males will come to a place like this, so she leaves.
Robert shows his thanks for the manicure before leaving.
Kevin declared that ‘numbers reign,’ before notifying Michael that he had withdrawn out of the scheme.
He claimed that the company also provided tailoring and a bar.
These additional services would be more difficult to reproduce in a franchise-based business.
As a result, Daymond also withdrew, leaving Michael without a shark offer.
What Happened to Hammer & Nails Following Shark Tank Pitch?
Despite the fact that he did not sign a deal with a Shark, Michael earned $200,000 from eight viewers of his show, two of whom are African American female angel investors.
After the episode aired, Hammer and Nails expanded their services to include haircuts and straight razor shaves.
Michael continues to pursue franchising for his company and claims to have multiple franchisees “in the pipeline,” but none are open as of June 2016.
Michael bolstered his team with the additions of two industry giants in 2018: Chief Executive Officer John Choi and President & Chief Operating Officer Aaron Meyers.
In addition to the original site, there are 12 franchise locations as of August 2021. There are eight franchisees in California, two in Texas, two in Ohio, and one in Virginia. In addition, 13 franchises are currently in development. The total yearly revenue of all sites is $25 million.
What is Hammer & Nails’s Net Worth?
Michael agreed to participate on Shark Tank in return for $200,000 and a 20% share in his company. This translates to a $1 million valuation
The present valuation is clearly greater because the company’s revenues have increased.
Who are Hammer & Nails’ Competitors?
There are no known competitors for Hammer & Nails?
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Hammer & Nails FAQS
1. What is Hammer & Nails?
Hammer & Nails is a grooming establishment for men. It gives each client an unrivalled experience as they receive hand and foot therapy.
In addition, the clinics provide haircuts and shaving services in a pleasant atmosphere intended just for men. It also doubles as a manicure and pedicure parlour.
2. Who is the Inventor of Hammer & Nails?
Hammer & Nails was started by Michael Eliot, a former Hollywood screenwriter from Los Angeles.
3. What Happened to Hammer & Nails During Shark Tank Pitch?
Michael went on Shark Tank season 6 episode 1 for $200,000 and a 20% share in his company. This corresponds to a $1 million valuation.
4. Did sharks invest in Hammer & Nails?
None of the Sharks were willing to invest in Hammer & Nails.
5. What happened to Hammmer & Nails after Shark Tank Pitch?
Hammer & Nails continued to grow and expand their reach, expanding and opening 12 franchise locations in the U.S. They also provided haircuts and straight razors.
They also gained two industry leading executives, Michael Elliot joined as CEO and Aaron Meyers as COO.
6. Is Hammer & Nails still in business?
Yes, they are in business and as of August 2021, they had a yearly revenue of all sites is $25 million.
7. Where is Hammer & Nails located?
As of August 2021, there are 12 franchise locations in addition to the original one. California has eight franchisees, Texas has two, Ohio has two, and Virginia has one.
8. Is there a membership fee?
Each month, their Membership dues cover the cost of their included services and provide access to unique incentives, events, and more. There is no charge to begin or terminate a Membership.
9. How does membership function?
They apply for the membership that best suits their grooming requirements. Once their application is approved, they are entitled to a specified number of services every month. Their dues are collected on a monthly basis
10. What is the name of the CEO?
John Choi is the CEO of Hammer & Nails.
11. What are their locations?
Hammer & Nails has 12 locations in the U.S., including California, Texas, Ohio, and Virginia as of August 2021.
