What Happened to LockerBones After the Shark Tank Pitch?
What is LockerBones?
LockerBones is a fantastic locker organizing tool. It includes vertical dividers and tiny shelves and is completely configurable.
LockerBones are available in wood or plastic, and they suit 12″ or 15″ lockers. Royal blue, hot pink, and black plastic variants are available. There is also a half-height locker variant.
LockerBones may be used to fit practically any locker in almost any combination. Installation is also straightforward. LockerBones is a totally adaptable track system that fits every school locker.
There is no need for any tools. The system as a whole is self-contained. It is not necessary to actually connect it to the locker, which will delight school officials. LockerBones are as easy to install as they are to remove.
Who are the Founders of LockerBones?
Greg Cronin and Steve Coachys established LockerBones. Greg used to be a builder and contractor.
He is still a director of the corporation, as demonstrated by his appearance on their website.
Steve is a Medical Director. He earned a degree from the University Of Mississippi School Of Medicine.
Steve has continued in this field, eliminating his LockerBones association from his LinkedIn page.
His picture, on the other hand, appears on their website as a co-founder.
When Greg’s daughter, Ashley, began middle school, he created LockerBones to assist her keep her locker in better shape.
She didn’t like cramming her schoolbooks into the huge, open area inside her locker; she wanted a more handy way to store her possessions.
Greg worked for two years on the project, fine-tuning it. Soon after, he was dubbed “The Locker Guy” at his daughter’s school, where he marketed the idea to interested students and parents.
Greg has had a comparable level of success in other colleges in the Jackson, Mississippi, area.
He also devised a technique for schools and PTAs to raise revenue by selling LockerBones. After securing a patent, he was able to sell around 500 units.
He employed Steve as a business partner during this period because he believed in the product. They collaborated to obtain a contract with Amazon.
What Happen to LockerBones at the Shark Tank Pitch?
Greg and Steven made their appearance on Shark Tank Season 5 Episode 14 in quest of a $175,000 investment in exchange for a 10% stake in LockerBones. This equates to a $1.75 million valuation.
Greg shows the Sharks a locker with books piled on top, referring to it as a symptom of “Disorganitus,” which has three symptoms: missing homework, late to class, and bad grades.
Steven uses the demonstration model from the locker to show the product’s ease of use.
The Sharks commonly inquire whether the design has been patented.
When the dads sent a LockerBones organizer to school, the school’s Organizational Officer contacted a few months later and requested 60 more of the handmade version.
Sharks question about the pricing, which is $29.99 for a single and $39.95 for a double. The size of the double LockerBones product is double that of the single LockerBones product.
They’ve sold 500 units in two years. Lori Greiner is curious about the price of the model.
Steven alleges that they came to Shark Tank to seek funds to produce the LockerBones in plastic.
They already paid $28,000 on a previous model that did not work out. Because of the weak sales statistics and previous failure, the Sharks are apprehensive.
The pair adds that the organizer has been renovated and that they have a 10,000-piece arrangement with Amazon. They need the money to finish the order.
Kevin O’Leary wonders whether they went to Staples, which has a 30 percent share of the school supply market.
They haven’t gone to Staples or Office Depot since they don’t accept plastic.
The pair has not progressed because they feel their patent is insufficient until they are ready to manufacture a plastic version.
Mark Cuban is dissatisfied with the company’s present business strategy. He tells them to “follow the dream, not the green.” He’s no longer there.
Kevin O’Leary believes the couple should put greater emphasis on school distribution. He’s no longer there.
Barbara Corcoran agrees with the other two Sharks that the pair’s sales strategy is inadequate. She’s no longer there.
Robert expresses his desire not to finalize the purchase on his own. He believes Lori is interested, so he offers $87,500 for 25% of the investment and thinks Lori would match his offer.
He states that the two of them are just getting started and need guidance; LockerBones is essentially a start-up.
Lori accepts Robert’s offer, and the two of them make a bid of $175,000 for a 50% stake in LockerBones.
What Happened to LockerBones After the Shark Tank Pitch?
The purchase was never completed, but the genuine value was derived from the Shark Tank influence, which so many entrepreneurs have felt.
Cronin alleges that Staples phoned him three days after the LockerBones Shark Tank episode aired and invited him to participate in their popular Back to School marketing.
LockerBones systems are now available in both wood and plastic on Amazon.
The corporation is still in business in November of 2021. They presently only sell online via their website and on Amazon. The revenue is one million dollars every year.
What is the Net Worth of LockerBones?
Following the program, the firm developed from strength to strength, with an estimated net worth of $2 million.
Who are the Competitors of LockerBones?
LockerBones does not have any competitors.
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Does LockerBones work on all schools?
Yes, it will work on any school. It is not dependent on the size of the school or its budget.
How long does it take to set up the LockerBones?
It depends on how big their locker is. A locker that is 10 feet long will take them about 10 minutes to set up. A locker that is 8 feet long will take them about 5 minutes to set up.
Is the LockerBones easy to install?
It is very simple to install. It comes in the box with detailed instructions that are easy to understand. Since it is a snap-and-go system, it does not require any tools or drills. The setup only takes a few minutes.
How long will the LockerBones last?
It can last a lifetime. The only time it may need to be replaced is when the student changes schools, moves to another country, or retires.
What materials is LockerBones made of?
It is made of durable plastic and wood.
Where can they buy LockerBones?
LockerBones products can be purchased at Amazon and their website.
How much do LockerBones cost to purchase?
A single is $29.99, while a double costs $34.95.
Who founded LockerBones?
Greg Cronin and Steve Coachys established LockerBones.
Who is the owner of LockerBones?
LockerBones are owned by Cronin Group LLC and its chairperson is Greg Cronin.
How much was Greg Cronin and Steve Coachys seeking in the Tank?
Greg and Steven Cronin sought $175,000 for 10% of the business.
How did they received from the Sharks?
Lori and Robert offered $175,000 for a 50% stake in LockerBones.
What happened to LockerBones after the Shark Tank?
The transaction never finalized, but the true value came from the Shark Tank impact, which so many entrepreneurs have experienced.
Cronin claims he was called by Staples three days after the LockerBones Shark Tank episode aired and offered to join in their successful Back to School promotion.
Is LockerBones still in business?
Yes, it still in business in November of 2021 with an annual revenue of $1 million.
Who can use LockerBones?
LockerBones can be used by both students and teachers. The product is designed to work without a problem in any environment, including in a corporate setting.