What Happened to LockStraps After Shark Tank?
What is LockStraps?
LockStraps is a company that makes steel cable tie-down straps, nylon outer sleeves, and locking Carabiner clips.
LockStraps are helpful for fastening goods on a trailer or truck bed, securing power equipment, and preventing loads from shifting during transportation.
LockStraps, which are available in lengths ranging from 2.5 to 24 feet, enable things to be secured in addition to fastening.
Jeff Cranny spent a decade as a sales leader in B2B and B2C sales across a range of sectors before founding LockStraps. He earned a Bachelor’s degree in communications and business/corporate communications from California State University, Long Beach.
In addition, he exhibited intuitive skill in information presentation and data analytics.
Who is the founder of LockStraps?
The patented LockStraps were founded by Jeff Cranny of Temecula, California. Jeff soon began improving his concept, and in August 2010 he began making and selling the prototype design.
Although LockStraps were redesigned several times over the next four years, at their heart, they are still a combination of tie downs and locks.
The straps are made of an eight-bound steel wire that runs the length of the straps through the double nylon webbing, as well as two combination lock carabiners.
The locking carabiners reduce slippage and the chance of separation, which are common when using a regular “S” hook.
There are several lengths available, with prices ranging from $24.95 to $44.95. There have been four or five separate variants since he began selling LockStraps in 2010.
The steel wire and combination locking Carabiner clip are essential system components. Aside from motorcycles, the straps may be used to attach a wide range of things, including helmets and equipment.
Cranny’s products may be found in a number of stores, including Home Depot, Sears, Grainger, and Cabella’s.
What Happened to LockStraps at Shark Tank pitch?
Jeff Cranny introduces LockStraps, his one-of-a-kind locking tie-down straps, into the Tank in episode 1007. In order to grow orders, he needs a Shark to help him with cash flow management.
Jeff appeared on Shark Tank in seeking of $200,000 in return for a 20% ownership in his company, which worth $1 million.
He begins by explaining how he came to develop his product and then presents his pitch. He puts A-Rod on stage to demonstrate how to cut a chain, a normal cable, and a Lock Strap with bolt cutters.
All save the Lock Strap were pierced by A-Rod. After that, Jeff distributes samples. He has a design patent and a trademark on the product.
In his first year in business, he made $135,000 in sales. In the second year, he made $175,000, and Home Depot indicated interest in offering the product.
He had gotten a $1.5 million purchase order from Home Depot, and his Chinese company had supplied subpar goods, all of which were returned.
When the Sharks asked how many he sold, Jeff was evasive. He is unable to provide an estimate of how many he has sold at Home Depot.
Mark was the first Shark to exits. Mr. Wonderful deems the presentation to be abhorrent and exits as well.
Barbara claims that the story was unpleasant and exits. Jeff, according to A-Rod, lacks a clear path; he’s out. Lori feels Jeff isn’t really devoted to his product, therefore she’s out. Finally, Jeff left the presentation without a deal.
What Happened to LockStraps after Shark Tank?
Since the pitch aired and Jeff left without a deal, the business went into 1900 Home Depot Stores and struck a private label partnership with Schwinn.
The firm is still in operation as of February 2022, with yearly revenues of $4 million.
Competitors of LockStraps
While LockStraps has been in business since 2010, there are numerous competitors on the market today. THM Cable Straps, MOLLE Straps, Tie Down Straps, and Strap & Tie are examples of these.
Net Worth of LockStraps
During and after the pitch, the firm was valued at $1 million. Since then, the company has continued to operate, and hence its net worth may be more.
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LockStraps FAQs
What exactly are LockStraps?
LockStraps is a versatile strap and locking Carabiner that may be used in a variety of ways. LockStraps are handy for fastening things to automobiles or used as bungee cords in addition to securely tightening down a load.
Who is the originator?
The founder is Jeff Cranny of Temecula, California.
How much did Jeff ask for on Shark Tank?
Jeff appeared on Shark Tank in seeking of $200,000 in return for a 20% ownership in his company, which worth $1 million.
Did Jeff have the deal?
No, Jeff did not get the offer from Shark Tank investors.
Is LockStraps still in operation?
Yes. The firm is still in operation as of February 2022, with yearly revenues of $4 million.
Where is LockStraps located?
The company has offices throughout Southern California’s coastal areas, as well as Montana, Texas, and Kansas.
What is the purpose of LockStraps?
LockStraps allows users to lock goods on flat surfaces such as the roof of a car or truck bed. They are also helpful for fastening power equipment such as pressure washers and generators, as well as keeping items from shifting during transportation.
Can you secure the tie downs?
Yes. LockStraps are constructed using a strong eight-bound steel wire that goes through double nylon webbing and two combined locking carabiners.
What exactly is the LockStraps patent?
A “tensioning system with locking Carabiner clip” is patented by LockStraps. These are located at the end of each LockStraps and allow users to secure goods in place.
How do I fasten my straps?
The LockStraps’ last component is a lock that holds the straps together. The Carabiner must be unlocked and locked by the user. Use one Carabiner to unlock and another to lock.
What are the advantages of LockStraps?
LockStraps are made with durability and strength in mind, allowing users to secure loads using quick, easy, and simple tie-downs.
Are they impenetrable to theft?
No, the strap is not thief-proof, however it can assist prevent theft when used properly.
Is it possible to padlock a ratchet strap?
Yes. Users can also use a padlock to secure Ratchet Straps if they don’t have any extra LockStraps.
What exactly is the function of a ratchet strap?
A ratchet strap is intended to easily tighten weights. It’s really rapid, uncomplicated, and simple to use, which makes it appealing to people that need to secure cargoes swiftly and efficiently.
Is LockStraps available for purchase?
Yes. LockStraps are distributed globally.
How much does LockStraps delivery cost?
The cost of shipping will be calculated based on the kind of shipment and the destination country.
Can I use LockStraps in conjunction with a hitch?
Yes, as long as it’s level, safe, and secure. The Hitch is also fixed to the vehicle in a solid location to keep the load from moving when driving or loading and unloading.
What is LockStraps’ return policy?
LockStraps offers a 30-day return guarantee on all goods as long as they are in excellent condition and have not been used.
How many parts are shipped in each shipment of LockStraps?
Each package contains four straps. There is also one set of locking carabiners and one padlock to safeguard the cargo against theft.
Are LockStraps superior than traditional tie downs?
No, the primary goal is to secure cargo before they reach the road, whether for recreational or commercial purposes.
How can I make a payment for LockStraps?
LockStraps accepts major credit cards such as Visa, MasterCard, and American Express.
Is LockStraps safe to use?
Yes. Underwriters Laboratories (UL) has certified LockStraps as a Class I device that customers may use safely.
Where can I find out more about LockStraps?
Customers may learn more about LockStraps and their goods by visiting their Facebook page @Lockstraps or visiting their website www.Lockstraps.com.
