What Happened to My Wonderful Life after the Shark Tank Pitch?
What is My Wonderful Life?
My Wonderful Life is a free web service that enables anyone to pre-plan their own funeral. My Wonderful Life is an easy and exciting way to arrange and personalize your own or a loved one’s funeral in a way that reflects their life.
Who Founded My Wonderful Life?
Nancy Bush and Sue Kruskopf of Minneapolis, Minnesota founded the company.
Sue Kruskopf and Nancy Bush saw first-hand the importance of funeral and memorial planning when Nancy’s husband, John, died of cancer at the age of 53.
Despite being ill for nearly a year, he struggled to explain his burial wishes to his family, believing he would be giving up something if he died.
Nancy’s friends and family ultimately got together to plan an extraordinary farewell celebration for an exceptional husband and father of three.
Sue and Nancy couldn’t help but reflect on how much easier it would have been for him to communicate his wants or even to leave words and tributes for the loved ones he left behind following that incident.
That is the origin of My Wonderful Life.
What Happened to My Wonderful Life During the Shark Tank Pitch?
Nancy Bush and Sue Kruskopf made their Shark Tank Season 3 Episode 1 debut in quest of $100,000 in exchange for a 10% share in their business. This translates to a valuation of $1 million.
They begin with an unexpected question. “How many of us will perish in this place?” The Sharks raised their hands tentatively to debate the business proposition.
Individuals can utilize the website to create their own services and communicate their own end goals.
Bush and Kruskopf are certain that enough people will begin with the free internet service and then upgrade to the commercial options they provide.
Kruskopf illustrates how the website might be used to coordinate and even pre-pay for funeral services by referencing “Mr. Wonderful,” Kevin O’Leary.
O’Leary is intrigued by the women’s business plan and how they hope to make revenue. Bush adds that they recently partnered with a large insurance company to create a product called the “My Wonderful Life policy,” which is an insurance policy that enables individuals to pre-pay for their own funerals.
My Wonderful Life receives a 5% commission on each policy sold.
According to Kevin O’Leary, the vast majority of individuals arrange for funerals through their funeral parlour.
The insurance company receives the monies for the pre-paid funeral, while the My Wonderful Life team retains 5%. Mark Cuban interrupted, enquiring as to the standard transaction price.
They did not react, instead implying that they would pocket $250 if the buyer paid $5,000.
Robert enquired as to the subscription count. The total is 7,000 in three years, which is exceptional until they inform him that they have made no money.
Mark Cuban inquires as to the exclusivity of the insurance contract. “That’s a killer to me,” he responds when the females reject him. The business is not proprietary, which is a significant concern.
“This was an intriguing concept,” O’Leary adds, “but as a business approach, I see a slew of issues.” There is nothing proprietary about it; you have been enslaved by an insurance company, gaining clients is tough, and you are competing against funeral homes, who have no incentive in giving you with business.”
Mark Cuban believes the lady has not gone far enough in preserving and maintaining the company. They are far more susceptible to imitators and competition.
Cuban is the first to resign, citing a lack of revenue.
“I suppose I’ll have to wait until I die to get my money back,” Daymond John continues. “I am departing.”
Barbara Corcoran warns the women that they have “arrived prematurely” and that their model has not been evaluated. She has departed.
They “haven’t gotten out of the starting gate,” according to Robert Herjavec. He has departed.
Kevin O’Leary is the final Shark to be removed from the competition. Without a Shark agreement, the ladies exit the stage.
What Happened to My Wonderful Life Following The Shark Tank Pitch?
On the night the episode aired, the website’s traffic increased by nearly 1,000%, and the influx of new users was enough to keep My Wonderful Life functioning.
Today, the website is still active, and the social media platforms are continuously updated, showing a successful business.
Whereas the Sharks were unable to see a profit margin, the ladies of My Wonderful Life maintained their faith in their business and successfully transformed a unique concept into a viable operation.
In 2019, the firm was defined as “the largest online funeral planning tool developed to aid individuals in creating inspiring and pleasurable memorial ceremonies.”
As of July 2021, the business is still operating and makes $900,000 in annual revenue.
What is the Net Worth of My Wonderful Life?
Nancy Bush and Sue Kruskopf went on Shark Tank looking for $100,000 in exchange for a 10% interest in their business. This translates to a valuation of $1 million.
The Company’s current valuation is clearly greater as a result of its growth.
Who are My Wonderful Life’s Competitors?
My Wonderful Life competes directly with Dignity Memorial.
My Wonderful Life FAQS
1. What is My Wonderful Life?
My Wonderful Life is an online funeral planning service that aims to facilitate personalized funeral and memorial services by providing a fun and functional website where individuals can create their own personalization plans.
2. Who are the owners of My Wonderful Life?
Nancy Bush and Sue Kruskopf of Minneapolis, Minnesota founded the company.
3. What is My Wonderful Life’s revenue?
The business generates $900,000 in annual revenue.
4. How much money has My Wonderful Life earned?
The company has earned $0 to date.
5. Who are My Wonderful Life’s competitors?
The closest, major service providers is Dignity Memorial, which is well-established and dominates the market.
6. Where is the headquarters of My Wonderful Life?S
My Wonderful Life is based in Minneapolis, Minnesota.
7. How much was My Wonderful Life seeking in the Tank?
The ladies were seeking $100,000 for 10% of the company.
8. What happened to My Wonderful Life during the Shark Tank?
Nancy Bush and Sue Kruskopf were not able to secure any Shark agreement. They exited the Tank.
9. What is My Wonderful Life’s website?
The website for My Wonderful Life is www.mywonderfullife.com
10. Can somebody open an account on behalf of someone else?
If they wish to be active on the site, they may guide them through the procedure and help them choose a password.
11. When was My Wonderful Life aired on Shark Tank Pitch?
My Wonderful Life was aired on Shark Tank pitch on January 20th, 2012.
12. Is My Wonderful Life still business?
The firm is still in operation and generates $900,000 in yearly sales as of July 2021.
