What Happened to Tie-Not After Shark Tank?
What is Tie-Not?
Tie-Not is a company that makes two items that let consumers tie knots for little water balloons. Water balloon warfare is far more exciting than balloon wars.
It is a patented tool made in the USA out of recycled materials used to tie water balloons quickly and easily.
No one enjoys the hassle of filling the balloon with water and, especially, tying the tiny knots. This is addressed by the Tie-Not filler and the Tie-Not tying stick.
This means that by simply hooking it to a regular garden hose, the operation may be finished in seconds. The toys, however, function separately, with the tying stick capable of tying off balloons that have been blown up by air.
Tie-Not was founded in 2010 by Wayne Sikorcin and Scott Smith. Wayne has always been a craftsman and artist, having owned and managed his own company, Craftsman Tool, and Mold, which specialized in plastic base molding, for over 35 years.
Scott has a background in sales and formerly worked at Craftsman as a sales director. He now lives in Michigan and works as the Director of Sales at DME Firm, a plastic molding company.
Who is the founder of Tie-Not?
Tie-Not was founded by Wayne Sikorcin and Scott Smith. Wayne launched the company after his wife asked him to fill 150 water balloons for a family picnic. Unfortunately, he only finished 15 of the duties before giving up and requesting the help of his children.
The revolutionary gadget, known as a tying stick, swiftly ties a water balloon. Tie-Not, they claim, makes tying water balloons as pleasant as filling them.
The company also sells water balloon fillers, launchers, balloons, and bubble machines.
Tie-Not was licensed to the Imperial Toy Firm in 2012 after Sikorcin started the company in 2011. They’re presently available on Amazon, just in time for water balloon season this summer.
What Happened to Tie-Not at Shark Tank pitch?
In episode 527, Wayne Sikorcin and Scott Smith attempt to acquire a Shark investment for their invention, Tie-Not. It’s a gadget that wraps up water balloons quickly and neatly. Tie-Not was seeking a Shark to help them obtain exposure, payment for transactions, and access to substantial box shops.
Wayne and Scott appeared on Shark Tank seeking $125,000 in return for a 10% stake in their company, worth $1.25 million.
They give their presentation and demonstrate how to fill water balloons onstage. Scotts throws a balloon to Mark, who catches it successfully. Kevin goes onstage to try it out, then flicks his balloon towards Barbara on his way back to his chair.
In its first year, 2010, they made $112,000 in income. Each item costs $4.98 to produce and costs $1.50 to sell.
They tell the Sharks of their licensing deal with the Imperial Toy Company. The company gets royalties ranging from 7% to 11% and earned $385,000 in 2012.
The licensing agreement is automatically renewed yearly. The Sharks questioned the valuation after learning about the licensing deal.
Mark claims that he was not a toy fanatic; instead, he went out. Robert likes toys but not their monetary worth; he also goes out.
Robert thinks it’ll sell well on QVC, but Lori thinks it’s too cheap; she also went out.
Kevin’s business isn’t successful enough for him; therefore, he’s also goes out.
Barbara offers $125,000 in return for a 25% ownership in the company. The first $50,000 will be paid in cash, and the remaining $75,000 will be funded through a line of credit.
Scott offered $50,000 cash and a $100,000 credit line in return for 18% equity, but Barbara was insistent.
He responds with 20% equity shares once more, but Barbara refuses to budge. The guys refuse to take 25% equity and walk away from the pitch without a deal.
What Happened to Tie-Not After Shark Tank?
After the intended air date, the guys went forward with the Imperial Toy license deal. Furthermore, they kept their “day jobs” (Wayne owns a tool and mold shop, and Scott runs Sales Pro, Inc.).
In November 2019, Imperial Toy filed for Chapter 11 bankruptcy protection. Imperial claimed to have a “shadow purchaser,” but the purchaser never emerged.
In February 2020, a petition to convert to Chapter 7 bankruptcy was filed. As of August 2021, there is no new information about the case.
Although the Tie-Not website and social media accounts have been removed, the merchandise is still available on Amazon.
Imperial filed for Chapter 11 bankruptcy protection in November 2021 to facilitate an asset purchase arrangement with Ja-Ru, Inc. It’s unclear whether the license arrangement with Tie-Not will be renewed.
Net Worth of Tie-Not
The firm was valued at $1.25 million during the pitch. Since then, the company has gone out of business; therefore, the net worth is not available.
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Tie-Not FAQs
What is Tie-Not?
Tie-Not is a firm that makes a product that helps customers tie knots for little water balloons. The two devices work separately, with the tie-not filler tying off blown-up balloons and the tie-not tying stick securing water balloons.
Who is the owner?
Wayne Sikorcin and Scott Smith created the firm. Wayne has always been a craftsman and artist, having owned and managed his own company, Craftsman Tool, and Mold, which specialized in plastic base molding, for over 35 years.
How much did they ask for on Shark Tank?
They were asking for $125,000 in exchange for a 10% stake in their firm, which was worth $1.25 million.
Were they able to close the deal?
No, they did not have the deal at the time of the pitch.
Is Tie-Not still in operation?
Tie-Not is no longer in operation. Tie-Not was a Shark Tank competitor in 2012 who did not appear on the show after the agreement was made.
Tie-Not filed into Chapter 11 bankruptcy in November 2019 and was sold to Ja-Ru, Inc. Tie-assets Not’s were auctioned off in November 2021 by Ja-Ru, Inc., who planned to sell all of the company’s goods to other firms to remove obligations.
Where was Tie-Not located?
The headquarters of the corporation are in Chicago, Illinois.
What did Tie-Not stand for?
Tie-Not is an abbreviation for Tie-Not Water Balloon Filler and Tying Stick.
How was Tie-Not work?
Tie-Not was made up of two parts: a balloon filling and a tying stick. Both were produced under the Tie-Not brand.
Was Tie-Not a scam?
No, Tie-Not was a legitimate startup looking for an investment from the Sharks.
What did Tie-Not look like?
The tie-not was a tiny cylinder made up of two linked sections. The filling tube featured a rubber stopper on both ends and carried 2-5 balloons, while the tying stick was available in various lengths to accommodate client preferences.
How much did Tie-Not cost?
However, it is unknown how much Tie-Not costs; the balloon filling and tying stick were marketed at $4.
Was Tie-Not shipping?
Yes, both products were being shipped.
What was Tie-Not warrant?
The firm stated that its goods were assured for one year from the date of purchase against flaws in workmanship and materials.
Where can I buy Tie-Not products?
Both Tie-Not product lines are no longer on the market.
What types of payment did Tie-Not accept?
Tie-Not accepted cash and credit card payments.
