Vance and a friend had traveled to Florida to attend a friend’s wedding,Īnd since they all enjoyed it, planned a fishing trip together as well. Vance had noticed that there was a lack of products in the market that made it easier to cut heavy lines and, therefore,Ĭreated Vance’s own and called it Line Cutterz. Vance had a relatively common hobby of fishing, but unlike other anglers, Vance turned his hobby’s biggest problem into a business. $2 Million Line Cutterz Before and After Shark Tank Line Cutterz’s net worth is $2 million by 2023. He struggled to accept the offer before countering at 33%, which Daymond eventually accepted. Zahorski countered Daymond at 25% equity, but he declined because of Vance’s perceived value. With the Wireless Leash, ZOMM Wireless Leash, a handy Safe Driving Kit for your phone and the brand new Lifestyle Connect using the same technology, this company has made tremendous strides within thelast year.Within a year following Vance’s appearance on the investment show, Line Cutterz made more than double the amount John invested, and it has only continued to grow from there,ĭespite initially turning down a retail offer from Walmart to sell the product in its stores, the product can now be found at multiple Line Cutterz locations and various other retailers. This business may of had the highest valuation of any company ever featured on the Shark Tank, but did the Sharks make a mistake and let a true whale get away? It appears that might be the case because the Zomm Business seems to be flourishing with even more new products added to its impressive line up. With beefed up servers already expecting a flood of new traffic, the Zomm site was still not able to keep up with all the interest. The good news is they got completely overwhelmed with new fans andorders after being featured on the Show as the Shark Tank Effect took hold. The bad news is Henry and Laurie had $2 million worth of inventory during their Shark Tank appearance. She alsoproceeds to go out with the remaining Sharks leaving Henry with no deal on the Shark Tank Show. Lori Greiner really likes the Zomm technology and thinks it would be a big hit on QVC, but these numbers are not adding up and senses there is more to the story than whats being told. With a $10 million lower valuation from the past, Robert Herjevic gets he feeling the Business might not succeed and he also goes out as well.īrowse Our Huge Selection of Official Shark Tank Products: Mark Cuban seems convinced this company has grown too fast which has him going out without any offer. What didn’t make any sense was the valuationof $30 million when the first investor put in $5 million, and now on the shark Tank Show the valuation was lowered to $20 million which had all the Sharks questioning how solid this investment would be.ĭaymond John asks how much research and development has been put into this wireless leash for iPhones? Henry says they have put over a million dollars to develop the product. While already on track to clear $2 million for the year, why on earth would Henry want to sell a 10% stake in the company and bring in additional partners? That’s a great question the Sharks were finally able to answer when it was revealed he was sitting on over $2 million in inventory left over from the Christmas season.Įarlier that year the Zomm won 3 awards from the International Consumer Electronics Show in the Personal Electronics, Health & Wellness and Wireless Handset categories which certainly added to its credibility. The Penix’s invested $4 million of their own money in the Zomm technology,with an additional$5 million coming from another Angel Investor. In 2011 sales were $5 million, with 2012 sales on track to sell $7.2 million with $2 million in net profit. Starting negotiations with the Sharks putting a $20 million valuation on the company you best have some sales too back it up, and they did. Henry Penix walked into the Shark Tank looking for a $2 million dollar investment in exchange for 10% equity stake in the Zomm Business. Starting with Zack, Olivia and Madison, with the additional M standing for Mom, completes the Zomm Brand name. The inventors of the Zomm, Henry and Laurie Penix from Tulsa, Oklahoma, came up with the name using the first letter of their kid’s name.
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