Byron admitted that the profits had only been approximately $100,000, and explained that it was because he had set up all other areas of the business in preparation for the expansion, and had now reached ‘critical mass’ in terms of his current sales opportunities. He asserted that he had everything in place to expand the business, a store at The Mall of America, manufacturing procedures and administrative support, but he needed a strategic partner, someone to help him open doors with big retailers.ĭaymond John picked up on Byron’s roundabout description of his recent business expenses and asked what profits had been achieved from the $1.4 million in sales the previous year. All the sharks were impressed with that revelation, even Kevin confirmed that he liked that story, but he still wanted information about sales figures, ‘Tell me about the numbers’ he prompted the entrepreneur.īyron confirmed that in the previous year sales had been $1.4 million, and the sharks looked impressed, Byron continued by telling the sharks that he saw the CordaRoy’s business as being worth at least $5 million a year. He told the sharks that he had applied for and been awarded, a utility patent for the CordaRoy’s beanbag, and the company had twice defended the patent in court against much larger companies. Kevin shared his opinion that sales would need to be at least $200,000 a year in order to justify the valuation.īyron didn’t look unsettled in the least by Kevin’s challenging statement. He asked Byron, slightly menacingly, if he was claiming the sales were so impressive that the business was worth the million dollar price tag. Kevin O’Leary wasn’t looking quite so comfortable about Byron’s valuation of $1 million. Lori confirmed it was very cozy and tried the bed too, agreeing with Byron that it was an excellent product. She sat down in it and Robert Herjavec asked if it was comfortable. Lori Greiner wanted to try the beanbag out for herself. Byron unzipped the case of the beanbag, and pulled out the insides, and announced to the interested looking sharks ‘And there’s a bed inside’. He revealed that the super soft foam filling was designed to support the body evenly because it had no pressure-points, but that wasn’t all. The friendly and positive entrepreneur launched straight into his polished and well-presented pitch by telling the sharks that the CordaRoy’s beanbag was the most comfortable bean bag on the market, ‘It’s like sitting on a cloud’ he asserted. When Byron entered the tank, in March 2013, he was hoping to gain a $200,000 investment for 20% equity in the CordaRoy’s business. The producers were impressed by his enthusiastic and likable personality and surprised the beanbag businessman by accepting him there and then. In mid-2012 Byron attended a local casting audition for Shark Tank but had no real hope of being successful. The CordaRoy’s business made steady and consistent sales, eventually, Byron managed to outsource the manufacturing process to a third-party but still found he had no additional funds to market his product. He looked for additional investment at conventions across America but was unable to attract a new partner. Although he could only make five units per day initially, he was easily able to sell them. From a bean-bag to a bed, as easy as 1-2-3īyron launched the CordaRoy’s company and spent those early days making bean bags himself in his garage.
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