#STAPLES LOCKER SHELF UPDATE#

#STAPLES LOCKER SHELF UPDATE#

What happened next for their company? Keep reading our Lockerbones update to find out! Robert Herjavec and Lori Grenier teamed up to offer $87,500 each in exchange for 25% each, for a total of $175,000 for 50% equity. Stephen and Greg ultimately accepted the deal. Barbara Corcoran agreed that they were going about the business all wrong. Kevin said they didn’t have a real distribution plan. Mark Cuban thought the two had been striking out in their attempts to market to big retailers, and didn’t like their approach. It turned out later in the conversation that it was a consignment offer, meaning Lockerbones would have to buy back any unsold product. Greg said they already had a potential 10,000 unit order from Amazon for the wood version, but they didn’t have the manufacturing capital to fulfill it. Kevin O’Leary questioned why they hadn’t gone to Staples and pitched their product. They came to the sharks seeking an investment so they could bring down their costs. In two years, the company had sold just 500 units of the all-wood version. The guys thought part of the problem may be the price, but wood is expensive so they couldn’t cut costs much. The locker organizers retailed from about $30-$40, depending on the number of shelves. The product became popular at the school and that’s when Greg partnered with Stephen. The idea behind their company, Lockerbones started when Greg made some interlocking wooden shelves to help his middle-school daughter keep her locker arranged.

Result: $175,000 in exchange for 50%, divided equally among Lori and Robertīusiness partners Greg and Stephen brought their locker organizers to the tank.

Ask: $175,000 in exchange for 10% equity.

Entrepreneurs: Greg Cronin, Stephen Coachys.Will they earn an A+ and a deal on Shark Tank Season 5? Find out in our Lockerbones update! Shark Tank Lockerbones Update That’s why Greg Cronin and Stephen Coachys have come up with a product to help kids keep their lockers neat and orderly. Lockers are small and hard to keep organized.

Staples locker shelf