Buffer Bit Update | Shark Tank Season 5
Mike Quinn says his shoe-polishing drill attachment is what all men need to look their best. Will the sharks agree, and give Mike a deal on
Shark Tank Buffer Bit Update
- Entrepreneurs: Mike Quinn
- Business: Polishing drill bit
- Ask: $75,000 in exchange for 25% equity
- Result: No deal
- Sharks: None
One day Mike was headed somewhere nice, when he realized he needed to polish his shoes quickly. He attached a piece of furry material to an electric drill, and the Buffer Bit was born. A provisional patent had even been granted for his product.
Mike told the sharks that a stand-alone shoe-shining tool can cost as much as $100, but his attachment cost only about $20. Each polishing drill bit cost Mike $9 to make. He had been in business for nine months and had $30,000 in sales. Big home improvement retailers liked his product, but he hadn’t been successful in persuading them to sell it due to his small scare production.
Mark Cuban told Mike that the one product wasn’t big enough to make a company, and there wasn’t much of a structure or plan for what little he did have. Lori Greiner felt that with clothing becoming much more casual, shoes that needed polishing may soon be obsolete. Daymond John agreed, saying he didn’t see the application for it.
Kevin O’Leary said he would love to buy a Buffer Bit, but he would not invest in Mike’s company. Robert Herjavec said having a clean pair of shoes was important, but he wouldn’t buy the product. All sharks were out, and Mike walked away empty-handed. What then became of his company? Keep reading our Buffer Bit update to find out!
Let’s get to the Buffer Bit update! The company is still in business in 2023, but with a new focus. It turns out, with a few tweaks, Mike’s attachment makes a great chrome polisher and is now popular among detailers and car lovers. The product line expanded with more variations for different types of detailing, and can be ordered through the Buffer Bit website.
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