Entrepreneur Travis Perry pitched his guitar training system during
If you’re short on time, here’s a quick overview of what happened to Chord Buddy after
Travis Perry appeared on
|Robert Herjavec||Accepted deal for $125,000 in cash, with $50,000 in escrow for an infomercial|
|Kevin O’Leary||$125,000 for 20% equity, with personal endorsement, plus an infomercial and other branding for 12 months|
|Daymond John||$125,000 for 20% equity, plus a celebrity endorsement|
|Barbara Corcoran||$175,000 for 20% equity, with a contingency that $50,000 would go on an infomercial|
|Mark Cuban||No offer|
Shark Tank Chord Buddy Update
- Entrepreneur: Travis Perry
- Business: System for learning the guitar
- Ask: $125,000 for 10% equity
- Result: $175,000 for 20% equity, with $50,000 in escrow for an infomercial
- Shark: Robert Herjavec
Long time musician Travis Perry, walked into the tank and charmed the sharks with his presentation. He introduced them to the Chord Buddy, and showed everyone how it worked.
- RIGHT HAND CHORDBUDDY: For right handed players who strum with the right hand & make chords with left. For full size guitars measuring 1.5" - 1 7/8" across neck at nut & 4” nut to 3rd fret.
Travis says that he has taught thousands of people to play the guitar, but sadly, he’s also seen many quit. Since it can be a frustrating instrument to learn, he decided to come up with a no-fail way to play.
You basically begin with a set of buttons that slips over the frets, and you just push down the button with your left hand, and strum with your right.
Over time, you can remove the button, and put your finger on the string, with the Chord Buddy guide still on your frets. Over time, you can remove the Chord Buddy altogether, and hold the chords down on your own.
Additionally, the complete two-month training system is patented, which also includes a DVD. Further, it retails for $49.95, and only costs $9 to make.
Travis invites Robert Herjavec to play a few notes on the guitar, after he says he’s always wanted to know how to play. Robert, and the rest of the sharks are extremely impressed with how easily he could play.
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Then, Kevin O’Leary asked about the numbers. Travis told him that since the company started, he’d made $500,000 in sales, and that he also had purchase orders in progress for another $100,000.
He was expecting another purchase order from Sam’s Club. He also said everything was USA-made, and Mark Cuban congratulated him for that, though Kevin tried to ask about why he wasn’t manufacturing in China.
Travis held his ground, and the other sharks had his back on it.
Eventually Kevin said he didn’t like the valuation, but despite this, he offered $125,000 for 20% equity. The deal also included his personal endorsement, plus an infomercial and other branding for 12 months.
Daymond also offered $125,000 for 20% equity, eventually sweetening the pot by promising a celebrity endorsement.
However, Mark ultimately went out because he didn’t trust that Travis would be able to scale the company while also being a father.
Barbara offered $175,000 for 20% equity with a contingency that $50,000 would go on an infomercial. She believed in Travis’ personality carrying the company.
Robert offered $125,000 for 20% equity, matching Kevin and Daymond. Although, he didn’t think Travis needed to do the infomercial.
At this point in the pitch, Travis had four offers to choose from, with all sharks in play. He thought about it, then turned to Robert and asked him if he would match Barbara’s offer.
Robert said he would offer $125,000 in cash with $50,000 in escrow for an infomercial. Travis accepted Robert’s offer and left the tank with a deal.
What do you think happened following
Our Chord Buddy update shows that the company continued to enjoy great success after its appearance on
The company continues to be in business, and makes around $1 million in annual revenue. You can check out the system on the Chord Buddy website, but it’s also available on Amazon.
In addition to Chord Buddy, Uke Buddy is not also available for those wanting to learn to play the ukulele in a fast and easy way.
If we learn anything new about this company, we will certainly let you know. However, in the meantime, you check out our other company updates from Season 3 Episode 3 here:
For even more on companies and products, be sure to stop by our Season 3 Products Page!
Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!