Cut Buddy Update | Shark Tank Season 9

Joshua Esnard struggled to get clean lines cutting his own hair, so he created a DIY template to solve the problem. This success with his own solution led him to turn it into a business, Cut Buddy, for others facing similar challenges. The company is growing fast, and needs a shark’s expertise in scaling manufacturing and distribution. Were the sharks interested in cutting a deal? Let’s find out in our Cut Buddy update and pitch recap. 

If you’re short on time, here’s a quick overview of what happened to Cut Buddy after Shark Tank.

Joshua Esnard pitched Cut Buddy in Shark Tank Season 9, seeking $300,000 for 10% equity. After his pitch, he struck a deal with Daymond John for $300,000 for 20% equity.

In terms of a Cut Buddy update, the company secured a major licensing deal and garnered significant media coverage, including features in Forbes and The Today Show. They also received a follow-up segment in Season 10, highlighting their continued progress. Their annual revenue has now reached an impressive $5 million.

Shark	Result
Daymond John	Accepted offer of $300,000 for 20% equity
Kevin O’Leary	$300,000 for 5% equity + $1.50 per unit until $1,000,000 is recouped.
Lori Greiner	No offer
Mark Cuban	No offer
Robert Herjavec	No offer

Shark Tank Cut Buddy Pitch

• Entrepreneur: Joshua Esnard
• Business: Hair-cutting tool for at-home use
• Ask: $300,000 for 10% equity
• Result: $300,000 for 20% equity
• Shark: Daymond John

Joshua Esnard, an immigrant from St. Lucia, faced a common problem growing up. His parents didn’t let him visit a barber, and he disliked his father’s haircuts, which weren’t as stylish as those of other boys. 

This frustration led him to start cutting his own hair. Eventually, he created Cut Buddy, but kept it on the shelf for 15 years. But now, he is ready to pitch it on Shark Tank. 

Joshua introduced Cut Buddy, a hairstyling and beard grooming tool. It’s designed to help people achieve professional-looking haircuts and beard trims at home. 

Cut Buddy is perfect for those who want to save money on salon visits, avoid long waits for appointments, or prefer to style their own hair and beard. 

The product promises clean and precise hairlines and beard lines, eliminating uneven cuts.

A key feature of Cut Buddy is its transparent design, allowing users to see exactly where they are cutting.

It also comes with multiple cutting guides for different beard and hair lengths.

In just over a year, Joshua’s business made $700,000 in sales in 2016, mainly through YouTube affiliates and viral marketing on Facebook.

Kevin O’Leary offered $300,000 for 5% equity with a royalty of $1.50 per unit until he received $1,000,000.

Mark Cuban exited the deal without explanation.

Robert Herjavec didn’t understand the product and dropped out.

Daymond John offered $300,000 for 20% of the company.

Lori Greiner exited because he already had two good offers. 

Joshua countered Daymond with $300,000 for 12.5%, which Daymond declined. After thinking about it more, he eventually accepted Daymond’s original offer. 

Did Joshua make the right choice? Let’s find out in our Cut Buddy update.

Shark Tank Cut Buddy Update

Since airing on Shark Tank, Cut Buddy has experienced massive success. They have been featured in Forbes, GQ, The Today Show, and many other outlets.

Unit sales surpassed 100,000, and the company secured a licensing deal with hair care industry leader Andis, placing Cut Buddy on store shelves nationwide.

In 2018, our Cut Buddy update found that they partnered with Puff Cuff, a hair clamp designed to assist with trimming thick, curly hair.

Joshua also launched Truffletopia, a business focused on sourcing high-quality truffles from Europe.

Cut Buddy received a follow-up segment in Season 10. The update revealed Joshua had sold 300,000 units and expanded his retail presence, including distribution at Walmart.

The COVID-19 pandemic further bolstered Cut Buddy’s success. The closure of salons and barbershops led to a surge in sales, exceeding one million units.

In January 2022, Joshua announced plans to open Cut Buddy to public investment.

By April of that year, the company had raised over $156,000 through an equity crowdfunding platform called Seed At The Table.  

As seen on their website, they have expanded their product offerings to include Cut Buddy-branded trimmers and shavers manufactured by Andis.

In July 2022, our Cut Buddy update found that it grew its retail presence and is now being stocked in stores like Walmart, Target, Meijer’s, T.J. Maxx, Burlington, Zulily, Touch of Modern, and hundreds of other locations.

Since airing on Shark Tank, Cut Buddy’s annual revenue has reached nearly $5 million. We’re calling this Cut Buddy update a success!

You can find the other company updates from Season 9 Episode 11 here:

• ProntoBev Update
• Slumberkins Update
• Reely Hooked Fish Co. Update

For more updates, be sure to check out our Shark Tank Season 9 page.