Lockers are small and hard to keep organized. That’s why Greg Cronin and Stephen Coachys have come up with a product to help kids keep their lockers neat and orderly. Will they earn an A+ and a deal on
Shark Tank Lockerbones Update
- Entrepreneurs: Greg Cronin, Stephen Coachys
- Business: Locker organizer
- Ask: $175,000 in exchange for 10% equity
- Result: $175,000 in exchange for 50%, divided equally among Lori and Robert
- Sharks: Lori Greiner, Robert Herjavec
Business partners Greg and Stephen brought their locker organizers to the tank. The idea behind their company, Lockerbones started when Greg made some interlocking wooden shelves to help his middle-school daughter keep her locker arranged. The product became popular at the school and that’s when Greg partnered with Stephen.
The locker organizers retailed from about $30-$40, depending on the number of shelves. 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. They came to the sharks seeking an investment so they could bring down their costs.
Kevin O’Leary questioned why they hadn’t gone to Staples and pitched their 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. It turned out later in the conversation that it was a consignment offer, meaning Lockerbones would have to buy back any unsold product.
Mark Cuban thought the two had been striking out in their attempts to market to big retailers, and didn’t like their approach. Kevin said they didn’t have a real distribution plan. Barbara Corcoran agreed that they were going about the business all wrong. Mark, Kevin and Barbara were 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. What happened next for their company? Keep reading our Lockerbones update to find out!
We have some mixed news to share in our Lockerbones update. The company was contacted by Staples just a few days after the 2014
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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!