Every year, 1.9 million Americans receive the remains of their cremated loved ones in a bag. That’s why Justin Crowe came up with a more meaningful way to appreciate such remains, by turning ashes into stones. Will he earn a deal on
Shark Tank Parting Stone Update
- Entrepreneurs: Justin Crowe
- Business: Cremation alternative
- Ask: $400,000 for 5% equity
- Result: $400,000 for 10% equity + $20 royalty for DTC, $12.50 royalty for BCB
- Sharks: Lori Greiner and Kevin O’Leary
Justin’s company, Parting Stone, presents people with their loved ones remains in a different way than traditional ashes. The company works with funeral homes and creates a natural collection of stones to represent a person once they pass away.
The total cost for human stones is $995 and that usually results in a collection of 40 or more stones per person. Dogs and cats are around $500 and usually result in 10 stones.
Kevin O’Leary wanted to learn about Parting Stone’s financial numbers over the last three years. Justin explained how the company generated $350,000 in 2020.
Moving ahead to 2021, Parting Stones netted a loss of $800,000, despite having gross numbers in excess of $800,000. The company was expected to net a similar loss in 2022 according to Justin while generating more than $1.3 million in total gross revenue.
Mark Cuban had a business conflict so he had to drop out. Guest shark Gwyneth Paltrow went out next, stating the market was outside of her wheelhouse.
However, Lori Greiner and Kevin O’Leary teamed up to offer $400,000 for 20% equity, and Justin countered them for 7%.
Barbara Corcoran initially dropped out but came back in to make an offer of $400,000 for 10% equity and wanted a $20 royalty per person that used the service.
Lori and Mark countered Justin again, this time matching Barbara’s offer. Justin went ahead and accepted Lori and Kevin’s offer, but what happened next? Keep reading our Parting Stone update!
We have great news to share in our Parting Stone update! The company is still in business and is definitely benefiting from securing a deal on
At the time of airing, Justin told the sharks that the service would only cost about $995 per person that used the service. Apparently, he has taken the shark’s advice to massively raise the price, because the Parting Stone website now lists the service cost at $2,495.
While the price jump is a lot, this should help the company become profitable. With the increased price, exposure to new customers, and Lori and Kevin on the team, we are confident that our next Parting Stone update will be even better.
Do you want to learn about the other companies featured in Season 14 Episode 19? Follow the links below for our other company updates from the episode.
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Jeremy is a regular contributor at Shark Tank recap. He has a ton of passion for the show and enjoys researching information about what all the companies are up to now. His favorite Shark Tank companies are The Cookie Dough Cafe and Kronos Golf!