Entrepreneur Rick Hopper pitched his glasses magnet holder during
If you’re short on time, here’s a quick overview of what happened to ReadeRest after
Rick Hopper appeared on
|Lori Greiner||Accepted deal for $150,000 for 65% equity|
|Mark Cuban||No offer|
|Daymond John||No offer|
|Kevin O’Leary||No offer|
|Robert Herjavec||No offer|
Shark Tank ReadeRest Specsecure Update
- Entrepreneur: Rick Hopper
- Business: Magnet for glasses
- Ask: $150,000 for 15% equity
- Result: $150,000 for 65% equity
- Shark: Lori Greiner
Rick entered the tank and delivered an entertaining presentation, demonstrating how the ReadeRest worked. He pointed out that hanging your reading glasses in your shirt collar, oftentimes leads to your glasses falling in the toilet.
Likewise, most people don’t want to hang them from a chain around their neck either.
His solution is the ReadeRest, which he developed using strong magnets. You basically place one magnet inside your shirt, then the front magnetic bar, goes on the outside for hanging your glasses.
He shows how durable the product is, and how no matter what your activity is, the glasses will stay in place.
Kevin O’Leary was interested in the sales based on the valuation. Rick said he’d done sales generating $65,000 during a market test, but he was going through inventory too quickly and had to go back to production during the previous few months.
Robert Herjavec asked if Rick made the ReadeRest himself, and he said he did and that he’d hand-glued over 100,000 magnets. Lori Greiner was surprised that they weren’t made in a factory.
We’ve partnered with six companies to put together a Shark Tank Stocking Stuffer Box that’s worth $100! Here’s everything that’s in the box:
- Sheets Laundry Club Travel Packs x2
- Honey Bee Bars - 12 Pack
- Snactiv Finger Chopsticks
- FryAway Cooking Oil Solidifier
- Pizza Pack
- Nature’s Wild Berry Sampler Pack
Kevin asked how much Rick sold them for and was told they retailed between $9.99 and $19.99. The sharks thought that was expensive, but Rick told them the magnets were expensive to manufacture.
He also said he owned the patent after securing it for $5,000.
Daymond eventually went out, and Lori said maybe Rick wasn’t a salesman or good at marketing. Despite this, she made an offer of $150,000 for 65% equity.
Additionally, she assured Rick that she would put the product on TV, because it was a winner when in the right hands.
Lori reiterated that she could get it on TV and on infomercials. Besides, this was the only offer on the table at that time.
Rick countered for 49% of the company, because he was wary of giving up so much of the business.
At this point in the pitch, Robert didn’t really see the value of the product, so he inevitably went out, followed by Kevin. Mark Cuban said he was processing, but Lori said she wanted an answer from Rick before Mark would say anything.
Rick wanted to hear what Mark had to say, however Mark went out based on better options being on the table.
Lori said this was her final offer, and that she would bring him money. Rick finally agreed, and they had a deal of $150,000 for 65% equity.
What do you think happened following
Our ReadeRest update reveals that the partnership between Lori and Rick was a huge triumph. The product was featured on QVC and immediately sold out.
By the end of 2012, they had $6 million in sales. The company is still a hit today, making around $5 million in annual revenue.
You can find their offerings on the ReadeRest website, and also on Amazon. The company also now sells readers.
ReadeRest has gone on to also be featured by Forbes, and Good Morning America.
If we learn anything new about the company, we will certainly let you know. In the meantime, you can check out our other company updates from Season 3 Episode 6.
Follow the links below to find out all about them!
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!