Shark Tank StepNPull Update | Hands Free Door Opener
The StepNPull hands free door opener appeared on
Shark Tank StepNPull Update
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Shark Tank StepNPull Recap
- Entrepreneur: Mike Sewell
- Business: Hands free door opener
- Ask: $300,000 for 3% equity
- Result: $300,000 for 6% equity
- Shark: Kevin O’Leary
StepNPull co-founder Mike Sewell stepped into the tank during Season 12 to pitch his company to the sharks. Mike and the other founders have created a hand free door opener that allows you to simply step on it and pull the door open with your foot, as opposed to having to use your hand. The goal is to prevent the spread of germs and to help those with their hands full easily open up a door. Mike shared that the recent COVID-19 pandemic has given his business a big boom, and he needs the shark’s help to keep up with the demand.
In March 2020, during the height of the COVID-19 pandemic, Mike shared that StepNPull did $1.7 million in sales. Further, their year-to-date in sales at the time of the pitch was nearly $7 million. However, the business hasn’t always been so hot, as the company only sold $35,000 worth of product in its first five years. Currently, the hands free door opener costs $8-$9 to manufacture and retails for $29.95. Mike also shared that 75% of their sales were direct-to-consumer, allowing for a larger profit margin.
All of this was enough to interest Kevin O’Leary, Daymond John, and Lori Greiner. Kevin offered $300,000 for 10% equity, while Daymond offered $300,000 for 12% equity. On the other hand, Lori’s deal was a bit more complicated, offering $300,000 for 5% equity and a $0.50 royalty until $500,000 was paid back and then $0.20 in perpetuity. After some negotiations, Mike made a deal of $300,000 for 6% equity with Kevin O’Leary and StepNPull left
Before you go, be sure to check out some of our other Shark Tanks Season 12 Episode 19 updates:
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