Dads Kevin Shoemaker and Skylar Bennett pitched their tie company during
If you’re short on time, here’s a quick overview of what happened to Tough Tie after
Kevin Shoemaker and Skylar Bennett appeared on
|Robert Herjavec||Accepted deal for $100,000 for 35% equity|
|Mark Cuban||No offer|
|Kevin O’Leary||No offer|
|Lori Greiner||No offer|
|Daymond John||No offer|
Shark Tank Tough Tie Update
- Entrepreneurs: Kevin Shoemaker and Skylar Bennett
- Business: Kid- and life-proof ties
- Ask: $100,000 for 15% equity
- Result: $100,000 for 35% equity
- Shark: Robert Herjavec
Tough Ties, created by Kevin Shoemaker and Skylar Bennett, are completely customizable and printed in-house. They are stitched five times for extra durability and are resistant to water, meaning they are entirely machine washable, too.
It’s also especially difficult for your kids to ruin these ties, a point of pride for Kevin and Skylar.
Mark Cuban wants to know more about the entrepreneurs before getting down to business. The guys explain that as young professionals in commercial real estate, they quickly realized how difficult it was to keep their ties in good condition.
After tons of ruined ties, they had the idea for Tough Ties and designed them with their kids in mind.
They quit their jobs 2 years ago, so that they can focus on the company full time. However, they aren’t yet able to support their families with the profits.
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With 6 kids between them, they’re thankful for their very supportive wives who work full-time, while Kevin and Skylar work to grow the business.
Year-to-date sales during the year of filming were about $450,000, but the company was not profitable yet due to customer acquisition costs. In the year prior, sales were $208,000.
In the current year, they’ve already done $200,000, and are on track to finish the year with $400,000. Additionally, their sales are primarily all through their Tough Tie website.
Their high-end tie, which is made in the U.S., costs $15 to make and retails for $45.
At this point in the pitch, Robert Herjavec wants to get back to sales. Curious about profit for the current year, the guys tell him they will only make $40,000 from the $400,000 in sales.
This is because they are having to spend so much money on paid advertising to bring in new customers. This costs them about $10,000 a month, however, it brings them a 200% return.
Further, in terms of investments and debt, they put in about $43,000 of their own money and have around $150,000 in debt. On top of this, they also sold their homes to help fund their business.
Mark Cuban was the first to drop out. He said the difference between Tough Tie and a regular tie wasn’t obvious enough for him.
Daymond John followed because the product was too niche and didn’t offer more than ties.
Lori Greiner also went out because she wasn’t in the tie business.
Kevin O’Leary, on the other hand, didn’t see a path to making money. He went out as a result, which ultimately left just Robert Herjavec.
Robert offered $100,000 for 35% equity, but Kevin and Skylar tried to haggle for 25%, then 33.3%. After Robert refused to budge, they finally took his original deal.
Was this a good investment? Find out in our
Sadly, our Tough Tie update research found that the deal with Rober never materialized. That said, Kevin and Skylar have since rebranded the company to Tough Apparel and added several new categories to their catalog.
They added new socks, ratchet belts, and even shirts (including casual apparel), which has helped the company grow to around $4 million in annual sales.
So despite the deal falling through, it seems that things worked out for Kevin and Skylar.
If we get any more news on a Tough Tie update, we will let you know.
In the meantime, why not check up on some of the other products featured in Season 11 Episode 22? You can find our company updates here.
For even more on companies and products, be sure to stop by our Season 11 products page.
Kimberly is a writer for Shark Tank Recap. She has written episode summaries and updates across multiple seasons of Shark Tank, with a focus on complete and accurate information since 2021. She believes that getting the business aspects of each deal correct is extremely important for viewers and fans. Her favorite Shark Tank products are The Wobbles and Rocketbook!