Bev Buckle Shark Tank Update | What happened to Bev Buckle after the Shark Tank Pitch?
What is Bev Buckle?
The Bev Buckle is a belt buckle designed to accommodate a can or bottle of beer. It eliminates the problem of a beer drinker laying their drink down at a bar and then losing it — plus it allows a beer drinker to express himself freely by using his hands.
The Bev Buckle seems to be a typical belt buckle, but when folded down, it reveals a little shelf and copper ring for your beer bottle.
The bottom of your drink rests on the backside of the buckle, and the copper ring secures it.
The Bev Buckle is designed to fit any standard belt with a 1.5″ belt bracket.
It’s available in a variety of styles, including El Jefe, which has a fashionable handlebar mustache, LiL Big State, which has the state of Texas depicted in leather, and Bayou, which has swanky gator leather.
The Bev Buckle is capable of holding more than just beer.
It works well with any canned or bottled beverage. It keeps your drink steady as you take a picture, use your phone, or do anything else that takes two hands.
It’s ideal for concerts or festivals when you don’t want to carry your drink all the time but also don’t want to sit it on the ground.
It may be used while fishing or during a sporting event. The Bev Buckle is ideal for anywhere you need a drink and two hands.
Who is Bev Buckle’s founder?
Bev Buckle is the brainchild of Jay Kriner, an entrepreneur. He established the company in 2002.
Jay explained that he came up with the concept because he had a tendency of leaning his drinks against his belt buckle while he was out at bars.
Jay sold Bev Buckles at beer festivals around the country as well as through his website. Prior to recording, he had one license contract in place for Bev Buckle, also known as The Beer Buckle.
What happened to Bev Buckle at the Shark Tank Pitch?
Jay enters Shark Tank season 4 episode 1 and asks for $50,000 in return for 10% of his company. This equates to a $500,000 valuation.
He began with grandiose promises, claiming that the Bev Buckle is one of the most intriguing innovations “America has ever seen.” Jay then outlined a variety of scenarios in which the Bev Buckle may be useful, such as a sporting event or a concert.
He reached for a beer bottle that was already on the stage. Jay unlatched his belt buckle and placed the bottle on the little tray that protruded from the buckle, exclaiming his new catchphrase “BaBam!” The Sharks were giggling in their seats as a result of this.
Mark inquired as to how he came up with the concept. Jay claimed that he had a tendency of leaning his drinks on his belt buckle while he was out at bars.
He distributes samples. Kevin unlocked his and inquired whether it was held shut by a magnet. Jay verified that it was the case.
Jay claims to have sold 4,000 copies at various festivals and events around the country.
Barbara inquired as to how long it had taken him, and he said that it had taken him four years.
Sharks are also unimpressed by his $340,000 in sales. But then Jay informs them he has a patent, and the game is back on.
It costs $10 each unit to produce, and he sells them for $35 on average, but up to $110 depending on what is on the surface.
Mark inquired about Jay’s full-time occupation, and Jay elaborated on his perilous day job of unexploding explosives.
Big brands like NASCAR and Daytona International Speedway were interested in the product.
Daymond was displeased throughout, and he asked Jay whether any of those corporations had given him a cheque. Jay answered no since he had a problem with his foreign manufacturer.
Daymond had been studying the list when he came to a halt and tore it in half right in front of Jay. He stated that if no one was ready to send him a check, the list was worthless. He left, claiming that he didn’t have time to teach him business.
Jay had 62 units on hand. Mark was dissatisfied and stated that he was not working smartly. Mark left the house.
Robert replied that Mark was correct, yet he sympathized. He claimed that he was in the same situation and had to learn from others. He made a $50,000 offer in return for 75% of the firm, claiming that it would take a lot of effort to get Jay where he needed to be.
Kevin was taken aback and accused Robert of taking Jay’s business. He offered a counter-proposal. He did not request shares in Bev Buckle, instead requesting a 12 percent royalty on each unit sold. When Robert questioned how much he wanted the business to thrive, Jay replied, “very badly.”
Barbara then chipped in $50,000 for a 51 percent ownership.
Kevin warned him he was foolish if he took the 75% off, and Robert argued that he didn’t want to lose 12% of his income flow.
Jay deliberated for a while before selecting Barbara.
They shook hands, and Kevin informed him that giving up control of his firm was a tremendous mistake. Jay appeared unfazed as he exited the stage with a last “Babam!”
Bev Buckle after the Shark Tank Pitch
Jay and Barbara did not complete their transaction, but Barbara counselled him and is eager to form a partnership in the future. Barbara will assist Jay in funding a large order if he requires it.
Jay didn’t need the money because he sold over $40K worth of Bev Buckles on show night and the following week.
Jay is now in talks with Spencer Gifts, Urban Outfitters, and other shops.
He anticipates a second order from Twisted Teas, who licensed the Bev Buckle, and he continues to pursue NASCAR options.
Following some quality control concerns with overseas producers in the past, the Bev Buckle is now made in the United States.
In 2021, the firm is still running strong. Annual income is $1 million as of July 2021.
Bev Buckle Net Worth
Bev Buckle Net Worth is estimated to be $2.25 million.
Bev Buckle Competitors
There is no competitors identified for Bev Buckle.
Bev Buckle FAQS
What exactly is a Bev Buckle?
It’s the world’s first retractable belt buckle that holds their drink, freeing up their hands to play the most epic game of ping pong, dance the night away at the next concert with backup drinks in tow, or anything else they have in mind.
Who is the founder of Bev Buckle?
Jay Kriner is the brainchild of Bev Buckle. He established the company in 2002.
Does Bev Buckle work?
It works if they use it right. It’s a great way to drink beer at a bar or festival and have their hands free to do other things while their drink is within easy reach.
How much was he seeking in the Shark Tank?
He sought $50,000 for 10% of the company.
Did he get the deal from the Sharks?
Yes, he got a deal from Barbara Corcoran for $50,000 for 51%ownership.
Where can they buy a Bev Buckle?
They are available online at BevBuckle.com and on amazon.
How much are Bev Buckles selling for?
The belt buckle is retail for $35.
What size are the buckles?
When closed, it is 4.5 inches wide by 3.5 inches tall by 1 inch deep. The middle ring that holds their beverage is approximately 2.7 inches wide and can accommodate most regular sized bottles or cans.
What are Bev Buckles made of?
Each buckle is constructed of zinc alloy and is lead-free!
Where are Bev Buckles manufactured?
Bev Buckles are handmade in the United States.
What belt size does the Bev Buckle fit?
Bev Buckles are designed to suit any 1 12″ belt.
How do they wear their Bev Buckle?
They may wear their Bev Buckle with either a buckle-less or a buckled belt.
Can they get their own buckle design?
They do take special orders! They are always interested in hearing what their Bev Fans have in mind!
To make a bespoke Bev Buckle, they construct a one-of-a-kind casting mold based on their design. A $350 one-time setup fee and a minimum order of 500 Bev Buckles are required.
Can they place their order over the phone?
They urge people to use their website to place their order.
Can they only buy Bev Buckles online?
That is right; buckles are now only accessible online.
What types of payment are accepted?
They take Visa, MasterCard, American Express, and Discover, as well as other major credit cards.
Where can they find their order number?
They send an order confirmation email to the email address you supplied. Their order and receipt number are included in this email.
What countries do they ship to?
They take orders and ship gratis inside the United States. They also ship worldwide for a charge.