Cut Buddy Shark Tank Net Worth 2023
Cut Buddy Shark Tank Net Worth
Joshua Esnard, the founder of Cut Buddy, has a net worth of 1.5 million USD as of 2022. Cut Buddy is a hair and beard shaping tool designed for at-home use, and company valuation was $3 million during the pitch.
It was featured on Shark Tank USA in September 2022 and Daymond John invested $300,000 for 10% equity in the company.
Since appearing on Shark Tank, sales of Cut Buddy have grown to over 100,000 units. Esnard has also earned a licensing deal and collaboration with a major clipper company with the help of John.
Esnard initially funded The Cut Buddy by maxing out his credit card and savings account when it was first launched in January 2016. He credits Shark Tank and Daymond John for the success of The Cut Buddy.
What is Cut Buddy? Who is the founder of Cut Buddy?
The Cut Buddy is a grooming tool that allows men to trim their own beards and hair with professional-looking results in just a few minutes. The product works for all hair types and can be used with clippers or razors.
Made from plastic, the Cut Buddy includes a speed tracer marker pen that can be used to define the desired shape, or users can simply run their clippers over it to achieve precise lines and form.
Joshua Esnard, the CEO and inventor of the Cut Buddy, is an immigrant from St. Lucia who came to the United States as a child with his parents, who were pursuing further education.
Esnard has always enjoyed inventing things, and as a teenager, he began cutting his own hair after being dissatisfied with the haircuts his father gave him.
He created a template from old plastic folders that allowed him to achieve better results than his friends who went to the barbershop.
Esnard served in the United States military and later worked full-time at Broward College while operating Cut Buddy as a side hustle, promoting it through internet videos.
However, after the Cut Buddy went viral, Esnard quit his job and now works on the business full-time with a few partners.
The Cut Buddy retails for $14.95 plus shipping and is compatible with all hair clippers, fiber, detailers, outliners, disposable razors, and straight razors. Each product also includes a barber pencil for tracing the hairline or desired design before cutting.
Cut Buddy Shark Tank Pitch
On episode 907 of Shark Tank, Joshua Esnard presented Cut Buddy, his template that helps people achieve perfect hair and beard lines when cutting their own hair.
He sought $300,000 for a 10% stake in his company, which was valued at $3 million.
Lori complimented his packaging and Esnard shared how he founded the company at the age of thirteen after his girlfriend accused him of never finishing things.
He also mentioned how the product is available at Sally’s, Wal-Mart, and Target. Kevin offered $300,000 in exchange for a $1.50 per unit royalty until he received $1 million, plus 5% equity, but Mark and Robert went out.
Daymond made an offer of $300,000 for a 20% stake in the company and after some negotiation, Esnard accepted his offer.
Since appearing on Shark Tank, Cut Buddy has sold over 100,000 units, and the product was licensed by Andis.
In episode 1014, an update revealed that Cut Buddy has sold over 300,000 units and is now available at Wal-Mart and other outlets.
The company’s sales increased to over a million units in 2020 due to the COVID-19 pandemic, and its yearly sales are now at $1.5 million. Esnard announced in January 2022 that the company will be open to public investment.
Competitors of Cut Buddy
The Cut Buddy has many competitors in the market space. These are; Beard Octane, Verati, Personna, No Gunk, RoseSkinCo and The Personal Barber among others.
Net Worth of Cut Buddy
The company valuation was $3 million during the pitch, after the investment done by Daymond the company valued at $1.5 million.
Since then the company is still operating with annual revenue of $1.5 million and hence the company net worth had elevated.
Cut Buddy FAQs
What is Cut Buddy?
Cut Buddy is an innovative template that aids you in making perfectly straight lines while cutting your own hair. It’s compatible with all hair clippers, fiber, detailers, outliners, disposable razors, and straight razors.
When you use the Cut Buddy, it’s easy to obtain those stylish haircuts you’ve always wanted without having to make an appointment at a barbershop or waiting in line at a salon.
Who is the founder?
Joshua Esnard is the founder of Cut Buddy, a St. Lucian immigrant to the U.S. He was dissatisfied with his father’s job and decided to create Cut Buddy when he was 13-years-old.
When was Cut Buddy founded?
Cut Buddy was founded in 2016; however Joshua Esnard saw potential in the product as early as 2012.
How much was seeking on Shark Tank?
Esnard was seeking for $300,000 for 10% stake of the company which was valued at $3 million.
Did he have the deal?
Yes, he had the deal with Daymond who offered $300,000 for 20% stake of the company.
Where is Cut Buddy located?
Cut Buddy is located in Tempe, Arizona.
What is the revenue of Cut Buddy?
Joshua Esnard is having annual revenue of $ 1.5 million as of January 2022.
How much is Cut Buddy?
Customers can purchase each Cut Buddy for $14.95.
Where can I buy Cut Buddy?
Customers can buy Cut Buddy from the official website http://www.thecutbuddy.com/
Which app is used for this?
Cut Buddy is compatible with all hair clippers, fiber, detailers, outliners, disposable razors, and straight razors. It can be used for both wet and dry cutting.
How many Cut Buddies are sold?
As of January 2022 the company has sold over 300 thousand Cut Buddies in various outlets including Sally’s Beauty Supply, Wal-Mart, Target and Amazon.
How does Cut Buddy work?
The product works by user folding it smaller and smaller until they achieve the desired size of the hair. Then they use that template to cut their hair. The actual cutter blades are inserted into the machine (using a stylus) until they come out again as they go through their hair.
Is Cut Buddy available on Amazon store?
Yes, the product is available on Amazon.
Can the product be used by girls?
No, it cannot be used by girls as it’s for men only.
Is Cut Buddy shipping?
Shipping is free.
How long does it take to ship Cut Buddy?
Customers will receive their order within 7–10 business days.
Where can I find Cut Buddy online?
It can be purchased from the official website http://www.thecutbuddy.com/ as well as Amazon store for $14.95 for two pack and $29.
What is the net worth of Joshua Esnard?
The net worth of Joshua Esnard is estimated at $5 million.
