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 the 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 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 was valued at $1.5 million.
Since then the company is still operating with annual revenue of $1.5 million and hence the company’s net worth had elevated.
Cut Buddy Shark Tank Updates
Cut Buddy is a hair and beard-shaping tool that helps people cut their own hair at home. The product was created by Joshua Esnard, who appeared on Shark Tank in season 9 to pitch his product.
During the pitch, Esnard asked for $300,000 for 10% equity in his business, but he ended up accepting an offer from Daymond John for $300,000 for 20% equity.
Since appearing on Shark Tank, Cut Buddy has expanded its product line to include trimming kits and shaving essentials. The product is now available in retail stores such as Walmart, Meijer, and Target.
According to an update segment in episode 1014, Cut Buddy has sold 300,000 units per year and has seen sustained growth in sales.
Cut Buddy has been successful in part due to the COVID-19 pandemic, which led to the closure of many barber shops and increased demand for at-home hair care products. The product has received positive reviews and has been featured in various media outlets.
In conclusion, Cut Buddy is a hair and beard-shaping tool that was pitched on Shark Tank in season 9. The product has since expanded its product line and is now available in retail stores.
Cut Buddy has been successful and has seen sustained growth in sales, in part due to the COVID-19 pandemic.
Cut Buddy Shark Tank Net Worth Summary
| KEY INFORMATION | VALUE |
| Founder | Joshua Esnard |
| Product | Hair and beard shaping tool |
| Net worth | $1.5 million USD (as of 2022) |
| Valuation | $3 million USD (during Shark Tank pitch) |
| Investment | $300,000 USD for 20% equity (by Daymond John) |
| Sales | Over 100,000 units sold (since Shark Tank appearance) |
| Partnership | Licensed by Andis |
| Annual Revenue | $1.5 million USD |
| Competitors | Beard Octane, Verati, Personna, No Gunk, RoseSkinCo, The Personal Barber |
| Availability | Walmart, Meijer, Target, and other outlets |
Cut Buddy FAQs
What Is Cut Buddy And How Does It Work?
The Cut Buddy is a hair and beard grooming tool that helps people shape and trim their hair and beard with ease. It is a stencil guide tool that allows people to safely line themselves up without pushing their hairline back. The Cut Buddy comes in two templates, the original and the PLUS+.
To use The Cut Buddy, one needs to place the tool against the skin and hairline, then use clippers or a razor to trim along the curved edge of the tool. The Cut Buddy can be used to create straight, curved, or diagonal lines, and it can be used on the hairline, beard, and neckline.
The Cut Buddy is easy to use and is suitable for beginners who are new to cutting hair. It was a winning product from Shark Tank and has received positive reviews from customers. The Cut Buddy is a useful tool to have in a beard grooming kit or travel bag.
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.
What Was The Outcome Of Cut Buddy Shark Tank?
Cut Buddy, a hair-cutting tool for at-home use, appeared on Shark Tank in 2018. The owner, Joshua Esnard, asked for $300,000 for 10% equity in his business. Daymond John made an offer of $300,000 for 20% equity, which Joshua accepted.
In episode 1014, it was revealed that Cut Buddy had expanded sales to 300,000 units per year, and annual revenues are in the region of $1 to $1.5 million.
The product has been fine-tuned for a better and enhanced version, and sales grew further during the COVID-19 epidemic as barber shops were closed during protracted lockdowns.
Cut Buddy has three curves and edges to ensure it works for all head shapes and hair types, and it also works for beards.
The product is designed to ensure an even cut every time, reducing errors and mistakes on your beard, haircut, or mustache.
The Cut Buddy has received positive reviews and has sustained growth in sales since appearing on Shark Tank.
How Has The Cut Buddy Evolved Since Appearing On Shark Tank?
Since appearing on Shark Tank, the Cut Buddy has evolved and improved its design. In 2019, the inventor and CEO, Joshua Esnard, revealed a new and much-improved version of the original Cut Buddy with an updated design.
The updated version has three curves and edges to ensure it works for all head shapes and hair types. The hairline template is transparent, allowing users to see exactly how the cut will look on their face and adjust it as per their preferences.
The Cut Buddy has also seen sustained growth in sales since appearing on Shark Tank. It is now available in major retailers around the country, including Walmart. The company has sold over 300,000 units.
Overall, Cut Buddy has evolved from a simple idea to a successful product that has helped many people achieve professional-looking haircuts and beard trims at home.
The updated design and sustained growth in sales are evidence of the product’s success and continued evolution.
How much was seeking on Shark Tank?
Esnard was seeking $300,000 for a 10% stake in 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 a 20% stake in 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, Walmart, Target, and Amazon.
Is Cut Buddy available on the 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 the Amazon store for $14.95 for two packs and $29.
What is the net worth of Joshua Esnard?
The net worth of Joshua Esnard is estimated at $5 million.
