Cut Buddy Shark Tank Update | What Happened to Cut Buddy after Shark Tank?
What is Cut Buddy?
Cut Buddy is a piece of equipment that empowers men to trim their own beards and cut their own hair. It enables you to achieve a professional barber-style haircut in a couple of minutes. It is suitable for all hair types and may be used with clippers or a razor.
It’s constructed of plastic and comes with a speed tracer marker pen to define the form if necessary, or you can simply run the clippers over it. Every time, you’ll get the precise lines and form.
Joshua Esnard, CEO and Inventor, is a St. Lucian immigrant to the United States whose parents immigrated to continue their education when he was a child. Joshua loves inventing things since he was a child.
He was a member of the United States military for a while. He was working full-time at Broward College and operating Cut Buddy as a side hustle, which he promoted through internet videos.
Joshua now works on all elements of the business full time with a few partners since the Cut Buddy went viral and he’s grown more successful.
Who is the founder of Cut Buddy?
Joshua Esnard, CEO and Founder, is a St. Lucian immigrant to the United States whose parents immigrated to continue their education when he was a child.
As a teenager, Joshua’s father gave him plain and basic haircuts, which sparked the concept for Cut Buddy. Esnard was always a creative child, and at the age of 13, he began cutting his own hair.
He was dissatisfied with his father’s employment. He snatched up some old plastic folders and created a template. He looked better than his pals who went to the barbershop when he used it.
Joshua became “follically challenged” at the age of 28 and no longer needed to trim his hair as frequently. He was still utilizing his own template at the time. In 2016, he launched the company and began selling the Cut Buddy on Amazon.
When he hired a well-known YouTube to evaluate the product, the video went viral, and the Cut Buddy sold over 4000 units in a single day. Esnard sold over 50,000 units in his first year in operation!
Each Cut Buddy retails for $14.95 plus delivery. They are compatible with all hair clippers, fiber, detailers, outliners, disposable razors, and straight razors. Each product also includes a barber pencil for tracing your hair line/design before cutting.
What Happened to Cut Buddy Shark Tank pitch?
In episode 907, Joshua Esnard wants to sell the Sharks on Cut Buddy, his template that allows you to obtain perfect lines when cutting your own hair or beard. With such quick expansion, Esnard need the assistance of a Shark in manufacturing and distribution.
Joshua entered the Shark Tank pitch seeking $300,000 for a 10% stake in his firm, which was valued $3 million.
He describes and displays the product to the Sharks. Lori compliments him on his packaging as he distributes samples.
He admits that he designed the product at the age of thirteen and founded the company when his girlfriend accused him of never finishing things.
He tells them about the popular video and how Cut Buddy is available at Sally’s as well as online at Wal-Mart and Target. Daymond is curious as to why Joshua requires a Shark. His response is “mentorship.”
Kevin then offers $300,000 in exchange for a $1.50 per unit royalty until he receives $1 million in return, plus 5% equity in the company. Mark goes out after Kevin proposes, and Robert soon follows.
Daymond then makes an offer of $300,000 for a 20% stake in the company. Daymond stated he’d generally seek 33% equity shares, but Joshua countered with 12.5% equity shares.
Lori goes out. After some deliberation, Joshua accepts Daymond’s offer of $300,000 for 20% equity in the firm and exits the presentation with a deal.
What Happened to Cut Buddy after Shark Tank?
Since appearing on Shark Tank and exiting with a deal, the deal with Daymond John was finalized, and sales have increased to well over 100,000 units.
The product was licensed by Andis, a big hair care firm. It’s currently available in a variety of places as well as on Amazon. Joshua mentioned that they will also extend their retail presence.
They collaborated with Puff Cuff, a hair clamp used to reduce thick, curly hair, in 2018. He also founded Truffletopia, which obtains the freshest and highest-quality truffles from Europe.
In episode 1014, Cut Buddy receives an update section. According to the latest report, he has sold 300,000 units and is now available at Wal-Mart and other outlets.
In addition, they published a “new and enhanced” version of the product. As hair salons and barber shops closed due to the Covid-19 outbreak, sales increased to over a million units in 2020.
The firm is still in operation as of January 2022, with yearly sales of $1.5 million.
Esnard declared in January 2022 that the firm will be accessible to “public investment.” It’s unknown which investment vehicle he’ll utilize.
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.