Grease Monkey Wipes Shark Tank Update | Grease Monkey Wipes after Shark Tank
What is Grease Monkey Wipes?
These are heavy-duty wipes used to clean hands when soap and water are unavailable.
Dirt, grease, oil, filth, and lubricants can all be removed from the skin and other surfaces.
These wipes are lightweight, disposable, and citrus-based, meaning they contain no harsh chemicals.
Grease Monkey Wipes include a proprietary blend of solvents, including citrus oil that effectively break down grease while being soft on the skin.
Other products that remove oil and grease are available, but they are not as gentle.
Because you don’t have to rinse your hands after using the citrus-based wipes, they’re also useful when you don’t have access to water.
Tim Stansbury and Erin Whalen came up with the idea for Grease Monkey Wipes.
While on a 100-mile bike ride, the two came up with the concept. Whalen had to pull over to fix a flat tire, which resulted in grease all over her hands.
She tried scrubbing it off the grass and even her denim shorts, but she couldn’t get it off.
As they rode on, they discussed developing a portable solution that could readily remove grease and dirt on the go.
They ultimately invented the perfect product after a lot of hard work and trial and error, and their success came swiftly after that.
Who founded Grease Monkey Wipes?
Tim Stansbury and Erin Whalen are the founders of Grease Monkey Wipes.
What Happen to Grease Monkey Wipes at Shark Tank pitch?
Tim Stanbury and Erin Whalen pitched their company on Shark Tank for the first time in 2010.
Stansbury and Whalen are seeking $40,000 for their 40% stake in the firm.
They demonstrate the cleaning agent’s ability to breakdown tough fats and oils using citrus-oil based wipes.
The cleaning ability has pleased the Sharks, but Kevin O’Leary has concerns. He wants to know if the product is protected by a patent.
Stansbury notes that because to a lack of resources, they have not yet filed for a patent. To yet, the couple has relied on the relative obscurity of their product to keep imitators at bay.
Oil-cutting cleansers are ubiquitous, but Robert Herjavec points out that most are industrial solvents, which aren’t suited for removing oil from skin.
The Sharks are taken aback by the Grease Monkey Wipes’ distinctive emblem. “The finest logo I’ve ever seen,” Herjavec said.
Kevin O’Leary goes right to the point. He’s curious about sales. Since the packets cost only $1 each, Stansbury says they’ve been on the market for a few months, with 7,600 units sold and $7,400 in total income.
The pricing astounds O’Leary, who wonders if such a low price can be sustained. The duo says that they feel the cheap price will be offset by the high volume of sales.
Stansbury claims that when pitching to new retail outlets, they’ve had a 75% success rate, with 40% of those stores reordering stock.
It’s impossible to estimate the re-order rate because the firm is just a few months old.
“It’s not a business for me,” Daymond John says of the branding and presentation. He’s no longer with us.
Barbara Corcoran raises concerns about Stansbury’s past. He admits that he has a business MBA and product management expertise.
According to O’Leary, the company lacks “proprietary material,” which is “one of the most critical things I look for in an investment.” As a result, I’m leaving.”
Next up is Kevin Harrington. I search for something very, extremely unusual, with a unique selling offer, he explains. I just don’t think this is sufficiently distinctive in the market. He’s no longer with us.
“I don’t think I’ve ever gotten my hands dirty,” Barbara Corcoran admits. She’s out
Only one Shark is left. The only investor who hasn’t left is Robert Herjavec. He can’t make up his mind. The presentation impressed him, but the figures were not impressive. “I swear we will not let you down,” Whalen says in an attempt to persuade him.
Herjavec thinks about it. He’s plainly torn, and the product has piqued his interest.
He proposes an offer for $40,000 at a 40% discount.
Barbara Corcoran is so taken with the duo that she jumps in and offers Herjavec a 50/50 share.
The Grease Monkey Wipes partners walk out with a Shark Deal when they accepted..
Grease Monkey Wipes after Shark Tank
The Grease Monkey Wipes did become an impressive story for the Sharks, earning back their investment and then some.
In November 2014, Grease Monkey Wipes was acquired for an undisclosed amount by Beaumont Products Inc., a leading manufacturer of naturally-made and eco-friendly products.
The product is still sold today.
Whalen graduated from the University of Texas at Austin with a Masters of Business Administration in 2013.
She remained with Grease Monkey Wipes until 2013 and is now a Business Services Director at Boston Consulting Group.
Stansbury left Grease Monkey Wipes in 2015 and is now a Product Manager at Houghton Mifflin Harcourt. And the product continues to be manufactured through Beaumont Products Inc.
Grease Monkey Wipes Competitors?
Grease Monkey Wipes are the original wipes on the market for this purpose. They have competitors, however.
The chief competitor is Wipe New. Wipe New has a liquid formula that works the same way Grease Monkey Wipes do, but they are not pre-moistened so you have to wet them yourself.
Net worth of Grease Monkey Wipes?
At the pitch, Grease Monkey Wipes was valued at $100,000.
Grease Monkey Wipes FAQS
What exactly are Grease Monkey Wipes?
Grease Monkey Wipes are pre-moistened wipes designed to remove grease and grime from hands, tools, equipment, clothing, and just about any other surface in the garage..
They are washing wipes with citrus extracts that are perfect for heavy-duty cleaning.
What components are in Grease Monkey Wipes?
During the presentation, Tim Stansbury stated that the oils used in wipes are obtained from juice firms after the fruits have been squeezed.
Tim Stansbury and Erin Whalen: Who Are They?
Tim Stansbury and his business partner Erin Whalen are both recreational cyclists who met through a training group some years ago and have remained close friends ever since.
What inspired them to create your product?
Erin Whalen claims that it was on one of those hundred-mile bike trips that she developed a flat tire, which Tim Stansbury assisted her in repairing.
She claims she got a flat tire and her hands were smeared in oil after fixing it.
They decided to co-found a firm that offers individually wrapped wet wipes that are enriched with citrus oils and powerful enough to remove all types of stains and dirt.
What’s the deal?
Stansbury and Whalen are seeking $40,000 for a 10% stake in the firm but they got a proposal deal of $40,000 for 40%.
Finally, Barbara Corcoran and Robert Herjavec agreed to go fifty-fifty on the sale, offering Tim Stansbury and Erin Whalen $40,000 in return for a 40% interest in Grease Monkey Wipes.
Grease Monkey Wipes: Where Can I Buy Them?
Grease Monkey Wipes are also widely available on Amazon.
How did the company grow?
Grease Monkey Wipes’ business grew after teaming with the sharks.
What distinguishes Grease Monkey Wipes from its competitors?
According to Tim Stansbury, the main distinction between Grease Monkey Wipes and its rivals is that they employ a citrus-based recipe and avoid utilizing harsh chemicals, making them environmentally friendly.
What exactly is the product?
Grease Monkey Wipes, these individually packaged citrus-oil-based wipes, were introduced.
What number of wipes have they sold?
Kevin O’Leary of Shark Tank asked Tim Stansbury how many wipes they had sold, to which Tim Stansbury said that the wipes had just been on the market for a couple of months, thus they had sold 7,600 wipes.
What’s the big deal?
They went there looking for a $40,000 investment in exchange for 40% of the company’s stock.
What became of Grease Monkey Wipes?
Beaumont Goods Inc., a major maker of naturally-made and eco-friendly products, acquired Grease Monkey Wipes for an unknown sum in 2014.
Who bought grease monkey?
Beaumont Products Inc. acquired the company.
How much did Stansbury sell Grease Monkey Wipes for?
In 2014, Beaumont Products paid an undisclosed price for the Grease Monkey Wipes Company.
How much money did Grease Monkey Wipes make?
Stansbury claims they’ve only been in business for a few months, but they’ve already sold over 7,600 wipes for a total of $7400.
What happened to grease monkey after shark tank?
Stansbury eventually bought out the investor Sharks and his partner, Erin Whalen, turning Grease Monkey Wipes into a hugely successful one-man show.
In November of 2014, Stansbury sold the brand to Beaumont Products for an unknown fee.
How Grease monkey wipes doing today?
The product is still sold today and continues to be manufactured through Beaumont Products Inc.
Did Grease Monkey Wipes secure a deal at the Shark Tank pitch?
Whalen and Stansbury secured a deal with Barbara Corcoran and Robert for $40,000 at a 40% ownership.
How much does Grease Monkey Wipes costs?
It cost $1 to buy.
Who founded Grease Monkey Wipes?
The company was founded by student James Stansbury and Erin Whalen.
Which Shark Tank Episode is Grease Monkey Wipes featured?
The episode featuring Grease Monkey Wipes was season 1 Episode 12.
Can you make money from grease monkey?
Yes, Grease Monkey Wipes is a product that is easy to sell and has a built-in market. However, these are not exclusive products and there are plenty of similar products available for sale.