Hammer and Nails Net Worth 2023 | Hammer & Nails Shark Tank Update
What is Hammer & Nails?
Hammer & Nails is a men’s grooming salon. It creates an awe-inspiring experience while they receive hand and foot therapy.
Additionally, the clinics offer haircuts and shaving services in a comfortable setting designed just for males. Additionally, it functions as a manicure and pedicure salon.
Who is Hammer & Nails’s Founder?
Michael Elliot, a former Hollywood screenwriter from Los Angeles, is the founder of Hammer & Nails. He conducted extensive market research and found that many men desire manicures and pedicures but dislike going to “girly” salons for them.
He created a man-cave-like atmosphere with deep leather recliners, wide-screen televisions, and complimentary beer to make men feel more comfortable getting their nails done.
Women, except for manicurists, are not allowed in the shop. He opened the first location in Los Angeles in November 2013.
What Happened to Hammer & Nails at the Shark Tank Pitch?
Michael appeared on Shark Tank season 6 episode 1 seeking $200,000 in exchange for a 20% stake in his company, Hammer & Nails, which had a valuation of $1 million.
He presented the salon’s man-cave atmosphere and its large leather seats to the Sharks, and explained how the salon had achieved revenue of $150,000 in seven months with around 3000 clients.
He also shared that the salon’s services range from $23 to $125. He discussed his background as a child from a low-income family and how he started Krush Magazine, a hip-hop magazine. He also mentioned that the salon offers other services such as tailoring and a bar.
However, the Sharks were not impressed with the numbers and the concept of franchising, and all of them dropped out, leaving Michael without a deal.
What Happened to Hammer & Nails after the Shark Tank Pitch
After appearing on Shark Tank, Michael Elliot, the founder of Hammer & Nails, received $200,000 from eight viewers of the show, two of whom were African American female angel investors, despite not securing a deal with a Shark. The company has since expanded its offerings to include haircuts and straight razor shaves.
Michael has continued to pursue franchising for the business and claims to have numerous franchisees in the pipeline, but as of August 2021, there are 12 franchise locations in addition to the original one, with an annual income of $25 million.
The net worth of Hammer & Nails is not publicly available as the company is a private enterprise and does not disclose its financial information.
However, it can be inferred that the net worth has increased since the Shark Tank pitch, as the company has expanded its franchise locations and increased its annual revenue to $25 million.
Hammer & Nails Net Worth
Michael appeared on Shark Tank in exchange for $200,000 and a 20% stake in his firm. This equates to a $1 million valuation (Net Worth).
Following its appearance on Shark Tank, Hammer & Nails has seen tremendous growth and success. It remains a thriving business today, with multiple locations across various cities and a net worth of over 30 million USD as of 2023.
Who are the Competitors of Hammer & Nails?
There is no competitor identified for Hammer & Nails?
Hammer & Nails FAQS
What is Hammer & Nails?
Hammer & Nails is a men’s grooming salon. It creates an awe-inspiring experience while they receive hand and foot therapy.
Additionally, the clinics offer haircuts and shaving services in a comfortable setting designed just for males. Additionally, it functions as a manicure and pedicure salon.
Who is Hammer & Nails’s Founder?
Michael Elliot, a former Hollywood screenwriter from Los Angeles, founded the Hammer & Nails in 2013.
How much was he seeking in the Shark Tank?
He was seeking $100,000 for 20% of the business.
Did he get the deal from the Sharks?
Hammer & Nails was not able to get the deal from any of the Sharks during his appearance on Shark Tank.
What Happened to Hammer & Nails after the Shark Tank?
After the Shark Tank episode aired in November 2013, Michael received $200,000 from eight viewers of his program and two angel investors.
Is Hammer & Nails still in business?
Hammer and Nails is still in business today, with locations in multiple cities.
Where is Hammer & Nails located?
As of August 2021, there are 12 franchise locations in addition to the original one. California has eight franchisees, Texas has two, Ohio has two, and Virginia has one.
How much is a hammer and nails franchise?
The Hammer and Nails franchise costs between $234,700 and $531,400. Additionally, the terms and conditions include a 6% royalty charge and a 20% franchise fee.
What happened to hammer and nails from shark tank?
Hammer and Nails has increased their offerings after the show’s airing: they now provide haircuts and straight razor shaves.
Michael continues to pursue franchising for his firm and claims to have numerous franchisees “in the pipeline,” but as of June 2016, there are none open.
Is hammer and nails black owned?
After Being Rejected on “Shark Tank,” a Black-Owned Spa/Salon For Men Raises $200,000.
That’s correct, they rejected him and even warned him his concept of men’s nail salons would never succeed. He achieved success on his own.
Elliot established his first salon, Hammer & Nails, on Melrose Avenue in Los Angeles in 2013.
Is Hammer and nails successful?
Michael Elliot’s Hammer & Nails set a new record of $150,000 during the first seven months. By 2016, his achievements had catapulted him to a new record high of $2 million.
What is the Net Worth of Michael Elliot?
Michael Elliot’s net worth is $1 million as of 2022.
What is the annual sales for Hammer & Nails?
The combined annual income of all locations is $25 million.
What methods of payment do Hammer & Nails accepts?
Hammer & Nails accepts cash, credit, and debit cards.
Is there a membership fee?
Each month, their Membership dues cover the cost of their included services and provide access to unique incentives, events, and more. There is no charge to begin or terminate a Membership.
How does it function?
They apply for the membership that best suits their grooming requirements. Once their application is approved, they are entitled to a specified number of services every month.
Their dues are collected on a monthly basis.
What if they do not utilize their services on a monthly basis?
Each month, any unused Classic or Premium services rollover. They are theirs after they have paid for them.