Kwik Hang Shark Tank Net Worth 2023
Kwik Hang Shark Tank Net Worth
As of February 21, 2023, Derrek Burr’s net worth is estimated to be 8 million USD.
Derrek Burr, the founder of Kwik-Hang, has a net worth of 8 million USD as of 2022. Kwik-Hang was featured on Shark Tank USA in October 2017 and Derrek asked for an investment of $80,000 for a 20 percent equity.
Despite not receiving any offers from the Sharks, Kwik-Hang has grown and made over $8 million in the few short years since appearing on the show.
In 2017, Derrek added more sizes to the line and in 2018 he got his product into Home Depot stores across the US. He also won the U.S. Patriot award for having a successful business despite being rejected by the Sharks.
What is Kwik Hang? Who is the Founder of Kwik Hang?
Kwik Hang is a unique curtain rod bracket that eliminates the need for wall drilling. Instead, it can be easily tapped onto the top of a window molding using a hammer, and the curtains can be hung in seconds.
Tom Burr, the father of Derrek Burr, founded Kwik Hang in 2013. Tom had created a cardboard prototype and approached several manufacturers until he found one willing to produce the product.
When Tom’s health began to deteriorate, he passed on ownership of the company to his son Derrek, who is a police officer and Marine Corps veteran and now runs the business.
The purpose of Kwik Hang is to simplify the task of hanging curtains, which can be a frustrating and time-consuming process. It often involves complicated measurements, tools, and easily lost components.
Derrek Burr, a police officer from North Attenborough, Massachusetts, took over the business from his father and is committed to its success.
He is also a Marine Corps veteran who was awarded the US Patriot Award in 2018 for his contribution to making Kwik-Hang a veteran-owned and operated business.
The product is a bracket with a unique design that can be easily nailed into the top of the window frame. It securely holds the curtain rod brackets, eliminating the need for screws in the wall.
Tom Burr’s idea inspired the creation of Kwik Hang, but sadly, he passed away from cancer.
Despite facing setbacks such as two unsuccessful Kickstarter campaigns in 2015 while fighting cancer, Derrek Burr chose to continue his father’s legacy and sought help from investors.
Today, Kwik Hang is available for purchase for only eleven dollars for a pair of standard brackets. There are various sizes available for different types of curtain rod installations, with prices ranging from $7 to $18.
Tom Burr patented Kwik Hang and acquired the necessary equipment to produce it on a small scale.
Kwik Hang Shark Tank Pitch
Derrek presented his father’s concept to the Shark Tank investors with the hope of gaining assistance in expanding the manufacturing capacity.
He requested an investment of $80,000 for a 20% stake in his $400,000 firm.
During his presentation, he demonstrated the strength of his product by suspending ten-pound potato sacks from each bracket and distributed samples to the Sharks.
During the questioning, Lori inquired why there weren’t additional sizes, to which Derrek responded that it was feasible, but he wasn’t prepared for it yet.
He revealed that the sales in the last three years totaled $120,000, with $42,000 coming in 2016.
When Kevin asked who would manage the firm, Derrek stated that he would resign from his full-time job as a police officer if a deal was made.
The Sharks had mixed reactions to Derrek’s pitch. Mark believed that the concept was uninvestable, while Lori suggested that Derrek should license the product before releasing it.
Daymond advised Derrek to expand the firm gradually before quitting his job, and Robert thought that the pricing points were too low.
Ultimately, none of the Sharks made a deal with Derrek. Despite this setback, he continued to sell his products through his firm and expanded the range by adding more sizes.
In 2018, his product was distributed in over 5000 ACE Hardware Stores and was also made available in Home Depot, Walmart, and Amazon.
While the firm has patents for its product, there are low-cost knockoffs available, and the corporation is constantly working to remove them from Amazon.
As of 2021, the lifetime sales of the product exceeded $8 million, and the firm generated around $1 million in revenue every year.
Net Worth of Kwik Hang
During the Shark Tank pitch the company was valued at $400,000 and since then they have made a lot of sale with annual revenue of $1 million.
This means that the company net worth have also increase.
Kwik Hang FAQs
What is Kwik Hang?
Kwik Hang is a curtain rod bracket that eliminates the need for wall drilling. Simply tap the Kwik Hang bracket to the top of a window molding (rather than the wall) with a hammer and then hang the curtains in seconds.
Who is the owner of Kwik hang?
Tom Burr founded Kwik-Hang in 2013 to alleviate the tension associated with a routine household activity.
Although Tom spent the most of his career in the jewelry industry, he recognized the need for a simple method of curtain hanging that did not require several employees, awkward equipment, or an unending supply of components.
Who is Derek Burr?
Derek Burr, a resident of North Attleboro and a Braintree police officer, took the leap on yesterday’s episode of “Shark Tank,” but walked away empty-handed. Burr pitched ‘Kwik-Hang,’ a startup founded in 2013 by his father. October 22, 2017.
What is his offer on Shark Tank?
Derrek was seeking for $80,000 for a 20% stake in a $400,000 firm.
Did he get the deal?
No, no deal happened that time.
Is still in business?
Yes, Kwik-Hang is still in business.
Can curtain rods hang on window frames?
Determine if anyone want their curtain rod to extend beyond the window frame or to hang directly on it.
In most settings, a rod with ornate finials hanging outside the window frame looks best and provides the maximum coverage.
Allow approximately three inches on either side of the window.
Should you hang curtains above window?
Curtains should be hung between four and six inches above the window frame, according to Architectural Digest, so set the curtain rod appropriately.
When the curtain rod is hung high, it gives the illusion of a taller window.
Should curtains go to the ceiling?
The higher the curtain rod, the taller the window seems; thus, if possible, place the curtain rod closer to the ceiling than the top of the window.
They should be 4-6 inches above the window frame, as a general rule.
Should curtains touch the floor or window sill?
Curtains should not extend past the floor in formal or fancy environments. Elegant, extra-long drapes that pool or drop on the floor are necessary for a romantic setting.
Curtains that go all the way to the sill or all the way to the bottom of the window trim (referred to as the apron) look wonderful and are really functional in a kitchen.
What is the net worth of Derrek Burr?
Net worth of Derrek is not known.
