Life Lift Systems Shark Tank Net Worth 2023
The company started with a valuation of $3.7 million at the pitch but Mark and Lori’s investment brought it down to $2.2 million.
However, after careful analysis and internal consideration, the company still managed to have a net worth of $15 million which indicates that their costs were lower than their earnings; proving to be a wise decision for taking up the investment from Mark and Lori in the first place.
What is Life Lift Systems? Who is the founder of Life Lift Systems?
Life Lift Systems is a company that originated in Oklahoma and specializes in creating storm shelters that are seamlessly integrated into everyday objects.
These shelters can be transformed into a safe space during a storm with the help of a battery-powered mechanism. For example, the shelter could be disguised as a workbench or a mattress.
The company was founded in 2018 by Tim Todd and Levi Wilson, and they continue to run the business from their Oklahoma City office.
Their focus is on meeting the needs of their clients, designing new products, and expanding their network of dealers and installers. They have plans to expand their business beyond their current location.
In 2018, Tim Todd and Levi Wilson established a company, who, being citizens of Oklahoma, have witnessed how weather conditions can adversely affect people’s lives. They realized that accessibility to shelter was a major issue, especially during frequent rain and wind storms.
The entrepreneurs collaborated to create a product that could provide shelter and security to people during such events. They named it the Life Lift Systems bed, which can offer protection from tornadoes and storms up to category 5. The product is FEMA-approved and Texas Tech National Wind Institute-certified.
Apart from safeguarding against wind and debris, it is also bulletproof, making it a reliable option in case of a house invasion. The product can be installed underneath any regular bed, requiring no additional space in your home. The company is based in Oklahoma, situated in the heart of tornado alley.
Many homes in this region already have in-built tornado shelters, but the Life Lift Systems bed is designed for households without such facilities.
The shelter is a foldable metal box that is bolted to the concrete floor. In case of a tornado, one can quickly open the bed and enter. The shelter is wheelchair accessible and comes equipped with a USB charger and ventilation system.
The product also has a provision for additional features like a gun rack, safe, and illumination. If you don’t want the shelter beneath your bed, they can customize it to fit beneath a pool table or kitchen island.
The price range of Life Lift Systems beds starts from $4,600 to $5,500, depending on the additional features you choose. Overall, it is a practical and reliable option to safeguard against natural calamities and human-made threats.
What Happened to Life Lift Systems at Shark Tank pitch?
Levi Wilson and Tim Todd are presenting their storm shelter/bed hybrid to the Sharks in hopes of finding a business partner and investor on episode 1009 of Shark Tank.
Wilson and Todd are seeking $550,000 for a 15% stake in their company, which is currently valued at $3.7 million.
During their presentation, the Sharks are impressed with the storm-resistant features of the beds, but they note that the product has not yet achieved significant sales volume. The profit margin is also a concern, as each unit costs $3600 to manufacture but only retails for $850, with a wholesale price of $6000.
Despite these challenges, Wilson and Todd have secured wholesale dealers and have ambitious plans for expansion. They hope to overcome the niche nature of their product with the help of a Shark partner.
Robert is interested but ultimately opts out, while Kevin also declines due to the high price point. Mark and Lori both offer $550,000 for 25% equity, but Wilson and Todd counter with a 20% equity offer plus a royalty of $100 per unit sold.
Mark and Lori accept this revised offer, but Mark warns them about the potential risks of the royalty deal. Ultimately, the two parties settle on a $550,000 investment in exchange for 25% equity in the company. Wilson and Todd leave the pitch with a deal from two Sharks.
What Happened to Life Lift Systems after Shark Tank?
The agreement with Mark was completed, and his website now features the firm. Ever since its initial launch, Life Lift has obtained 19 distributors, and there are more on the way.
In addition, they have designed a tornado-safe chamber known as the Safe Shield, which can be set up in a garage. They have also hired the renowned meteorologist Aaron Tuttle as their spokesperson, and they claim to be installing units on a daily basis. The company was renamed Vortex Vaults in June 2021.
They have recently introduced a new Project Station Shelter, which can serve as both a shed or garage and also as a workbench when not being used as a shelter. Despite all of these developments, the firm is still operational and generated $4 million in revenue in January 2022.
Net Worth of Life Lift Systems
The company valuation was $3.7 million during the pitch, after the investment done by Mark and Lori the company worth $2.2 million. The company has a net worth of $15 million.
Life Lift Systems Shark Tank Episode Summary
| Company/Product | Life Lift Systems |
| Shark Tank Episode | Shark Tank Season 10 Episode 9 |
| Founder & Entrepreneur | Levi Wilson |
| Amount Asked For | $550,000 for a 15% stake in the business |
| Deal: Accepted Offer | $550,000 in exchange for 25% equity |
| The Shark Investor | Mark Cuban and Lori Greiner |
| Business Net Worth | $3.667 million valuation |
| Business Status | The business is still in operations |
Life Lift Systems FAQs
What is Life Lift Systems?
Life Lift Systems is a company based in Oklahoma City, Oklahoma. They construct and sell storm shelters that are designed as beds.
Who is the founder?
Levi Wilson, a former Marine, is the CEO of Life Lift Systems. He has served in the Marine Corps for two years.
How much were they seeking on Shark Tank?
They were seeking for $550,000 in exchange for 15% equity.
Did they have the deal?
Yes, they had a deal from Mark Cuban and Lori Greiner.
How much was the deal?
They offered $550,000 for 25% equity shares of the company.
Is Shelter Wise Shelters still in business?
Yes, it is still in business as of January 2022.
Where is Shelter Wise Shelters located?
The company is located in Oklahoma City, Oklahoma.
What is the product made of?
Life Lift Systems beds are metal boxes with accessibility ramps, lights and other features.
How much does Life Lift Systems cost?
The prices of storm shelter beds range from $4,600 to $5,500.
How many different models does Life Lift Systems have?
The company has one standard model along with two special packages. The standard model comes in Queen or King Size.
The other two are the Grizzly and the Grizzly XL, which include upgrades for larger bodies and bears, respectively.
What happens if the electricity is cut off?
Battery backup is provided for the Vortex Vaults Shelter Beds. This implies that even in the event of a power outage caused by a storm, the bed will continue to lower and elevate on battery power.
What happens if the battery runs out of power?
Vortex Vaults Shelter Beds may be raised and lowered straight from the wall-mounted 110V AC outlet. This implies that even if the backup battery runs out of juice, the bed will continue to descend and elevate on battery power alone.
How do you lower and raise the bed?
The Vortex Vault is controlled remotely by four motors. Raising or lowering the bed takes around 60 seconds. Additionally, we provide one-of-a-kind bespoke choices to fit their specific requirements.
Which dimensions are available?
Vortex Vaults Shelter beds are available in two distinct forms. It is tall enough to sit comfortably on a chair at 57″ and is available in full, queen, and king sizes.
It comes in full, queen, and king sizes and is tall enough to sit comfortably on the floor with a bean bag or similar style chair. The larger the bed, the more space there is within the vault to accommodate additional people.
Isn’t it possible that the bed will be blown away?
There is no possibility of this occurring. The bed is secured to the concrete slab of a residence in accordance with FEMA regulations. No account of a tornado removing the foundation from the ground has ever been made.
Who is responsible for installing the shelter beds?
The organization or a registered dealer in their region will install the shelter beds. Installation takes four hours with a three-man crew. Due to the fact that the beds will be built in the home, there will be little delays caused by inclement weather.
Is it possible to enter the shelter when the bed is in the down position?
Absolutely! They’ll have around 19 inches of room beneath the bed for fast access if necessary. With the optional safe lock, customers may safely keep important objects such as papers, firearms, money, or any other valuable materials.
What is the net worth of Levi Wilson?
The net worth of Levi Wilson is $1.6 million.
