LIT Handlers Shark Tank Net Worth 2023
The founder of Lit Handlers, Destiny Padgett, asked the sharks for $200,000 for 10% equity at a $2 Million Valuation. Daymond John invested $200,000 for 20% equity in this company.
In September 2022, Lit Handlers’ annual revenue was $1.2 million. As of 2022, Destiny Padgett has a net worth of $1 million.
What is LIT Handlers? Who is the Founder of LIT Handlers?
Lit Handler is a company that produces hand holders for various beverage sizes.
Founded in 2016 by Destiny Padgett, the products come in a range of sizes, colors, and styles to fit popular beverages from water to champagne, and containers from a standard can to a half gallon jug and a half gallon of ice cream.
The unique design ensures that cold liquids remain chilled and hot beverages remain hot while hands never feel cold or burned.
Initially starting with a modest selection, Lit Handlers has now extended to include a variety of Handlers such as Pint Size Ice Cream, Wine Tumbler, Bottleneck, Pint Glass, Can, and Small and Medium Coffee, as well as providing neoprene bags, sleeveless sleeves, and accessories.
The company, headquartered in New York City, was founded by Destiny Padgett, a former bar owner with a passion for beverage technology. Utilizing her experience, she has created a successful business model.
Destiny Padgett is a graduate of Syracuse University at The Tuck School of Business with a BBA in Information Systems. Prior to establishing Lit Handlers, she worked as a supply chain management consultant for six years.
Her most innovative addition to her patent-pending Handlers is the handles that make it easier to hold onto the beverage for all users, especially for tiny baby hands. The reinforced handle also features a convenient pocket for tiny things such as lip balm, mints, band-aids, or a pen.
The LIT Handlers website offers a size chart that enables users to determine what they need to meet their requirements.
With over a dozen sizes and hundreds of designs, Handlers’ products range in price from $4.99 for the smallest koozie to $69.99 for a large backpack.
Although the company is based in Buna, Texas, it now conducts business only through its website and Amazon. Nevertheless, it intends to expand production, sellers, and total inventory.
LIT Handlers Shark Tank Pitch
Destiny Padgett presented her company on Shark Tank and sought an investor willing to invest $200,000 in exchange for a 10% stake in her company.
She elaborated on the progress her company had made, stating that in 2020 it had made $630,000 in sales and was targeting $780,000 in sales for 2021. She expressed her need for a Shark to help with licensing so she could expand her business.
The Shark Tank investors showed interest in her company. Kevin O’Leary was the first to make an offer of $200,000 for 20% ownership of the company.
However, Robert Herjavec, Mark Cuban, and Lori Greiner declined to invest in Destiny’s company. Daymond John then offered $200,000 for 25% equity shares of the company, causing Kevin O’Leary to revise his offer to $200,000 for 25% of the company’s shares.
Destiny then countered with an offer of $200,000 for 20% equity share in her company. Kevin O’Leary’s offer was rejected, and Destiny closed the deal with Daymond John for $200,000 for a 20% ownership stake in the company.
LIT Handers is still in business and currently sells its products on its website and Amazon. The company has generated total revenue of $1.2 million in 2021. The deal between Daymond John and Destiny was successfully closed, and the transaction was completed.
Competitors of LIT Handlers
The company competes with similar products from a number of competitors, including Skip Hop and Scanpan.
Net worth of LIT Handlers.
LIT Handlers has a net worth of $1.2 million in 2021.
LIT Handlers FAQs
What is LIT Handlers?
LIT Handlers is a firm that manufactures hand holders for a variety of beverage sizes.
Who is the Founder?
Destiny Padgett is the Founder of Lit Handlers with offices located in New York City.
When was established?
LIT Handlers was established in 2016.
What is their offer on Shark Tank?
The offer of $200,000 for 10% stake in her company.
Did they get a deal?
Yes, they got a deal.
How much did they invest?
Daymond John invested $200,000 for 20% stake in her company.
What is their net worth?
The net worth of LIT Handlers is 1.2 million in 2021.
How many employees does she have?
LIT Handlers has 2 employees currently.
Is still in business?
Yes, LIT Handlers is still in business.
What Happened After the Shark Tank Episode?
The deal was finally closed between Daymond John and Destiny.
What is the revenue of LIT Handlers in 2021?
LIT Handlers is generating total revenue of $1.2 million in 2021.
How can we contact them?
You can contact to company by visiting their website www.lithandlers.com.
What products does Lit Handlers have?
LIT Handlers has a range of products, including Handlers for a variety of beverage sizes and The LIT Handlers Guidebook that explains how to use the holders.
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Which is your target audience?
LIT Handlers is now available at many specialty and retail outlets and has established numerous accounts in the industry including: Pinchpennystheaters.com, Mint Julep Bar and Balthazar Hotel New York.
Where are they based?
Based in Buna, Texas.
Who Are The Main Products?
Cold liquids remain chilled and hot beverages remain hot, yet hands never feel cold or burned.
How is the business model?
LIT Handlers has a licensing program to help bring a variety of products, styles, and sizes to market.
How do you propose to expand?
Destiny plans on expanding across the board, including production, sellers, and total inventory.
What are the strengths?
LIT Handlers has a patent-pending design that can be marketed and sold internationally.
How is the product positioned?
LIT Handlers has a patent-pending design that can be marketed and sold internationally.
Can you describe the market opportunity?
The market opportunity for LIT Handlers is tremendous across hundreds of millions of retail locations, worldwide.
Is any marketing strategy?
LIT Handlers is marketing through e-commerce and restaurant outlets, as well as through its website.
What type of competition does the firm face?
The company competes with similar products from a number of competitors, including Skip Hop and Scanpan.
How long have they been in business?
LIT Handlers was established in 2016.
How has customer service been?
Customer service is a top priority for LIT Handlers.
Is safe to buy their product online?
Yes, LIT Handlers is safe to buy its product online.
What is the negative side of the business?
The company does not have much revenue information.
How long will Lit Handlers last?
LIT Handlers has a very loyal customer base and should be around for many years to come.
How are the products manufactured?
LIT Handlers has expanded its operations to include tooling and manufacturing facilities.
What are their future plans?
The future plans of the company include expansion via licensing.
Is Lit Handlers a good investment?
Yes, LIT Handlers is a good investment and you can buy this stock by investing $100-$500 in the company.
