LIT Handlers Shark Tank Update | LIT Handers after the Shark Tank
What is LIT Handlers?
Lit Handler is a firm that manufactures hand holders for a variety of beverage sizes.
Destiny Padgett established Lit Handlers in 2016, and her products come in a range of sizes, colors, and styles, as well as forms.
Additionally, she ensures the proper fit of popular beverages ranging from water to champagne and containers ranging from a standard can to a half gallon jug and a half gallon of ice cream.
Cold liquids remain chilled and hot beverages remain hot, yet hands never feel cold or burned.
She began with a modest selection but has now extended to include a variety of Handlers, including Pint Size Ice Cream, Wine Tumbler, Bottleneck, Pint Glass, Can, and Small and Medium Coffee.
Additionally, they provide neoprene bags, sleeveless sleeves, and accessories.
Who is the Founder of LIT Handlers?
Destiny Padgett is the Founder of Lit Handlers with offices located in New York City.
Originally, Destiny was a bar owner with a passion for beverage technology.
She is an entrepreneur that has taken advantage of her experience as a bar owner to create a successful business model.
She achieved this after graduating from Syracuse University at The Tuck School of Business with a BBA in Information Systems and subsequently working as a supply chain management consultant for six years before establishing Lit Handlers.
Destiny’s most forward-thinking addition to her patent-pending Handlers are the handles that make it easier to take up and hold onto the beverage for all users, but especially for tiny baby hands.
Additionally, there is a convenient pocket on the reinforced handle for tiny things such as lip balm, mints, band aids, or a pen.
The LIT Handlers website has a size chart, which enables users to determine just what they need to acquire to meet their requirements.
With over a dozen sizes and hundreds of designs, Handlers goods range in price from $4.99 for the tiniest koozie to $69.99 for a big backpack.
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Based in Buna, Texas, the company now conducts business only through its website and Amazon. Nonetheless, it intends to expand across the board, including production, sellers, and total inventory.
What Happened to LIT Handlers on Shark Tank Pitch?
Destiny Padgett proceeded to the Shark Tank pitch fetching for the investor who can make and investment on her company with an offer of $200,000 for 10% stake.
She then explained more progress of her company that in 2020 the company earned $630,000 in sales and therefore is targeting $780,000 in 2021.
She claims she needs a Shark to assist her with licensing in order to expand her firm.
The Shark Tank investors were very optimistic to invest on the company.
Kevin O’ Leary was the first to make his offer of $200,000 for exchange of 20% ownership of the company.
Robert Herjavec, Mark Cuban and Lori Greiner were out of the deal with Destiny’s company.
Daymond John offers $200,000 for 25% equity shares of the company, instantly Kevin O’ Leary revised his offer to$200,000 for 25% of the company shares.
Destiny counter offer $200,000 for 20% equity share of her company.
Kevin O’ Leary’s offer was rejected by Destiny and finally closes the deal with Daymond John for $200,000 for 20% ownership of the company.
What Happened to LIT Handers after the Shark Tank?
Finally the deal was closed between Daymond John and Destiny and the transaction was made successfully.
LIT Handers are still continuing with their business and currently their selling their products on their website and Amazon website. The company has generated total revenue of $1.2 million in 2021.
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.
