LockerBones Shark Tank Net Worth 2023
LockerBones Shark Tank Net Worth
LockerBones, a locker organizer company founded by Greg Cronin and Stephen Coachys, was featured on Shark Tank America in January 2014.
Since then, the company has experienced tremendous growth and success, leading to an estimated net worth of 2 million USD in 2023. The founders of LockerBones have a combined net worth of 1 million USD as of 2023.
What is LockerBones? Who are the LockerBones founders?
LockerBones is a highly effective tool for organizing lockers. It has customizable features, including vertical dividers and small shelves, and is available in either wood or plastic.
The plastic versions come in royal blue, hot pink, and black, and there is a half-height variation for smaller lockers.
The great thing about LockerBones is that it fits any locker and is easy to install without tools. The adjustable track system allows for a customized fit, and the entire system is self-contained, so it doesn’t need to be attached to the locker itself.
LockerBones was created by Greg Cronin, a former builder and contractor, and Steve Coachys, a medical director. The idea was sparked when Greg’s daughter, Ashley, started middle school and needed a better way to organize her locker.
Greg spent two years perfecting the design and soon became known as “The Locker Guy” at his daughter’s school.
After obtaining a patent and selling around 500 units, Greg hired Steve as a business partner.
Together, they secured a deal with Amazon and established a fundraising method for schools and PTAs to sell LockerBones and collect funds. Steve remains a co-founder of the company, although he doesn’t mention his affiliation on his LinkedIn page.
LockerBones Shark Tank Pitch
Greg and Steven appeared on Season 5 Episode 14 of Shark Tank with a business proposal. They were seeking a $175,000 investment for 10% ownership in their company, LockerBones, which would value the company at $1.75 million.
During the pitch, Greg showcased a disorganized locker and explained that LockerBones could help solve “Disorganitus,” which includes lost homework, tardiness, and low grades. Steven then demonstrated the product’s simplicity by taking a model out of the locker.
The Sharks were interested in the product and asked about its patent and sales figures. The couple explained that the product had been rebuilt and they had a deal with Amazon for 10,000 wood pieces. They were seeking funds to complete the order.
However, the Sharks were wary of investing due to the poor sales figures and the prior failure of a model. Mark Cuban was not impressed with the company’s business plan, and Kevin O’Leary suggested that the couple focus more on school distribution. Barbara Corcoran agreed that the sales technique needed improvement.
Robert offered $87,500 for 25% of the company and suggested that Lori would match his offer. Lori ultimately accepted Robert’s offer, and the two offered $175,000 for 50% of LockerBones. The deal never finalized, but the exposure from Shark Tank helped the company gain traction.
After the episode aired, Staples contacted the couple and offered to join their successful Back to School promotion.
LockerBones is now available on Amazon in both wood and plastic. As of November 2021, the company is still in operation, generating annual revenue of one million dollars.
LockerBones Net Worth
The company grew from strength to strength following the show to an estimated net worth of $2 million today.
There is no competitor identified for LockerBones.
What is LockerBones?
LockerBones is an excellent locker organization tool. It is fully customizable and has vertical dividers and small shelves.
LockerBones comes in wood or plastic and fits 12″ or 15″ lockers. Plastic versions are available in royal blue, hot pink, and black. There is also a variation for half-height lockers.
Who were the founders?
Greg Cronin and Steven Johnson are the founders of LockerBones.
How much were they seeking in the Shark Tank Pitch?
The LockerBones founders asked for an investment of $175,000 in exchange for 10% stake in the company.
Did they get the deal?
They secure an investment from Robert and Lori.
How much was the deal?
They secured a $175,000 investment in exchange of 50% stake in LockerBones.
Are LockerBones still in business?
The corporation is still in operation, with a headquarters in Jackson, Mississippi, and an active website. Staples’ support of their development, notably for the “Back to School” market, has largely contributed to their growth and success.
What episode was LockerBones featured on Shark Tank?
The episode was Season 5 Episode 14.
What state is LockerBones based in?
LockerBones is headquartered in Jackson, Mississippi.
When were they in the Shark Tank Pitch?
They pitched on January 17th, 2014.
Did the deal with Lori and Robert closed?
The deal did not go through.
Where can they buy?
LockerBones products can be purchased at Amazon and their website.
How much do LockerBones cost?
A single is $29.99, while a double costs $34.95.
Does LockerBones comes in different colours?
Plastic versions are available in royal blue, hot pink, and black.
What is the net worth of Greg Cronin?
Greg Cronin’s net worth is unavailable.
What is the net worth of Stephen Coachys?
Stephen Coachys’s net worth is unavailable.