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.
LockerBones Competitors
There is no competitor identified for LockerBones.
LockerBones Shark Tank Updates
LockerBones is a locker organizer designed to help students keep their lockers neat and organized. The product consists of adjustable shelves that can be customized to fit any locker size.
The idea for LockerBones came about when Greg Cronin made interlocking wooden shelves to help his middle-school daughter keep her locker arranged.
The product became popular at the school, and that’s when Greg and Stephen Coachys decided to turn it into a business.
LockerBones appeared on Shark Tank in January 2014, seeking $175,000 in exchange for 10% equity. Lori Greiner and Robert Herjavec offered $175,000 for 50% equity, which Greg and Stephen accepted.
After the episode aired, the LockerBones website had 3.2 million hits in just three weeks. Staples contacted LockerBones and invited them to participate in their Back to School program.
Staples’ involvement helped LockerBones grow faster and further than the sharks would ever have time to do.
As of 2023, LockerBones has experienced tremendous growth and success, with a net worth of around $2 million USD. However, the product is no longer available on the Staples website, but it is still available on Amazon and the company website.
Summary Table about LockerBones Shark Tank Net Worth 2023
| CATEGORY | INFORMATION |
| Company name | LockerBones |
| Founders | Greg Cronin and Stephen Coachys |
| Shark Tank pitch | $175,000 for 10% equity |
| Sharks’ offer | $175,000 for 50% equity |
| Net worth (2023) | $2 million |
| Founders’ net worth | $1 million |
| Product Description | Highly effective locker organizer |
| Available versions | Wood and plastic (in different colors) |
| Competitors | None Identified |
| Revenue | $1 million (as of November 2021) |
| Sales platform | Amazon |
| Fundraising method | Schools and PTAs |
| Patent | Obtained |
LockerBones FAQS
What Is The History Of Lockerbones?
LockerBones is a company that produces locker organizers designed specifically to organize school lockers. The idea behind LockerBones started when Greg Cronin made some interlocking wooden shelves to help his middle-school daughter keep her locker arranged.
The LockerBones unique locker shelving system started as a father and daughter project and rapidly turned into a small business.
The product is simple to assemble, surprisingly sturdy, and features a puzzle piece-like design. LockerBones is available in either wood or plastic through Amazon.
LockerBones pitched their product on Shark Tank in 2014, seeking $175,000 in exchange for 10 percent equity. They accepted Lori Greiner and Robert Herjavec’s offer of $175k for 50 percent.
Three days after the LockerBones Shark Tank episode aired, Cronin says he was contacted by Staples, and invited to participate in their popular Back to School program. However, since 2014, LockerBones hasn’t been active online, and the product is no longer available on the Staples website.
LockerBones is a product that is field-tested and student-approved. The product became popular at St. Andrew’s School in Mississippi, and a parent told Cronin that LockerBones was at the top of their child’s birthday list.
Another child looked at Cronin and said, “My parents won’t buy me one, but I hope to save up and get one from you soon”. LockerBones is not just a product for lockers, it is a product that can help students stay organized and reduce stress.
Who were the founders?
Greg Cronin and Steven Johnson are the founders of LockerBones.
What Was The Outcome Of Lockerbones Shark Tank Pitch?
Greg Cronin and Steve Coachys pitched LockerBones on Shark Tank in 2014, seeking $175,000 in exchange for 10% equity. Lori Greiner and Robert Herjavec offered $175,000 for 50% equity, which Cronin and Coachys accepted.
Three days after the episode aired, Staples contacted Cronin and invited LockerBones to participate in their Back to School program. However, since 2014, LockerBones has not been active online, and the product is no longer available on the Staples website.
As of 2023, LockerBones is available on Amazon and the company website. There is no information on the current status of the company or its sales figures. It is unclear whether LockerBones is still in business or if it has been discontinued.
Yes, LockerBones did get a deal on Shark Tank. The founders, Greg Cronin and Steve Coachys, pitched their locker organizer product on the show in 2014, asking for $175,000 in exchange for a 10% equity stake in their company.
In the end, both Lori Greiner and Robert Herjavec were interested enough to offer the founders $175,000 combined for a 50% equity stake, with Herjavec and Greiner each taking 25% and Cochys and Cronin splitting the remaining 50% equally. The deal was accepted, and the company received the investment from the Sharks.
What Happened To Lockerbones After Shark Tank?
LockerBones is a locker organizer designed by Greg Cronin and Steve Coachy to help students keep their lockers neat and organized. The product includes vertical dividers and tiny shelves that are configurable.
The idea for LockerBones came about when Cronin’s daughter complained about how difficult it was to keep her locker organized. After appearing on Shark Tank in 2014, LockerBones received a $175,000 investment from Lori Greiner and Robert Herjavec in exchange for 50% of the business.
Following their appearance on Shark Tank, LockerBones received 3.2 million hits on their website in just three weeks. Staples contacted LockerBones after the show and invited them to participate in their Back to School program.
However, since 2014, LockerBones has not been active online, and the product is no longer available on the Staples website. As of 2023, the product is only available on Amazon.
What Other Companies Have Partnered With Lockerbones?
LockerBones is a company that produces locker organizers for schools and students. The company appeared on Shark Tank and received a deal from Lori Greiner and Robert Herjavec, but the deal never closed.
After the show aired, Staples contacted the company and moved them into development to get the LockerBones ready for back-to-school sales. The LockerBones systems are now available in either wood or plastic through Amazon, and the pair hope to have them on retail shelves in the near future.
There is no information available on other companies that have partnered with LockerBones. However, schools and PTA’s can sell LockerBones to raise money.
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.
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.
