My Wonderful Life Shark Tank Net Worth 2023
Nancy Bush and Sue Kruskopf appeared on Shark Tank in search of $100,000 in exchange for a 10% stake in the company they represented. This equates to the business having a valuation of $1 million.
Since then, the company has grown and their current valuation is likely higher due to the added success and potential that investors see.
What is My Wonderful Life?
My Wonderful Life” is a free online service that enables users to plan and personalize their own funeral or the funeral of a loved one in advance. With this simple and innovative platform, individuals can ensure that their final wishes are carried out in a way that reflects their unique life and personality.
The founders of “My Wonderful Life” are Nancy Bush and Sue Kruskopf, who are based in Minneapolis, Minnesota. They were inspired to create this service after experiencing the difficulty of planning a funeral for Nancy’s husband, John, who passed away from cancer at the age of 53.
Despite having over a year to prepare, John found it challenging to communicate his funeral wishes to his family as he believed it would be a sign of giving up.
Eventually, Nancy’s friends and family organized a beautiful end-of-life celebration for John, but Sue and Nancy couldn’t help but think how much easier it would have been if John had been able to go online to express his wishes and leave messages and tributes for his loved ones.
This experience motivated them to create “My Wonderful Life” as a solution for others facing similar challenges. With this service, users can plan their own funeral or that of a loved one with ease, ensuring that their final wishes are respected and honored in a meaningful way.
What Happened to My Wonderful Life at the Shark Tank Pitch?
Nancy Bush and Sue Kruskopf pitched their company on Season 3 Episode 1 of Shark Tank, seeking a $100,000 investment for a 10% stake in their company, which was valued at $1 million. The Sharks were initially surprised when the entrepreneurs opened with an unusual question about mortality.
The business idea was a website where users could design their own services and convey their final wishes. The entrepreneurs hoped that users would start with the free online service and upgrade to the commercial features they provide.
Kruskopf gave an example of how the website could be used to organize and pre-pay for funeral services, using Kevin O’Leary as an example.
The Sharks were curious about how the company would make money. Bush explained that they had recently partnered with a large insurance firm to create the “My Wonderful Life policy,” which is an insurance plan that allows people to pre-pay for their own funerals. The company would earn a 5% commission on each policy sold.
However, the Sharks had concerns about the lack of proprietary technology and the competition from funeral homes.
They also noted that the company had not made any money despite having 7,000 subscribers in three years. Ultimately, all of the Sharks passed on the opportunity to invest in the company.
What Happened to My Wonderful Life after the Shark Tank Pitch?
On the night the episode was broadcasted, the website experienced a surge in traffic, surpassing 1000%. This influx of new users proved to be enough to sustain My Wonderful Life’s operations.
Presently, the website is still active, and the associated social media accounts are frequently updated, which suggests that the business is profitable. Despite the Sharks’ inability to see the potential for profitability, the My Wonderful Life team persisted in their belief in their enterprise and turned their unique concept into a lucrative venture.
In 2019, the company was recognized as the leading online funeral planning tool that helps individuals plan memorial services that are meaningful and enjoyable. As of July 2021, the company continues to operate and generates annual sales of $900,000.
What is the Net Worth of My Wonderful Life?
Nancy Bush and Sue Kruskopf appeared on Shark Tank in search of $100,000 in return for a 10% stake in the company. This equates to a $1 million valuation.
Current valuation is evidently higher since the Company has grown.
Who are the Competitors of My Wonderful Life?
There are no competitors identified for My Wonderful Life.
My Wonderful Life FAQS
What is My Wonderful Life?
My Wonderful Life is an online planning tool that enables people to express their final wishes for the celebration of life.
Who are the founders of My Wonderful Life?
The founders of My Wonderful Life are Nancy Bush and Sue Kruskopf.
How does My Wonderful Life work?
My Wonderful Life allows a person to design his or her own service as well as record their final wishes for a celebration of life.
How much was they seeking in the Shark Tank Pitch?
The founders of My Wonderful Life were seeking $100,000 for 10% stake in their Company.
Did they get the deal from the Shark Tank?
They did not get the deal from the Shark Tank.
What is the website of My Wonderful Life?
The website for My Wonderful Life is www.mywonderfullife.com
How much does it cost to use My Wonderful Life?
There is a 30-day free trial that allows people to experiment with their planning and story-telling tools, such as uploading and saving their favourite photographs, videos, audio recording, and music.
They’ll always have access to their website, which is chock-full of free funeral inspiration and ideas.
Is My Wonderful Life still business?
The firm is still in operation and generates $900,000 in yearly sales as of July 2021.
Do they have to pay for their funeral on the site?
No. This is a website where they may arrange it so that their loved ones are aware. Some members save money. They can notify them via their website.
Are they associated with the funeral industry?
No, they are not connected in any manner. They are independent and provide an impartial viewpoint.
What exactly is a member?
They become a Member when they create an account on MyWonderfulLife.com.
What exactly is a Legacy Member?
Someone who was a member before October of 2019.
Can somebody open an account on behalf of someone else?
If they wish to be active in the site, they may guide them through the procedure and help them choose a password.
When was My Wonderful Life aired on Shark Tank Pitch?
My Wonderful Life was aired on Shark Tank pitch in January 20th, 2012.
How does My Wonderful Life makes money?
The insurance company collects the funds for the pre-paid funeral, and the My Wonderful Life team keeps 5%.
What is the company’s security policy?
My Wonderful Life recognizes the sensitivity and value of the information contained in their plan. They take their obligation to safeguard that data seriously.
What is the net worth of Sue Kruskopf?
Sue Kruskopf’s net worth is unavailable.
What is the net worth of Nancy Bush?
Nancy Bush’s net worth is unavailable.