Smart Baker Shark Tank Net Worth 2023
Smart Baker Shark Tank Net Worth
The Smart Baker, a kitchen company founded by Daniel and Stephanie Rensing, appeared on the ABC reality TV show “Shark Tank” in March 2012.
The couple asked for a $75,000 investment in exchange for a 25% share, but they later changed their minds and turned down the offer.
They accepted an offer from Barbara of $75,000 in exchange for 40% and a 5% royalty until she is paid back which brings valuation to be $187,500.
Annual revenue for the company is close to $1 million, up from $130,000 before their appearance on the show. The episode also helped the company get noticed by Food Network and other media.
In addition, The Smart Baker has shipped six tons of product to an Amazon distributor before the 2012 holiday shopping season, resulting in brisk sales that spike around gift-giving holidays such as Christmas and Mother’s Day. As of 2021, The Smart Baker’s net worth is not publicly available.
What is Smart Baker? Who are the Founder of Smart Baker?
The Smart Baker is recognized for its inventive and practical cooking tools. Among their signature items are folding cupcake stands that can accommodate up to 100 cupcakes and fold flat for easy storage.
These stands are also adjustable, allowing for customization based on the quantity of baked goods being served.
The company also offers pre-cut parchment paper in circular or rectangular shapes to fit various molds. These pre-cut sheets have tabs on the sides for easy removal of the cake once it’s finished baking.
In addition, The Smart Baker produces cheat sheet aprons that feature essential measuring and conversion tables to prevent spills, stains, and measuring mistakes while baking.
The company is owned and operated by a husband and wife team, Daniel and Stephanie Rensing. Daniel has a background in computer graphics design and leadership, while Stephanie is an art teacher with degrees in art history and art education.
Together, they launched The Smart Baker and continue to run the business. Their website also features a range of baking supplies.
Smart Baker Shark Tank Pitch
Daniel and Stephanie appeared on season 3 episode 7 of Shark Tank, seeking $75,000 in exchange for a 25% stake in their company, which valued their company at $300,000.
During their pitch, they provided an overview of their business, stating that they had earned approximately $72,000 in total sales, but only $33,000 in the last three months.
They anticipated making $140,000 in sales by the end of the year, with $100,000 going to them. The majority of their sales came from their website and various specialty baking shops.
They were seeking an investment from a Shark to assist them in expanding their distribution and growing their company.
Mark declined to invest, feeling that he would hold them back. O’Leary believed that their idea was good, but there wasn’t enough potential profit, so he also declined to invest.
Robert Herjavec felt that he wasn’t knowledgeable enough about the baking and cooking industry to be a good investor.
Despite not making a deal, Robert Herjavec liked their concept so much that he became a customer. Daymond offered $75,000 for a 40% stake in the company, while Barbara offered the “Daisy Cake Deal,” which included $75,000 in exchange for 40% ownership and a 5% royalty until she was paid back.
When Daniel asked Barbara to increase her offer to $100,000, she declined. Daniel and Stephanie ultimately agreed to Barbara’s offer and left the show with her as their new partner.
After the show, Stephanie received a new teaching position, while Daniel continued to work on the company. However, the Barbara deal fell through due to concerns about the cost of the cupcake towers.
Despite this setback, Daniel continued to grow the company, and the publicity from appearing on Shark Tank led to a significant increase in sales.
They revamped their website and began selling parchment paper, aiming to become the “Reynolds Wraps of the globe.”
Daniel transported six tons of merchandise to an Amazon distributor just before the 2012 holiday shopping season, and sales increased during Christmas, Mother’s Day, and other gift-giving holidays. Today, the company’s sales remain stable, with an annual revenue of $1 million as of July 2021.
What is the Net Worth of Smart Baker?
Daniel and Stephanie appeared on Shark Tank season 3 episode 7 in search of $75,000 in exchange for a 25% stake in their company. This translates to a $300,000 valuation.
They accepted an offer from Barbara of $75,000 in exchange for 40% and a 5% royalty until she is paid back which brings valuation to be $187,500.
Current valuation is evidently higher since the Company has grown.
Who are the Competitors of Smart Baker?
There are no competitors identified for Smart Baker.
Smart Baker FAQ
What is Smart Baker?
The Smart Baker is a one-stop-shop for quality baking tools, from multi-tiered cupcake towers and pre-cut pan parchments to aprons with a “cheat sheet” for measurement translation and a recipe blog.
Who founded Smart Baker?
The Smart Baker was founded by Daniel and Stephanie Rensing, a husband and wife team.
How much were they seeking in the Shark Tank?
They were seeking $75,000 in exchange for 25% stake in their company.
Did they get the deal?
They accepted a $75,000 offer from Barbara for 40% and a 5% royalty until she is paid back which brings valuation to be $187,500.
Is Smart Baker still in business?
Yes, as of July 2021 they are still in business with annual revenue of $1 million.
Where is Smart Baker based?
They are based in Rockledge, Florida, United States.
How can they contact Smart Baker?
Smart Baker can be contacted via their website, Twitter profile, Facebook page, Pinterest page and Instagram.
When was Smart Baker aired on Shark Tank?
Smart Baker was aired on Shark Tank, season 3, episode 7 on March 2, 2012.
Do they have a website?
Their website is www.thesmartbaker.com
Where can they buy?
They can be purchased exclusively on their website and on amazon.
Which shipping method(s) do they employ?
Currently, their primary shipping options are USPS and UPS.
Do they provide worldwide shipping?
Yes, they can transport most of their items all over the world. Shipping costs vary by region and may be calculated before to purchase.
How quickly can they dispatch their order?
They make every effort to dispatch all orders within 24 hours, however certain things take longer to create, package, and ship.
Please contact them if they require an item by a specific date to determine whether they can make their deadline.
Expedited shipping may be required to assure on-time delivery.
Do they offer bulk pricing?
If they want to buy a large amount of a certain product, make sure you approach them for bulk or wholesale prices.
What is the policy on returns?
They can return most new, unopened products for a full refund within 14 days after delivery.
The original shipping charges are not refundable. Any items returned after the 14-day return period are subject to a 25% restocking charge.
They should expect their reimbursement within a few weeks after delivering their goods to the return shipper, although in many situations, they will receive it sooner.
How long will it take for their order to arrive after it has shipped?
Delivery timeframes differ depending on the delivery type and the distance from the shipment destination.
Are there any conditions attached to the Free Shipping offer?
Most free shipping offers are only valid for orders placed inside the contiguous 48 states.
If a promo code is not required, the free shipping option will be displayed throughout the checkout process.
All free shipping options will be for normal ground shipment.
What are their cupcake towers and cake pop stand made of?
Their towers and displays are all composed of washable, long-lasting PVC.
How are the cupcake towers and cake pop stands assembled?
Their displays make use of a patent-pending design of interlocking supports and a system of slots and tabs to provide a secure and sturdy construction.
Do they have a metric conversion apron?
Yes! A metric conversion apron is difficult, but they believe they have chosen the most regularly used products to convert.
What material is the apron made of?
The apron weighs 7.5 oz and is constructed of 65% polyester and 35% cotton twill.
How do they wash their apron?
All aprons may be machine washed. Wash on low temperature with like colours. Tumble dry on low or iron on the reverse side with a warm iron.
Can they bleach their apron?
They do not recommend that they bleach their apron.
Can they create a personalized apron?
Yes! If they have a specific recipe, conversion, or other concept for their apron, they will make it for them. All bespoke goods are priced individually and must be purchased by emailing them.
What is the net worth of Daniel Rensing?
Daniel Rensing net worth is $14 Million as of 2022.
What is the net worth of Stephanie Rensing?
Stephanie Rensing net worth is $600,000 as of 2022.
