StepNpull Shark Tank Net Worth 2023
Mike was a participant on the television show Shark Tank during the twelfth season, on the nineteenth episode. He was seeking a total of $300,000 in exchange for a 3% ownership stake in his company, which was valued at $10 million at the time.
During the show, one of the investors, Kevin, made Mike an offer of $300,000 in exchange for a 6% ownership stake in the company.
After some negotiation, Mike decided to accept the offer from Kevin, which meant that the company was valued at $5 million after the investment.
What is StepNpull? Who is the Step N Pull founder?
The StepNpull is a hands-free door opener that can be operated using the foot. It allows individuals to enter places like homes, stores, companies, bathrooms, and schools without the need to physically touch the door handle with their hands or any other part of their exposed body.
By using their foot to open the door, they can reduce the risk of transferring germs from one person to another in crowded areas, which is particularly significant in today’s world.
Moreover, the StepNpull is a convenient solution for people who need to use both hands, like those carrying shopping bags.
The product comes in different colors that can match any decor and is widely available to large institutions, airports, enterprises, and other places with toilet doors. Customers can buy it from popular retailers such as Home Depot, Lowe’s, and Amazon.
Step N Pull was established in 2007, and the company has been in business for nearly 14 years. Its co-founders, Mike Sewell, Ron Ely, and Kelly Coddington, all come from the telecoms industry and met while working for the same company.
They are still part of the board of directors, and the business is thriving amid the pandemic as more customers worldwide are using the product.
Mike conceived the idea for the company after observing that many of his co-workers used a paper towel to unlock a lavatory door to avoid touching it.
He disliked the paper waste it generated, but the situation also presented an opportunity to create a business, something that he and his colleagues had discussed before. Kelly created a prototype, while Ron, who had expertise in building, designed the product.
The company started selling the StepNpull from their garage, but they quickly gained traction when large corporate brands started placing bulk orders. Within a few years, they expanded their distribution globally, with suppliers and partners in major countries.
While the company has been successful for over a decade, generating sales of over $1 million in some months, the co-founders felt the need to find an investor who could provide more expertise, connections, and resources to take the product to the next level.
StepNpull Shark Tank Pitch
In season 12 episode 19 of Shark Tank, Mike seeks $300,000 for a 3% stake in his company, which has a $10 million valuation.
During his pitch, he uses an actor to demonstrate his invention, which has been patented, and distributes samples.
The Covid-19 pandemic significantly boosted sales of the device, with March 2020 sales reaching $1.7 million and year-to-date sales hitting $7 million as of mid-2020. Each unit costs between $8 and $9 to produce and sells for $29.95.
The Sharks are impressed with the product’s margins and stats, and Kevin offers $300,000 for a 10% stake, while Daymond offers $300,000 for a 12% interest rate.
Daymond believes he can reduce production costs and plans to work with the International Door Association to make the StepNpull standard on all commercial doors.
Lori Greiner offers $300,000 for a 5% stake plus a 50% royalty until she recoups $500,000, after which she demands 20 cents a unit in perpetuity.
After some negotiation, Kevin agrees to a 6% stake in the company, and Mike strikes a deal with him. Following the episode’s first airing in April 2021, the company secures additional corporate clients, including NASA, Nike, Pizza Hut, Whole Foods, and the University of Houston.
However, as of July 2021, Kevin’s agreement has not been finalized, and negotiations are still ongoing. The company earns $1 million in revenue each year.
StepNpull Net Worth
Mike appears on Shark Tank season 12 episode 19 in search of $300,000 for a 3% stake in his company. This represents a $10 valuation.
He accepted an offer from Kevin of $300,000 for 6% stake thus bringing valuation to be $5million.
StepNpull Competitors
Kleantoolz Grabfoot Touchless Door Foot Pull is a competitor of StepNpull.
StepNpull FAQS
What is StepNpull?
StepNpull is a foot-operated, hands-free door opener that allows them to enter a house, store, company, bathroom, or school without having to physically touch a door handle with their hand or any other exposed part of their body.
By using their foot to open the door, they reduce the possible transfer of germs from person to person in heavy traffic areas, which is very significant in today’s world.
It also helps persons who would otherwise have to use both hands while carrying shopping bags.
Who is the founder for StepNpull?
StepNpull was formed in 2007. Mike Sewell, Ron Ely, and Kelly Coddington are among the co-founders.
How much was he asking in the Shark Tank?
Mike appears on Shark Tank season 12 episode 19 in search of $300,000 for a 3% stake in his company. This represents a $10 valuation.
Did he get the deal from the Sharks?
Mike strikes a deal with Kevin.
How much was the deal?
Mike secure an investment from Kevin of $300,000 for 6% stake in StepNpull.
Is StepNpull still in business?
Yes, StepNpull is still in business and the business earns $1 million in revenue each year.
What episode was StepNpull featured?
StepNpull was featured in season 12 episode 19 of Shark Tank.
When was StepNpull aired on Shark Tank?
StepNpull was featured on Shark Tank on April 2, 2021.
Where is StepNpull located?
Springfield, Missouri.
How much does StepNpull costs?
StepNpull costs $29.95 to purchase.
Does StepNpull prevent the spread of germs?
Yes, StepNpull prevents the spread of germs by preventing their hand from coming into contact with the door handle.
Is StepNpull accessible for children and the elderly?
Absolutely. This, however, is largely dependent on the individual’s physical capabilities while using the StepNpull.
Their CEO, who is 92 years old, paid a visit the other day. He used it carelessly.
What tools/equipment do they use to fit the StepNpull?
Needless to say, their fitters have worked with every type of door and flooring and carry a truck stocked with gear, including specialized tools, to guarantee that each StepNpull is installed precisely and consistently on all of their doors.
How securely fitted is the StepNpull?
The StepNpull is really powerful. It is constructed of durable T6 aluminum. Each bracket includes three number 12 mounting screws as standard.
Simply said, it’s elegant, seductive, and will last a lifetime.
Do they offer a money back guarantee?
Yes, if customers are dissatisfied with their purchase, they will receive a full refund.
Does StepNpull have a warranty?
Yes. StepNpull is delivered to them and installed by them. Once satisfied, they provide them with an Installation and Compliance Certificate that includes a lifetime warranty against manufactured defects.
Is StepNpull ADA compliant?
Indeed, it is. For those who are unfamiliar with this term, it refers to a product that complies with the Americans with Disabilities Act.
This means that even impaired individuals may utilize this device.
Where is StepNpull manufactured?
StepNpull is designed and produced in the United Kingdom. They are happy to help the UK’s employment sector.
What is net worth of Mike Sewell?
Mike Sewell’s net worth is unavailable.
