Sweep Easy Net Worth
When Shane Panell first entered the Shark Tank, he was seeking an investment of $40,000 in exchange for a 25% share of his company, which valued the business at $160,000.
However, after negotiations with the sharks, he eventually accepted an offer from Daymond John and Kevin Harrington for $80,000 in exchange for a 25% stake in the company. This investment effectively doubled the valuation of Panell’s company to $320,000.
By accepting this deal, Panell gained not only the funding he needed to grow his business but also the expertise and connections of John and Harrington to help him succeed in the market.
What is Sweep Easy and Who Founded Sweep Easy?
Sweep Easy is a type of broom that comes with a built-in scraper, designed to tackle tough and stubborn messes without requiring the user to bend down and scrape or scrub the surface. With just a push of a button, the scraper extends from the middle of the broom, making it easy to use.
The creator of Sweep Easy is Shane Pannell, a stay-at-home father of three who came up with the idea while cleaning up spilled food on his hands and knees in his own kitchen.
Pannell spent about a month developing the broom in his workshop and then began pitching his invention to various businesses that he believed could benefit from it.
In 2010, Pannell attempted to trademark the Sweep Easy and began searching for funding to bring his idea to market. He ultimately appeared on the television show Shark Tank to pitch his invention to a panel of investors. Pannell is still the President of Sweep Easy LLC today.
Sweep Easy Shark Tank Pitch
During the pitch, Shane Pannell presented the Sweep Easy broom, which had an integrated scraper and was designed to clean up tough, stuck-on messes without requiring the user to stoop down and scrub or scrape. He pitched his idea to the Sharks, seeking $40,000 in exchange for a 25% equity share in his company.
Kevin Harrington estimated that the product could generate a $100 million revenue stream and suggested that Pannell sell his goods through retail establishments, while Robert Herjavec and Kevin O’Leary were interested in discussing licensing the invention to exist broom manufacturers.
Daymond John offered $75,000 in exchange for 33% equity and the opportunity to join forces with Harrington to make a joint offer of $80,000 for 25% equity.
Barbara Corcoran did not believe Pannell could bring his idea to market, and Kevin O’Leary preferred to license the Sweep Easy rather than produce brooms. Ultimately, Pannell accepted John and Harrington’s offer of $80,000 for a 25% stake in the company.
However, Pannell’s contract with John and Harrington fell through, and the Sweep Easy social media pages have been dormant since 2012.
Nonetheless, Pannell resurrected the Sweep Easy in the spring of 2017 with a revamped product, and the brooms are still available for purchase on his website as of November 2021, generating just over $1 million in annual income.
Sweep Easy Net Worth
Panell enters the Shark Tank looking for $40,000 in exchange for a 25% stock share. This equates to a $160,000 value.
He accepted an offer from Daymond and Harrington of $80,000 for 25% thus bringing the valuation to $320,000.
Sweep Easy Competitors
There is no competitor for Sweep Easy.
Sweep Easy FAQS
Is it true that Sweep Easy made money?
Despite having made no sales before to the presentation, the firm’s owner departed the exhibition with more sales than expected, thanks to the innovation that will improve people’s sweeping skills.
Is sweep Easy still in operation?
“Easy Sweep!” He’s still in business and selling brooms on his website as of November 2021.
What happened to Sweep Easy after Shark Tank?
Shane began selling his items in several places and on his internet website after appearing on Shark Tank.
The brooms are available in three colours: green, orange, and blue, and they cost $28.97 on the website. The website has released an enclosed dustpan for $15.97.
What is sweep easy worth?
Sweep Easy was valued at $ 320,000 at the Tank after the owner accepted an offer.
What exactly is Sweep Easy?
Sweep Easy is a multi-purpose floor scraper that is effective in removing stickers and bandages from the floor.
A high-quality plastic crapper can remove any material that has been attached to the ground or solidified.
They won’t have any problem cleaning it because it’s unobtrusive.
Why Is Sweep Easy So Popular?
Sweep Easy’s key selling feature is its three-in-one retractable scraper.
All three attachments are constructed of high-quality plastic and are suitable for use on a variety of surfaces.
So, whether they have vinyl or hardwood floors, Sweep Easy can clear up any type of problem fast and effectively.
What is Sweep Easy’s revenue model?
Shane Panell presented his concept for marketing the product to restaurants, theaters, and larger institutions during his visit on the show.
Shane began selling his items in a variety of venues and online after appearing on Shark Tank.
What are weaknesses of Sweep Easy?
Shane’s only problem is that he hasn’t as yet increased the manufacturing capacity because his product is still new.
But with the support it has received, there’s no doubt that his idea will flourish and continue to be successful for years to come.
Who’s the owner of Sweep Easy?
Sweep Easy is owned by Shane Panell.
How much does Sweep Easy cost?
If customers opt to buy Sweep Easy, they will have to pay the RRP of $29.90. Please keep in mind that the original price is $19.95, whereas Amazon and other e-commerce sites charge $29.90.
Are Sweep Easy Patent?
Does Sweep Easy have any movies?
Yes. Shane Panell was featured on the season 2 episode 6, which aired on October 4, 2014.
What the strengths of Sweep Easy?
Sweep Easy is a lightweight broom that utilizes 3 pieces to assemble. They can turn the broom into a dustpan, a brush, and a scraper.
The scraper makes it very easy to remove stickers from any surface without damaging the material.