Tie-Not Shark Tank Net Worth 2023
The company valuation was estimated to be $1.25 million during and after the pitch, but unfortunately the company went out of business shortly thereafter, making it impossible to determine the company’s current net worth.
The failure of the company was likely due to economic or financial issues, as well as other factors such as a change in market trends or competition.
What is Tie-Not? Who is the founder of Tie-Not?
Tie-Not is a company that produces two products designed to assist users in tying knots for small water balloons. Although water balloon fights are a lot of fun, nobody enjoys the hassle of filling up the balloons with water and then tying the small knots. Tie-Not has created two products, the Tie-Not filler and the Tie-Not tying stick, to address this problem.
The Tie-Not filler and the Tie-Not tying stick allow users to tie the balloons in a matter of seconds by attaching them to a standard garden hose. The toys can also be used independently, with the tying stick able to tie off balloons that have been inflated with air.
The founders of Tie-Not are Wayne Sikorcin and Scott Smith. Wayne has over 35 years of experience as a craftsman and artisan, owning and managing his own company called Craftsman Tool and Mold, which specializes in plastic base molding.
Scott has a background in sales and previously worked as the Director of Sales at Craftsman. He currently resides in Michigan and works as the Director of Sales at DME Company, a plastic molding company.
Tie-Not, a company that offers a range of water balloon-related products, was established by Wayne Sikorcin and Scott Smith.
The idea for the business came about when Wayne’s wife requested that he fill 150 water balloons for a family picnic. Despite starting the task, Wayne soon lost interest and only managed to complete 15 balloons before involving his children to help.
To make the process of tying water balloons easier and more enjoyable, the founders invented a patented tool called a tying stick. This tool quickly secures a water balloon and makes tying them a breeze.
In addition to the tying stick, Tie-Not also offers water balloon fillers, launchers, as well as balloons and bubble machines.
Since its inception in 2011, the company has been successful, and in 2012, it licensed the Tie-Not tool to the Imperial Toy Company. Today, Tie-Not products are available on Amazon, just in time for the summer water balloon season.
What Happened to Tie-Not at Shark Tank pitch?
In episode 527 of Shark Tank, Wayne Sikorcin and Scott Smith presented their product, Tie Not, which is a device that quickly and neatly ties up water balloons. Their goal was to secure an investment from one of the Sharks to help them gain awareness, receive payment for purchases, and gain access to large box stores.
Wayne and Scott asked for $125,000 in exchange for a 10% stake in their company, which was valued at $1.25 million. During their presentation, they demonstrated how to fill water balloons and even had Mark and Kevin try it out.
In their first year, Tie Not generated $112,000 in revenue by selling their product for $4.98 each, which cost $1.50 to manufacture. They also had a licensing deal with the Imperial Toy Company, which earned them royalties ranging from 7% to 11% and brought in $385,000 in 2012. The license agreement was renewable annually.
However, the Sharks were skeptical of the company’s valuation after learning about the licensing deal. Mark and Robert both went out, while Lori thought the product was too cheap. Kevin also passed on the opportunity because he didn’t think the business was profitable enough for him.
Barbara made an offer of $125,000 in exchange for a 25% stake in the company, with $50,000 paid in cash and $75,000 financed through a line of credit. Scott countered with an offer of $50,000 in cash and a $100,000 credit line for an 18% equity stake, but Barbara didn’t budge.
Scott then made a final counteroffer of 20% equity stake, but Barbara refused to negotiate any further. Ultimately, Wayne and Scott refused to accept Barbara’s offer of 25% equity stake and left the Shark Tank without a deal.
What Happened to Tie-Not after Shark Tank?
After the scheduled air date, the men proceeded with the licensing deal with Imperial Toy. Wayne and Scott both kept their day jobs – Wayne owns a tool and mold shop while Scott runs Sales Pro, Inc.
Imperial Toy filed for Chapter 11 bankruptcy protection in November 2019 and claimed the existence of a “shadow purchaser,” but the purchaser never showed up. In February 2020, a move to convert to Chapter 7 bankruptcy was filed, but there has been no update on the case as of August 2021.
Although Tie-Not’s website and social media pages have been taken down, their products can still be found on Amazon.
Imperial filed for Chapter 11 bankruptcy protection again in November 2021 in order to sell the company to Ja-Ru, Inc. through an asset acquisition deal. It’s unclear if the license agreement with Tie-Not will continue.
Net Worth of Tie-Not
The company valuation was $1.25 million during and after the pitch. Since then the company went out of business and hence the company net worth is not available.
Tie-Not FAQs
What is Tie-Not?
Tie-Not is a company that manufactures an accessory that assists users in tying knots for miniature water balloons. The two products function independently, with the tie-not filler tied off balloons blown up by air and the tie-not tying stick secures water balloon.
Who is the founder?
The company was founded by Wayne Sikorcin and Scott Smith. Wayne has always been a craftsman and artisan, owning and managing his own firm, Craftsman Tool and Mold, which specializes in plastic base molding, for over 35 years.
How much were they seeking on Shark Tank?
They were seeking for $125,000 for a 10% stake in their company, which was valued at $1.25 million.
Did they have the deal?
No, they did not have the deal during the pitch.
Is Tie-Not still in business?
Tie-Not is no longer in business. Tie-Not was a 2012 Shark Tank contestant that never appeared on the show after the deal was struck. In November 2019, Tie-Not entered Chapter 11 Bankruptcy and was sold to Ja-Ru, Inc. In November 2021, Tie-Not had their assets auctioned off by Ja-Ru, Inc., who planned on selling all of the company’s products to other companies in order to eliminate liabilities.
Where was Tie-Not located?
The company is located in Chicago, Illinois.
What did Tie-Not stand for?
Tie-Not stands for Tie Not Water Balloon Filler and Tying Stick, respectively.
How was Tie-Not work?
Tie-Not was composed of two products: balloon filler and a tying stick. Both were manufactured under the Tie-Not brand name.
Was Tie-Not a scam?
No. Tie-Not was a genuine company that was seeking an investment from the Sharks.
What did Tie-Not look like?
The tie-not was a small cylinder consisting of two parts joined together. The filler tube had a rubber stopper at both ends and held 2-5 balloons, while the tying stick was made available in different lengths, depending on customer preference.
How much did Tie-Not cost?
It is not known how much Tie-Not costs however; the balloon filler and tying stick were priced at $4.
Was Tie-Not shipping?
Yes, both products were being shipped.
What was Tie-Not warrant?
The company claimed that their products were warranted against defects in workmanship and materials for 1 year from the date of purchase.
How long Tie-Not was took for delivery?
There is no information on how long Tie-Not took for delivery.
Where can I buy Tie-Not products?
Both Tie-Not product lines are no longer available for sale.
What were the payment methods accepted by Tie-Not?
Tie-Not accepted payments in cash and by credit card.
What is the net worth of Wayne Sikorcin?
The net worth of Wayne Sikorcin is unknown.
What is the net worth of Scott Smith?
The net worth of Scott Smith is unknown.
