Wallet Buckle shark Tank Net Worth
The net worth of Wallet Buckle can be estimated by the valuation presented during their pitch on Shark Tank. Trevor and Justin proposed to give up 10% of their company in exchange for $500,000, which implies a valuation of $5 million.
This valuation indicates the perceived value of the business, taking into account factors such as revenue, the potential for growth, intellectual property, and other assets.
However, it is important to note that net worth is not the same as valuation, as it takes into account liabilities and debts, which can affect the overall financial health of a company.
The current net worth of Wallet Buckle is not publicly available, but it can be assumed to have increased since its inception due to successful marketing strategies, licensing agreements, and increased sales.
What is Wallet Buckle and Who Founded Wallet Buckle?
Wallet Buckle is a belt buckle that can also function as a wallet, holding up to five credit or identification cards while concealing the wallet. It was created by Trevor and Justin Johnston, who were already successful entrepreneurs before founding Wallet Buckle.
Trevor and Justin Johnston are the founders of Wallet Buckle.
Trevor was previously the Vice President of Sales and Business Development at Twilight Solutions Inc., while Justin was the President. The brothers continue to run Wallet Buckle.
The idea for Wallet Buckle came about when Trevor frequently lost his wallet, and the device was created to help people like him who had a tendency to misplace their wallets.
The Johnston brothers sought patent protection for their unique product. It was designed for people who prefer to travel light and find traditional wallets and handbags outdated.
To raise funds for the business, the brothers used a Kickstarter campaign that raised around $44,000 to improve manufacturing. Despite having an excellent product, the brothers faced financial constraints when it came to advertising.
They turned to Instagram to promote the product, where it gained popularity and led to great sales. The product was sold on their website and marketed at various events.
Wallet Buckle Shark Tank Pitch
In June 2016, Trevor and Justin established their company with a prosperous Kickstarter campaign that raised $44,611. They used Instagram to expand the business and now have over 27,000 followers.
During their Shark Tank pitch, Trevor and Justin requested $500,000 in exchange for a 10% stake in their company, implying a valuation of $5 million. They presented their product and offered samples.
Their business had only been operational for less than a year and generated $500,000 in revenue, with expectations to reach $800,000 by the end of 2017. Sales primarily occurred during festivals and live events. The product was manufactured for $5 to $7 and retailed for $49.
Their future revenue projections included an anticipated $2.5 million in 2018 due to a partnership with a denim producer. They currently operate one mall kiosk but aspire to expand to forty by the end of June 2017.
Kevin rejected the offer first, believing the valuation was too high, and expressing concerns that potential buyers would be unaware that the buckle could conceal cards.
Robert was the second shark to decline the deal, citing concerns that the product, the size of a credit card, would not function well due to its limited size.
Daymond praised the product but left the deal due to the company’s high valuation and difficulty in selling it.
Mark rejected the offer, stating that while large belt buckles were not rare, the market was insufficiently broad.
Lori also declined the offer, expressing concerns that the company was too specialized and that the demand for belts among women, who frequently wear dresses and skirts, was low.
Wallet Buckle then signed licensing agreements with major sports organizations such as the NFL, Major League Baseball, the National Basketball Association, and the NCAA. This resulted in a significant increase in sales. As of June 2021, the company continues to operate with an anticipated yearly revenue of $3 million.
Wallet Buckle Net Worth
Trevor and Justin pitch the Shark Tank for $500,000 in exchange for 10% of their firm. This suggests a $5 million valuation.
Wallet Buckle Competitors
Unknown.
Wallet Buckle FAQS
What episode of Shark Tank did Wallet Buckle appear in?
23rd episode of Season 8.
Where did the wallet buckle originate?
Justin and Trevor Johnston of Northern California experienced the aforementioned insight.
As a result of this thought process, they created the Wallet Buckle, a handy and clever method to carry their cards and cash without dropping or losing them.
What is the Wallet Buckle’s mechanism of operation?
Wallet Buckle is the ideal replacement for traditional wallets since it enables them to quickly keep and access their cards and identification under the buckle of their belt.
The Wallet Buckle can hold up to four different cards at once, allowing them to carry not just their ID card, but also a variety of additional cards.
How do they make money?
Wallet Buckle makes money by charging a premium price for the Wallet Buckle. The primary market consists of men’s belts, but there are also women’s belts and purses.
When was Wallet Buckle aired on Shark Tank?
Wallet Buckle’s first appearance on Shark Tank was on Season Eight Episode 23. This episode aired on May 5, 2017.
How much does Wallet Buckle costs?
They cost between $5 and $7 to manufacture and retail for $49.
What is the net worth of Trevor Johnston?
Unknown.
What is the net worth of Justin Johnston?
Unknown.
How did Wallet Buckle do after the Shark Tank pitch?
Wallet Buckle’s experience on Shark Tank resulted in a very positive impact on their business. Immediately following the pitch, the corporation entered into license agreements with the National Football League, Major League Baseball, the National Basketball Association, and the NCAA.
Wallet Buckle continued to sell, which resulted in profits.
The company is still operating as of June 2021, with an expected yearly revenue of $3 million.
Where is Wallet Buckle located?
They are based in the Northern California United States.
What is the popularity of Wallet Buckle?
They now operate one mall kiosk but want to expand to forty by the end of June 2017.
Is Wallet Buckle still in business?
The company is still operating as of June 2021, with an expected yearly revenue of $3 million.
Who founded Wallet Buckle?
Justin and Trevor Johnston.
What are the strength of Wallet Buckle?
Wallet Buckle is a clever and useful invention that allows the user to carry a range of necessary cards conveniently.
What are the weaknesses of Wallet Buckle?
Wallet Buckle is a specialized product that addresses a very narrow market.
Accordingly, it has high barriers to entry and must appeal to each consumer of men’s belts, women’s belts, and purses.
