Life Lift Systems Shark Tank Net Worth 2023
The company started with a valuation of $3.7 million at the pitch but Mark and Lori’s investment brought it down to $2.2 million.
However, after careful analysis and internal consideration, the company still managed to have a net worth of $15 million which indicates that their costs were lower than their earnings; proving to be a wise decision for taking up the investment from Mark and Lori in the first place.
What is Life Lift Systems? Who is the founder of Life Lift Systems?
Life Lift Systems is a company that originated in Oklahoma and specializes in creating storm shelters that are seamlessly integrated into everyday objects.
These shelters can be transformed into safe spaces during a storm with the help of a battery-powered mechanism. For example, the shelter could be disguised as a workbench or a mattress.
The company was founded in 2018 by Tim Todd and Levi Wilson, and they continue to run the business from their Oklahoma City office.
Their focus is on meeting the needs of their clients, designing new products, and expanding their network of dealers and installers. They have plans to expand their business beyond their current location.
In 2018, Tim Todd and Levi Wilson established a company, which, being citizens of Oklahoma, have witnessed how weather conditions can adversely affect people’s lives. They realized that accessibility to the shelter was a major issue, especially during frequent rain and wind storms.
The entrepreneurs collaborated to create a product that could provide shelter and security to people during such events. They named it the Life Lift Systems bed, which can offer protection from tornadoes and storms up to category 5. The product is FEMA-approved and Texas Tech National Wind Institute-certified.
Apart from safeguarding against wind and debris, it is also bulletproof, making it a reliable option in case of a house invasion. The product can be installed underneath any regular bed, requiring no additional space in your home. The company is based in Oklahoma, situated in the heart of tornado alley.
Many homes in this region already have in-built tornado shelters, but the Life Lift Systems bed is designed for households without such facilities.
The shelter is a foldable metal box that is bolted to the concrete floor. In case of a tornado, one can quickly open the bed and enter. The shelter is wheelchair accessible and comes equipped with a USB charger and ventilation system.
The product also has a provision for additional features like a gun rack, safe, and illumination. If you don’t want the shelter beneath your bed, they can customize it to fit beneath a pool table or kitchen island.
The price range of Life Lift Systems beds starts from $4,600 to $5,500, depending on the additional features you choose. Overall, it is a practical and reliable option to safeguard against natural calamities and human-made threats.
What Happened to Life Lift Systems at Shark Tank Pitch?
Levi Wilson and Tim Todd are presenting their storm shelter/bed hybrid to the Sharks in hopes of finding a business partner and investor on episode 1009 of Shark Tank.
Wilson and Todd are seeking $550,000 for a 15% stake in their company, which is currently valued at $3.7 million.
During their presentation, the Sharks are impressed with the storm-resistant features of the beds, but they note that the product has not yet achieved significant sales volume. The profit margin is also a concern, as each unit costs $3600 to manufacture but only retails for $850, with a wholesale price of $6000.
Despite these challenges, Wilson and Todd have secured wholesale dealers and have ambitious plans for expansion. They hope to overcome the niche nature of their product with the help of a Shark partner.
Robert is interested but ultimately opts out, while Kevin also declines due to the high price point. Mark and Lori both offer $550,000 for 25% equity, but Wilson and Todd counter with a 20% equity offer plus a royalty of $100 per unit sold.
Mark and Lori accept this revised offer, but Mark warns them about the potential risks of the royalty deal. Ultimately, the two parties settle on a $550,000 investment in exchange for 25% equity in the company. Wilson and Todd leave the pitch with a deal from two Sharks.
What Happened to Life Lift Systems after Shark Tank?
The agreement with Mark was completed, and his website now features the firm. Ever since its initial launch, Life Lift has obtained 19 distributors, and there are more on the way.
In addition, they have designed a tornado-safe chamber known as the Safe Shield, which can be set up in a garage. They have also hired the renowned meteorologist Aaron Tuttle as their spokesperson, and they claim to be installing units on a daily basis. The company was renamed Vortex Vaults in June 2021.
They have recently introduced a new Project Station Shelter, which can serve as both a shed or garage and also as a workbench when not being used as a shelter. Despite all of these developments, the firm is still operational and generated $4 million in revenue in January 2022.
Net Worth of Life Lift Systems
The company valuation was $3.7 million during the pitch, after the investment done by Mark and Lori the company was worth $2.2 million. The company has a net worth of $15 million.
Life Lift Systems Shark Tank Updates
Life Lift Systems is a company that produces a telescoping bed that doubles as a storm shelter. The product is designed to protect people from tornadoes and hurricanes up to category 5, and it is approved by FEMA and certified by the Texas Tech National Wind Institute.
The structure fits under any standard bed, so there’s no added space needed in your home. The cost of a single tornado shelter to be built in your home is about $6,000, according to the founders, Levi Wilson and Tim Todd.
Life Lift Systems appeared on Shark Tank in Season 10, where they asked for $550,000 for 15% equity in their business. They ended up accepting an offer from Lori Greiner and Mark Cuban for $550,000 for 25% equity.
Since appearing on Shark Tank, Life Lift Systems has witnessed major changes and has launched commercially under the brand name Life Lift Systems. The product is made in Oklahoma, but a dealer network makes it available in every state across the United States.
In summary, Life Lift Systems is a company that produces a telescoping bed that doubles as a storm shelter. The product is designed to protect people from tornadoes and hurricanes up to category 5, and it is approved by FEMA and certified by the Texas Tech National Wind Institute.
The company appeared on Shark Tank in Season 10 and accepted an offer from Lori Greiner and Mark Cuban for $550,000 for 25% equity.
Since appearing on Shark Tank, Life Lift Systems has launched commercially under the brand name Life Lift Systems and is available in every state across the United States.
Life Lift Systems Shark Tank Episode Summary
| Company/Product | Life Lift Systems |
| Shark Tank Episode | Shark Tank Season 10 Episode 9 |
| Founder & Entrepreneur | Levi Wilson |
| Amount Asked For | $550,000 for a 15% stake in the business |
| Deal: Accepted Offer | $550,000 in exchange for 25% equity |
| The Shark Investor | Mark Cuban and Lori Greiner |
| Business Net Worth | $3.667 million valuation |
| Business Status | The business is still in operations |
Life Lift Systems FAQs
What Is Life Lift Systems, Founder, And How Does Life Lift Systems Work?
Life Lift Systems is a safety device that was developed by Levi Wilson and Tim Todd to keep people safe during tornadoes, hurricanes, and home invasions. The structure fits under any standard bed, so there’s no added space needed in your home.
Life Lift Systems is a storm shelter/bed combo that protects people from tornadoes and hurricanes up to category 5. They’re approved by FEMA and certified by the Texas Tech National Wind Institute. In addition to protection against wind and flying debris, they’re bulletproof too.
Levi Wilson, a former Marine, is the CEO of Life Lift Systems. The company started with a valuation of $3.7 million at the pitch but Mark Cuban and Lori Greiner’s investment brought it down to $2.2 million.
However, after careful analysis and internal consideration, the company still managed to have a net worth of $15 million which indicates that its costs were lower than its earnings.
Life Lift Systems are storm shelters that are incorporated into the home as normal household items such as beds or workbenches. In an emergency, a battery-powered mechanism rapidly converts the everyday item into a storm shelter.
Essentially, Life Lift is a collapsible metal box that is wheelchair accessible, complete with a ventilation system, and can withstand winds up to 250 mph.
How Much Were Life Lift Systems Seeking On Shark Tank?
Life Lift Systems appeared on Shark Tank seeking $550,000 for 15% of the business. The Sharks were impressed with the storm shelter/bed combo and the fact that it was approved by FEMA and certified by the Texas Tech National Wind Institute.
Although the company had only made $550,000 in sales, the Sharks were amazed when they demonstrated the beds.
It is unclear from the search results whether or not Life Lift Systems received the investment they were seeking.
One source mentions that they will have to “strongly win over” the Sharks before receiving any investment. Another source states that they received an investment of $550,000 for 25% equity from Mark Cuban.
Did They Have The Life Lift Systems Deal?
Yes, Life Lift Systems did make a deal on Shark Tank with Mark Cuban. In exchange for $550,000, Cuban received a 25% stake in the company. Since the show aired, the company has added 19 distributors and rebranded as Vortex Vaults.
The company’s storm shelter/bed combo is designed to protect people from tornadoes and hurricanes up to category 5 and is approved by FEMA and certified by the Texas Tech National Wind Institute.
The product is made in Oklahoma but is available in every state through a dealer network. The storm shelter bed is mobile and can be moved to different rooms in the house or even to a new house entirely if the owner decides to relocate.
How Much Was The Life Lift Systems Of Shark Tank Deal?
On Shark Tank, Life Lift Systems was offered $550,000 for 25% of the company by Mark Cuban and Lori Greiner. The founders initially asked for $550,000 for 20% of the company, but both sharks declined the offer.
The founders then counter-offered with $550,000 for 20% plus a $100 per unit royalty, which Mark and Lori also declined. Finally, they agreed to Mark’s original offer of $550,000 for 25% of the company.
Life Lift Systems had about 120 sales at about $6,000 per unit, which amounts to almost $750,000 in gross revenue sales.
Is Shelter Wise Shelters Still In Business?
It is unclear from the search results whether Shelter Wise Shelters is still in business. The only relevant search result is their website, which provides information about their history and services.
Shelter Wise is a former build firm that now provides tiny home building plan sets to empower people to build their own homes. The website does not provide any information about whether they are currently in business or not.
Where are Shelter Wise Shelters located?
The company is located in Oklahoma City, Oklahoma.
What is the product made of?
Life Lift Systems beds are metal boxes with accessibility ramps, lights, and other features.
How much does Life Lift Systems cost?
The prices of storm shelter beds range from $4,600 to $5,500.
How many different models do Life Lift Systems have?
The company has one standard model along with two special packages. The standard model comes in Queen or King Size.
The other two are the Grizzly and the Grizzly XL, which include upgrades for larger bodies and bears, respectively.
What happens if the electricity is cut off?
Battery backup is provided for the Vortex Vaults Shelter Beds. This implies that even in the event of a power outage caused by a storm, the bed will continue to lower and elevate on battery power.
What happens if the battery runs out of power?
Vortex Vaults Shelter Beds may be raised and lowered straight from the wall-mounted 110V AC outlet. This implies that even if the backup battery runs out of juice, the bed will continue to descend and elevate on battery power alone.
How do you lower and raise the bed?
The Vortex Vault is controlled remotely by four motors. Raising or lowering the bed takes around 60 seconds. Additionally, we provide one-of-a-kind bespoke choices to fit their specific requirements.
Which dimensions are available?
Vortex Vaults Shelter beds are available in two distinct forms. It is tall enough to sit comfortably on a chair at 57″ and is available in full, queen, and king sizes.
It comes in full, queen, and king sizes and is tall enough to sit comfortably on the floor with a bean bag or similar style chair. The larger the bed, the more space there is within the vault to accommodate additional people.
Isn’t it possible that the bed will be blown away?
There is no possibility of this occurring. The bed is secured to the concrete slab of a residence in accordance with FEMA regulations. No account of a tornado removing the foundation from the ground has ever been made.
Who is responsible for installing the shelter beds?
The organization or a registered dealer in their region will install the shelter beds. Installation takes four hours with a three-man crew. Due to the fact that the beds will be built in the home, there will be little delays caused by inclement weather.
Is it possible to enter the shelter when the bed is in the down position?
Absolutely! They’ll have around 19 inches of room beneath the bed for fast access if necessary. With the optional safe lock, customers may safely keep important objects such as papers, firearms, money, or any other valuable materials.
What is the net worth of Levi Wilson?
The net worth of Levi Wilson is $1.6 million.
