‘Shark Tank’ Star Lori Greiner’s 5 Most Successful Retail Deals That Made Her a Millionaire | ET REALITY

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Lori Greiner

Tyler Golden/ABC

Lori Greiner, best known for her role as a shark on the hit television show “Shark Tank,” has razor-sharp instincts and an incredible eye for products worth supporting. The 53-year-old inventor, entrepreneur, producer and humanitarian has a net worth of $150 million, according to Celebrity Net Worth. He certainly didn’t accidentally fall into his fortune, but strategically built it through a series of retail deals.

Let’s explore some of Greiner’s most successful retail offerings that helped her become a millionaire.

scrub daddy

Praised as the most successful product to ever appear on “Shark Tank,” Scrub Daddy is a reusable sponge created by Aaron Krause. The device becomes firm in cold water and soft in warm water, for a more intuitive and comprehensive dishwashing experience that won’t leave scratches.

Greiner jumped on the product and invested $200,000 for a 20% stake in the company. Today, a decade after its debut on “Shark Tank,” Scrub Daddy is present in more than 30,000 retail stores and is sold in 17 countries.

squatting potty

Bathroom products, particularly those focused on being “number two,” are often not the easiest to market and generate buzz, but Squatty Potty is a good example of an exception. This toilet stool, featured on episode 610 of “Shark Tank” by business duo Bobby and Judy Edwards, was jealously endorsed by Greiner.

She first invested $300,000 for a 10% stake in Squatty Potty, but then invested a further $600,000 for an additional 10% stake in the company, making her a 20% owner. It was a lucrative move: In just seven years on the market, Squatty Potty grossed $222 million in retail sales.

TelephoneSoap

We carry our phones everywhere with us, possibly even to the Squatty Potty. Clearly these devices need a good regular cleaning, but how do you do it without risking damage? Enter PhoneSoap, an all-in-one UV phone charger and sanitizer, invented by Dan Barnes and Wes LaPorte.

When this product appeared on “Shark Tank” in season 6, Greiner was ready to clean up: she offered $300,000 for a 15% claim, so she could sell the units on QVC. They ended up settling for 10% for $300,000. PhoneSoap has racked up $150 million in retail sales since airing on “Shark Tank.”

Bantam Bagels/Bagel Fillings

Bantam Bagels (also known as Bagels Stuffins) is a company founded by Nick and Elyse Oleksak in 2013. Their New York location sold filled mini bagels that could be sold in other stores, bringing the taste of classic New York to consumers everywhere. the map.

When the business duo launched the product on “Shark Tank,” Greiner invested $275,000 in exchange for a 25% stake in their business. Now considered one of the most successful food products ever featured on “Shark Tank,” the company behind it sold for $34 million in 2018, netting Greiner a nice payday.

Qball

What is Qball? It is a wireless microphone made of durable foam, designed to tolerate a hard throw. While moving, it turns off so you don’t hear any strange noise coming from the speakers. It also saves battery life, making it a great option for presenters and performers who need to get the most out of a microphone without having a lot of time to charge it.

Qball inventor Shane Cox secured a $300,000 investment from three “Shark Tank” moguls (Rohan Oza, Mark Cuban and Greiner) for a 30% stake in the business. In just two years since first appearing on the world stage with “Shark Tank,” Qball has sold $3.9 million in retail sales.

The Lori Greiner Method: What Makes It So Good?

Greiner not only has a good idea of ​​what will sell well (although he certainly does), but he also has an intricate vision and highly skilled approach to his businesses. If you want to become a successful retail negotiator like Greiner, take some notes from his approach and mindset.

“Good businesses are not found, they are made,” said Lori Greymont, founder of Financing showdown. “Greiner takes a formulaic approach to his dealings, which means he can create more consistent results and, more importantly, also allows him to more effectively improve his success rate.”

Greymont explained that Greiner begins by setting very specific criteria for the deals he will consider.

“The vast majority of deals it has been involved in are products that appeal to a very broad section of the consumer market: low-cost products with mass-market appeal,” Greymont said. “Many are also consumables, meaning customers will need to replace them regularly and frequently. When you know exactly what your investment criteria are, you can quickly reject offers that are not suitable, and this means more time for offers that better fit your needs. “We all know how frustrating it can be trying to fit a square peg into a round hole.”

“Next, she always begins with the end in mind,” Greymont continued. “Too often, people add additional steps to their path, either because they believe they need to follow a certain progression of events or because they simply ended up as a result of the day-to-day business of entrepreneurship. Anyone who has never been an entrepreneur doesn’t realize how easy it is to veer off course while having your head buried in the trenches.

“Instead, Greiner decides what he wants the end result to look like and then reverse engineers a direct path from A to B. This saves time and resources and helps him achieve his goals more efficiently.”

Finally, Greiner looks for ways to increase the value of a product he is mulling over.

“Even the best products can be improved, but the hard part is identifying what to improve, because it’s not just a better product, but a better product in the eyes of the customer,” Greymont said. “This is an important distinction, because customers can often be fickle, irrational and misguided. The key here is to ask them what they want so you don’t have to guess. When you can make a product more valuable (by offering more in some way and/or reducing the cost for customers), your product will stand out dramatically among competitors.”

We have a lot we can learn from Greiner, while marveling at the apparent fact that she can think so deeply and involvedly on the fly, racking up millions quickly and often in multiple deals at once.

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