Earth Log Shark Tank Update – Net Worth 2024

People enjoy spending cold nights curled up by the fire. However, there are certain issues with traditional wood logs. They produce a lot of smoke, which is bad for the environment and human health. Additionally, they don’t burn continuously, so you have to constantly add logs to maintain the fire. Furthermore, a lot of people discover that burning wood logs might result in a mess and an undesirable smell. 

Tom Sanetti produced Earth-Logs to address these issues. He created a fire log that burns hotter, emits less smoke, and smells nicer than traditional wooden logs since it is entirely composed of recycled materials. 

Tom pitched his environmentally friendly idea to the Sharks on Shark Tank in the hopes of gaining their support to enhance his marketing and broaden his distribution. He requested 20% stock in return for $160,000. Let’s find out if Tom got the deal or not. 

Earth Log Net Worth

Tom Sanetti asked for a $160,000 investment in exchange for 20% equity in his company, Earth-Log Fire Logs. This meant he valued his company at $800,000. He made a deal with Lori Greiner for $160,000 in exchange for 35% of his company. This new deal valued his company at approximately $457,143. However, the deal with Lori did not go through after the show. Earth-Log Fire Logs struggled with scaling and marketing, and eventually, the company ceased operations in early 2019. With no active sales or market presence since then, the current net worth of Earth-Log Fire Logs is $0.

Earth Log Shark Tank Update

What Happened To Earth-Log Fire Logs After Shark Tank?

After Tom’s Shark Tank appearance, not everything went according to plan. He did, however, reach an agreement with Lori Greiner to exchange 35% shares for $160,000, but the deal never went through. Even though the show gave them some attention, Earth-Log had trouble growing their business. Despite their ability to collaborate with a small number of shops, their efforts proved insufficient to maintain the business over the long term. Early in 2019, Earth-Log had ceased operations. As of today, Earth-Log is still closed, and its products are no longer on the market. 

Did Earth-Log Fire Logs Get A Deal On Shark Tank?

Yes, Earth-Log closed a deal on Shark Tank. Lori Greiner offered Tom Sanetti $160,000 in exchange for a 35% stake in his business, which Tom accepted. The idea of an efficient and sustainable fire log impressed the Sharks. Specifically, Lori was eager to invest because she saw potential in the product. 

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Lori Greiner	$160,000 for 35% equity	N/A	Yes
Nick Woodman	Out	N/A	N/A
Kevin O’Leary	Out	N/A	N/A
Daymond John	Out	N/A	N/A
Mark Cuban	Out	N/A	N/A

Founders Backstory

When Tom Sanetti saw how wasteful and environmentally harmful typical fire logs were, he founded Earth-Log. His goal was to create a product that would benefit consumers more and the environment more equally. Tom set out to make a fire log that was healthier for people and the environment by burning hotter and producing less smoke, using only 100% recycled materials. Tom had lots of challenges to overcome in the early phases of product development, such as limited resources and little exposure. These challenges made it hard to sell his innovative product and connect with potential consumers.

Initial Pitch

Tom presented Earth-Log as a better product than traditional fire logs during his pitch. He highlighted its special qualities, which include being composed of recyclable materials, burning three times hotter, and producing 80% less smoke. Earth-Log offered three types of fire logs: Original, Citronella, and Instant BonFire. Tom showed how his product was the best fire log available because of its clean, constant burn and advantages for the environment.

It’s the only product available in the market with a good smell. Tom also added that some of the retailers and stores, like Vons Pavilions, wanted to sell his product, but he couldn’t because he didn’t have money for manufacturing and distribution. In order to increase marketing and distribution, he requested $160,000 in exchange for 20% equity.

Queries About The Product

Kevin O’Leary asked why he never heard about this product before. Tom responded they have struggled with marketing and letting people know about their product, which is why he is here seeking their help. 

Kevin also said that there are products in the market that have 80% of the market so it will be difficult for Firelogs to stand out.

Kevin asked about his number of sales. Tom responded they had generated $200,000 in sales over four years,

Daymond asked about last year’s sales.   Tom replied he made $50,000 through last year’s sales.

Nick Woodman inquired about his plans for growing production. Tom responded that they are ready to expand their manufacturing capabilities with the right investment and support. 

Shark’s Responses and Final Deal

Mark Cuban chose not to invest because he liked the product but felt the company was still in its early stages of development. The product did not just need money but a lot of work to build the company and planning. 

Nick Woodman chose not to participate and agreed with Mark’s opinion.

Though first interested, Kevin O’Leary eventually withdrew his support due to his doubts regarding the marketing plan. He said to get the investment, Tom must have a strategic plan. 

Daymond John also left the organization because he shared similar doubts about its ability to grow in the early stages. 

Lori Greiner thought the eco-friendly fire logs were a great idea and saw potential in them. Tom instantly accepted her offer of $160,000 for 35% stock, intending to gain from her experience in marketing.

Product Availability

As of today, Earth-Log products are no longer available for sale. Earth-Log goods were accessible online and through a few retail partnerships. The company closed its operation in 2019. 

Conclusion 

The story of Earth-Log’s Shark Tank journey is one of creativity overcoming the challenging realities of business. Even with an initial offer from Lori Greiner, Tom Sanetti’s company was unable to solve its marketing and scalability challenges while bringing a unique and environmentally beneficial product to the market. This teaches us how important it is to have a solid business plan and execute it in addition to having a fantastic product. Although Earth-Log is currently out of business, the story illustrates the uncertain journey that comes with becoming an entrepreneur.