Fire Fighter Turn Out Bags Net Worth Shark Tank Update 2025

Nicole and Matt Rasor identified a chance to cut down on waste by converting used firefighter equipment into practical bags. They launched their company Firefighter Turnout Bags. Firefighters need to change their equipment every decade. This results in a considerable accumulation of outdated equipment. Rather than discarding it Nicole and Matt considered ways to utilize it.

They transformed the gear into purses, backpacks, and duffel bags. These bags are durable and come with a backstory. These aren’t just ordinary bags they’re constructed from authentic firefighter equipment. The duo showcased their business on Shark Tank to secure investment. Will the entrepreneur get a deal on Shark Tank? Check out the Fire Fighter Turn Out Bags update to find out!  

Fire Fighter Turn Out Bags Net Worth Shark Tank Update 2025

Nicole and Matt Rasor asked for a $250,000 investment in exchange for 33% equity in their company. This meant they valued their company at $757,575. They made a deal with Lori Greiner for $250,000 in exchange for 50% of their company. This new deal valued their company at $500,000. After the show aired, Firefighter Turnout Bags saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Firefighter Turnout Bags is about $805,000.

Following their debut on Shark Tank Firefighter Turnout Bags experienced a rise in popularity. Nicole and Matt reached an agreement with Lori Greiner. Lori proposed $250,000 in exchange for 50% ownership of their company. The company also introduced the “Probie” series a new product range.

This encompassed fresh products such as phone cases and backpacks. The company flourished for some time. However, as the business expanded, it became increasingly difficult to oversee. Nicole dealt with significant stress managing the business alongside her personal life. By the beginning of 2021, Nicole decided it was necessary to shut down the business. Over its 13-year span, Firefighter Turnout Bags recycled approximately 50,000 gear items. The company is no longer operational today. 

Yes, Firefighter Turnout Bags did get a deal on Shark Tank. After presenting their business Nicole and Matt were offered $250,000 for 50% equity by Lori Greiner. At first, the couple wanted $250,000 for 33% equity. But Lori saw the potential in the business and made a better offer. She offered them more equity for the same amount of money.

The couple accepted her offer. However,r the deal never went through. Despite this, the business saw a lot of attention after their appearance on the show.

Shark(s) Name	Offer & Demand	Counter Offer	Accepted?
Lori Greiner	$250,000 for 50% equity	N/A	Yes
Daymond John	Out	N/A	N/A
Kevin O’Leary	Out	N/A	N/A
Mark Cuban	Out	N/A	N/A
Robert Herjavec	$500,000 for 100% ownership	N/A	N/A

Fire Fighter Turn Out Bags Shark Tank pitch

Nicole and Matt Rasor founded Firefighter Turnout Bags to address an issue. They observed that firefighters needed to change their equipment every decade. This resulted in a surplus of unused old equipment. They viewed an opportunity to repurpose this equipment into something valuable. Nicole came up with the concept while Matt’s old equipment was simply sitting around.

They could create something powerful and valuable from the old equipment. Thus they opted to convert it into bags. Their bags stood out from others as they were crafted from authentic firefighter equipment. The bags were not just practical but also possessed a distinctive tale behind them. 

Launching the business proved to be challenging. Initially, Nicole and Matt encountered difficulties with production. They needed to determine how to manage the equipment and convert it into bags. They also had to discover methods to ensure the bags were sturdy and fashionable. As their company expanded, they encountered fresh obstacles. A major challenge was discovering methods to meet the demand.

They had to purchase additional supplies and employ laborers. The pressure to expand the business was difficult to handle. Nicole also noted that managing the business consumed much of her time and effort. However, despite these difficulties, they continued onward. They felt a sense of pride in their creation.      

When Nicole and Matt initially presented their concept on Shark Tank they began by describing the origin of their business. They demonstrated to the Sharks how they were transforming old firefighter equipment into sturdy bags. They clarified that the bags were constructed from durable materials capable of enduring significant wear and tear. The bags were ideal for individuals seeking something sturdy and distinctive.

Nicole and Matt informed the Sharks that their business generated $194,000 in revenue last year. They additionally stated that they earned a profit of $70,000. The pair sought $250,000 in return for 33% ownership. They were optimistic that this funding would assist them in expanding their business. They required capital to purchase additional fabric rolls and increase production. In this manner, they wouldn’t need to depend solely on repurposed equipment. 

The Sharks were captivated by the excellence of the bags. They were fond of the concept of utilizing old firefighter equipment. However, a few of the Sharks expressed worries. Kevin O’Leary proposed that they hire a manager to oversee the business. Others raised doubts about the business’s ability to grow while maintaining its authenticity. However, despite the worries the Sharks recognized the opportunity in the venture. They presented proposals to the couple.     

The Sharks posed numerous inquiries regarding Firefighter Turnout Bags. Kevin O’Leary was curious whether the couple could manage the business independently. He believed they required a manager to assist them with their tasks. The couple revealed that they possessed a small team. However, they were struggling to meet the demand.

The Sharks were also interested in learning more about the materials that were used to create the bags. Nicole clarified that the bags were created using fireproof materials. This made them more resilient. She mentioned that the bags could be utilized daily or for trips. The substances utilized in the bags were sturdy and dependable. 

The Sharks inquired about the cost of the bags. Nicole mentioned that the typical bag was sold for $130. The expense for producing each bag was $60. This indicated that they were earning a substantial profit on every sale. The pair also informed the Sharks about their financial obligations. They owed $30,000 due to their business.

The Sharks were worried about their debt management and its impact on the business. However, despite these worries, the Sharks recognized the promise of the venture. They appreciated the concept of repurposing old firefighter equipment to create distinctive items.     

The Sharks reacted in various ways to the pitch. Kevin O’Leary believed the business wasn’t prepared for a $250,000 investment. He believed it was necessary to hire a manager to assist with operations. Daymond John was also reluctant to invest. He appreciated the quality of the bags but was hesitant to allocate too many resources.

Mark Cuban viewed the venture as being more of a product than a brand. He found the bags intriguing but wasn’t keen on investing. Robert Herjavec appreciated the concept of genuine bags but wasn’t as fond of fabric ones. He proposed $500,000 for complete ownership of the business. However, Nicole and Matt were not willing to relinquish complete control. 

Lori Greiner was more focused on the business’s potential. She viewed the bags as high-quality items that could be marketed to a larger audience. She proposed $250,000 in exchange for 50% ownership. Nicole and Matt spent some time considering it before agreeing to Lori’s proposal. They believed that Lori’s background in retail and product development might assist them in expanding their business. Nonetheless, the agreement ultimately did not materialize.       

What Went Wrong With Fire Fighter Turn Out Bags On Shark Tank?

The primary reason Firefighter Turnout Bags failed to finalize a deal was due to the stress of growing the business. Certain Sharks believed that the company couldn’t expand without compromising its authenticity. They believed the couple could find it difficult to handle the business as it grew. Some believed the company wasn’t prepared for such a substantial investment. Nicole and Matt were reluctant to relinquish too much authority over their business. That’s the reason they declined Robert’s offer. Ultimately the firm did not obtain the funding required to grow.    

Product Availability

Firefighter Turnout Bags were distinctive since they were created from repurposed firefighter equipment. These bags were durable and had a narrative behind them. The items featured included duffel bags, backpacks, wallets, and additional options. They were available for purchase both online and in physical stores. The company’s website showcased these products and enabled customers to customize their bags.

Certain bags might even be crafted from the equipment of a client’s fire department. The average price of the bags was approximately $130. They could be bought via the company’s website. Nonetheless, once the business shut down in 2021 the website ceased operations and the products became unavailable.   

Conclusion

Firefighter Turnout Bags had a strong start but faced challenges as the business grew. The company’s pitch on Shark Tank helped them gain attention. They got a deal with Lori Greiner but could not follow through. Despite this, they managed to create a product that was both functional and meaningful. The company’s journey was a reminder of how hard it is to balance growth and personal life.

Unfortunately, after 13 years Firefighter Turnout Bags closed its doors. The business was able to recycle thousands of firefighter uniforms and make them into something useful.