Garage Door Locks Shark Tank Update – Garage Door Locks Net Worth 2024

Although many homeowners believe their garage doors are secure, garages can really serve as a simple point of entry for thieves. Most people are unaware that typical electric garage doors aren’t made to be totally secure. They frequently have weak locking systems, which leaves them open to robberies. That a home is broken into in the US every 15 seconds is a serious worry.

Bryan White developed an automated garage door locking system in response to this frequent security concern. His creation seeks to provide homeowners with peace of mind by guaranteeing that their garages are always safely locked. 

In Shark Tank, Bryan presented his product and requested $275,000 in exchange for 30% equity. They want to expand their business and reach more customers with the support and funding of sharks. Let’s see what happens next!

garage door locks net worth 2024

Bryan White asked for a $275k investment in exchange for 30% equity in his company, Garage Door Locks. This meant he valued his company at $916,667. He made a deal with Daymond John for $275k in exchange for 35% equity, which valued the company at $785,714. After the show aired, Garage Door Locks 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 Garage Door Locks in 2024 is about $1.27 million.

Garage Door Locks Shark Tank Update

Because of the exposure to the show, Bryan White’s Garage Door Lock attracted more attention after his Shark Tank debut. It turned out that early rumors that the product was no longer being manufactured or that the company had closed down were untrue. In 2024, Bryan’s product was updated and is now for sale. As of today, the firm is still in operation.

The business is still selling garage door locks that improve home security under the new name ELockSys. The upgraded Garage Door Lock model is available for purchase on the company website and has better features. Bryan kept his business alive by adjusting to changes and continuing to be present in the house, even though growing up after the show presented some challenges.

Yes, Bryan White got the deal on Shark Tank. Bryan received several offers after showcasing his idea and talking about its possibilities. Daymond John offered to get 40% equity in return for $275,000, based on obtaining a license.

Bryan countered with 35% equity to Daymond’s 40% in response to his offer. Daymond accepted this counteroffer. The license contingency that was a key component of Daymond’s offer to assist Bryan in growing his company was included in this agreement.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Daymond John	$275,000 for 40% equity	$275,000 for 35% equity	Yes
Robert Herjavec	$275,000 for 70% equity	N/A	No
Kevin O’Leary	Out	N/A	N/A
Barbara Corcoran	Out	N/A	N/A
Mark Cuban	Out	N/A	N/A

Garage Door Locks shark tank pitch

Bryan White was motivated to develop the Garage Door Lock after observing a typical home security failure. The security of garage doors is frequently neglected, making them open to robberies. Bryan was passionate about innovation and had an engineering background. He recognized this need and set out to create a product that would give garage doors an automated locking mechanism.

This innovation was made to be simple to operate and work with current garage door systems, increasing security without requiring significant adjustments. Bryan invested $250,000 of his own money into the development and production of the Garage Door Lock, facing significant financial risks and challenges in the early stages. His dedication to solving a common problem for homeowners motivated him to develop this product.

Bryan White showed the garage door lock during his Shark Tank pitch by describing how simple it was for thieves to break through the garage doors. He emphasized his device could be controlled using a remote that looked like a typical garage door opener and that it was made to work with any type of garage door system. Bryan requested $275,000 in return for a 30% stake in his business.

He described how the device’s automatic garage door locking feature could lower the number of home robberies while giving homeowners more security. Bryan also disclosed his sales numbers, stating that he had made $112,000 in sales by selling 450 items online. In his presentation, he highlighted the market potential for garage security solutions and the necessity for his product.

Barbara asked how long it would take to install the door. Baryan replied it takes about 45 minutes for me and maybe some hours for a beginner. She further asked about the selling price. Bryan responded he sold them for $249.95. 

Barabara further asked about the investment. He revealed he put $250,000 to start this business, including patents. 

Mark asked about the sales and how he was selling the products. Baryan said he sold 450 doors for $112,000 only through online sales with zero marketing.

Robert said that the biggest problem is how will you tell people about your product without marketing. He responded that’s why he is on the shark tank to get funding and popularity. 

Barbara Corcoran questioned Bryan on his self-perception as a business owner or an innovator, showing that she wasn’t confident in his capacity to grow the company. Bryan admitted that his primary role was that of an inventor, but he had faith in the potential of his creation and his capacity for growth and adaptation.

Mark Cuban was interested in learning more about the product’s market potential and flexibility. What are Bryan’s plans for expanding the product’s marketing and distribution? Bryan clarified he intended to concentrate on internet sales and perhaps even collaborate with bigger merchants.

Despite liking the concept, Kevin O’Leary declined to invest. He quit because he stated he would be a customer rather than a partner.

Barbara Corcoran declined to invest because she believed that although Bryan was an excellent creator, he lacked the entrepreneurial skills to grow the company.

Mark Cuban chose not to invest, agreeing with Barbara and raising doubts about Bryan’s capacity to grow the company.

Robert Herjavec thought the product had potential, but a more experienced team was needed to successfully launch it on the market. By making an offer of $275,000 for 70% of the business, he effectively assumed command of the enterprise.

Daymond John made an offer of $275,000 for 40% equity in the business, depending on obtaining a licensing agreement because he had faith in it. After some negotiating, Bryan and Daymond came to an agreement on $275,000 for 35% equity, with the license contingency remaining in place. 

Product Availability

Garage Door Locks renamed their brand ELockSys. The product, which is an upgraded version of the original design, can be bought on the ELockSys website, Garage Door Locks. At a competitive price of $250, the Garage Door Lock serves consumers seeking dependable and simple-to-install security options. The company uses the direct-to-consumer concept to reach its market and focuses on online sales.

Conclusion 

Bryan White’s experience on Shark Tank serves as a reminder of the opportunities and difficulties associated with launching a new product. His Garage Door Lock attracts homeowners who are worried about security by solving a common problem. Despite several sharks’ doubts about his financial skills, he eventually got the deal with Daymond John, thanks to his determination and faith in his idea.

Bryan continued moving forward despite the difficulties that followed the program, changing his business plan and rebranding to maintain his product’s availability. The story of Garage Door Lock serves as a helpful reminder of the resilience needed for business and the value of adjusting to novel circumstances.