Hidrent Handyman Shark Tank Update – Hidrent Handyman Net Worth 2024

Getting support from home chores can be difficult, particularly for elderly or single persons. It may take more muscle or experience than one person to do tasks like installing light fixtures, moving large furniture, or hanging pictures. It’s dangerous to let strangers into your home for these kinds of jobs because trust is a big deal. 

Entrepreneur Dave Heimbuch identified this issue and developed an innovative solution: Hidrent. Hidrent is a handyman service that connects dependable, off-duty emergency workers with persons in need of services. Through the app, you can hire these already-respected community members to help with a variety of chores, including firefighting. 

Dave presented Hidrent to Shark Tank, hoping to get funding to grow his company. He requested $300,000 from the sharks in return for an 8% stake in his business. Let’s explore what happened next. 

hidrent handyman net worth 2024

Dave Heimbuch asked for a $300k investment in exchange for 8% equity in his company, Hidrent. This meant he valued his company at $3.75 million. He made a deal with Lori Greiner and Robert Herjavec for $300k in exchange for 33.3% equity, which valued the company at $900,000. After the show aired, Hidrent 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 Hidrent in 2024 is about $1.31 million.

Hidrent Handyman Shark Tank Update

After his appearance on Shark Tank, Hidrent kept expanding and improving. As of today, the company is still operating and doing well. With the support of the agreements with Robert Herjavec and Lori Greiner, Hidrent could make its services available across the country, besides Phoenix and Tampa. Customers may now use the app to hire local emergency workers for a variety of domestic duties anywhere in the United States.

Hidrent has launched a phone booking service, which is especially useful for seniors who might feel uneasy using apps on their smartphones. Since its founding, the business has brought in over $1 million in sales and is still growing with its customers. Major media sites including CBS, Fox, Yahoo! Finance, and CNBC have also covered Hidrent, which has enhanced its profile. Still, it doesn’t have a significant social media following. Despite this, Hidrent is still dedicated to offering trustworthy handyman services by utilizing the credibility of emergency workers who are not on duty.

Yes, Hidrent made a deal on Shark Tank with Lori and Robert of $300,000 in exchange for 33.3%. Dave Heimbuch requested $300,000 from the sharks in return for an 8% stake in his business. After some consideration and negotiations, Robert Herjavec and Lori Greiner collaborated and made an offer of $300,000 for 33.3% equity.

Dave originally offered a 20% in response, but the sharks refused. Dave eventually agreed to their requirements and accepted $300,000 in exchange for 33.3% of Hidrent’s shares. This agreement contributed to the funding and help required for the company’s national growth and expansion.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Lori Greiner and Robert Herjavec	1# $300,000 for 35% equity 2# $300,000 for 33.3% equity	$300,000 in exchange for 20%	Yes
Robert Herjavec	$300,000 for 20% equity	N/A	N/A
Kevin O’Leary	Out	N/A	N/A
Lori Greiner	Partnership with Robert Herjavec	N/A	N/A
Mark Cuban	Out	N/A	N/A

Hidrent Handyman Shark Tank Pitch

Hidrent’s founder, Dave Heimbuch, was motivated to launch the firm after recognizing a special opportunity. His brother-in-law, who works as a firefighter, told him that during their free time, firefighters frequently help around the house. Dave believed that this would be a great fit for an on-demand handyman business.

Dave had a background in digital marketing and sales and had worked with digital startups, so he could establish a platform that would match those in need of help with reliable people. But like every business, Dave had difficulties in the beginning, such as developing the software, determining the best marketing plan, and growing beyond the original locations.

Dave described Hidrent as an innovative handyman service that links customers with off-duty firefighters for home projects during his Shark Tank presentation. He underlined firefighters are perfect for assisting individuals in their homes because they are already well-liked and trusted members of the community.

According to Dave, users of the program can list tasks like hanging pictures, installing light fixtures, and moving furniture. The software will then allow firefighters to accept these assignments and get paid. Dave asked for $300,000 in exchange for 8% equity in order to grow the company and enhance the functionality of the app. He disclosed that the company was only operating in Tampa and Phoenix and he highlighted the $850,000 in income the company had brought in since its founding in 2018.

Lori Greiner inquired about the sales figures of the company.

In response, Dave said that Hidrent had earned $850,000 since its launch, including $320,000 in sales in just that one year.

Nirav Tolia questioned how he earns from the business. Dave replied they take 23%, charge the homeowner $72 for an hour, and pay $60 to the firefighter. 

Nitav also discussed the difficulty of expanding the customer base and adaptability.

Dave understood the difficulties, but he was sure that the firefighters’ reputation for reliability would help them get beyond them.

Robert Herjavec questioned whether the word “Hidrent” accurately described the company’s operations. Dave acknowledged the name might not be immediately obvious, but he maintained that for unique brand recognition.

Mark Cuban wondered if Dave could really manage his own future in this business.

Dave responded that Hidrent may take the dominant position in the on-demand service industry with the right marketing and growth.

Robert Herjavec appreciated the concept, and he believed the company needed better branding. He offered $300,000 with 20% ownership.

Lori Greiner loved the concept because of her admiration for firefighters. She became fascinated with the idea and desired to work with Robert. She recommended changing the company’s name to make it clearer to customers. She and Robert made a joint offer of $300,000 for 35% equity. After some negotiation, both parties agreed on $300,000 for 33.3% equity.

Although Nirav Tolia thought the idea was great, he declined to invest because of the difficulties in developing the business in the tech industry.

Mark Cuban chose not to invest because he did not see the path on which an entrepreneur could control his destiny in this tech industry.

Kevin O’Leary also declined to invest because, while he liked the business idea, he was not interested in investing in Hidrent. 

Product Availability

Hidrent is currently accessible everywhere there is a licensed firefighter in the country. Customers who are uncomfortable using smartphone technology can use the app Hidrent or phone booking service, which is especially helpful for elders. Services are priced according to the task, and payments are made via the app. Additional information about the company’s services and reservation possibilities can be found on its website.

Conclusion 

Hidrent’s experience on Shark Tank contributed to the company’s growth and success. Robert Herjavec and Lori Greiner helped Hidrent grow from a local service to one that is available across the country. Hidrent has established an individual market niche for itself in the handyman services sector by focusing on the reliability of firefighters. Even while the business still has challenges to overcome, especially in developing its online presence, its consistent revenue growth and expansion point to a promising future. With its continued expansion, Hidrent has the potential to become the nations go-to source for trustworthy and safe handyman services. In the upcoming years, keep a watch on this forward-thinking business as it develops and could bring out new features and services.