Fishing is a great outdoor activity but it might create certain difficulties for some people. Many anglers often face typical issues, especially cutting fishing lines fast and effectively is a typical issue that many fishermen have. Ordinary tools, such as knives or scissors, can be heavy and dangerous, particularly in bad weather or on a rocking boat.
Line Cutterz invented a straightforward yet creative fix. Vance Zahorski invented a tool that allows fishers to cut conveniently. The goal of this invention is to solve an issue that every fisherman can face. It gives a quick, safe, hands-free solution to cut fishing lines.
On Shark Tank, Vance showcased this unique invention and requested funding to expand his company. The founder requested $120,000 for 20% equity. Did the entrepreneur get a deal on Shark Tank? Check out our Line Cutterz update to find out!
Line Cutterz net worth 2024
Vance Zahorski asked for a $120k investment in exchange for 20% equity in his company, Line Cutterz. This meant he valued his company at $600,000. He made a deal with Daymond John for $120k in exchange for 33% of his company. This new deal valued his company at approximately $363,636.
After the show aired, Line Cutterz 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 Line Cutterz in 2024 is about $518,000.
Line Cutterz Shark Tank Update
As for a Line Cutterz update, after their appearance on Shark Tank, Line Cutterz saw rapid success. As of today, the company is still operating and is doing well in the fishing gear industry. The company also expanded its product line beyond the original line-cutting ring. They currently sell a range of fishing-related items, such as hook puller rings, armbands with integrated line cutters, and other specialty gear.
Line Cutterz increased its online presence by using the exposure it received from Shark Tank. The company has grown its audience through its own website and social media channels. They have 70,000 followers on Instagram. Its products are available on well-known e-commerce sites like Amazon, where they have received favorable reviews. The original Line Cutterz fishing ring is now patented, which has helped protect its distinctive design in a competitive market.
Yes, Line Cutterz got the deal of $120,000 for 33% equity with Daymond John. Vance Zahorski, the founder, originally asked for $120,000 in exchange for 20% equity in his company. After some negotiation, Daymond John offered $120,000 for 40% equity. Vance countered at 25%, but Daymond held firm, believing in the value he could bring to the business. After a bit more negotiation, they settled on a deal of $120,000 for 33% equity.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Daymond John | $120,000 for 40% equity | 1# $120,000 for 25% of equity stake 2# $120,000 for 28% of equity stake 3# $120,000 for 30% of equity stake4# $120,000 for 33% of equity stake | Yes |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Robert Herjavec | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Line Cutterz Shark Tank Pitch
Vance Zahorski was inspired to start Line Cutterz after he cut himself while attempting to cut a fishing line with a knife on a fishing trip. He saw that there was a need for a more rapid, safer, and effective method of cutting fishing lines, especially when working with braided and monofilament lines.
As a result, he created a ring with a double-sided blade that could cut through the fishing line without the use of ordinary cutting equipment.
During his pitch, Vance Zahorski showed the safety features and functionality of the Line Cutterz ring. He showed how the ring could effortlessly cut through different fishing lines with just one tap, leaving up both hands. He discussed the product’s adaptability and highlighted its application in various fishing situations and environments.
He was seeking $120,000 in exchange for 20% of the company’s stock. He added he needed funds to increase production and expand the product offering. Keep reading our Line Cutterz update to see what happens next!
Vance presented a good pitch, but some sharks had some queries about the product.
Robert Herjavec questioned the cost of the product. Vance replied it costs $1.68 per unit and retails it for $12. He also revealed that he has 150 stores right now.
Mark inquired about the wholesale price. Vance replied he wholesale it for $6 with a 70% profit margin.
Mark Cuban asked, Is there anything proprietary about this product? Vance responded the product was not patented, but he highlighted its special design and fishers’ ability to use it effectively.
Herjavec, Robert asked why he wanted to go into clothing when his main product was the cutter ring. In response, Vance stated he wants to turn the company into a lifestyle brand for anglers, but the cutters will always be the main product of the business.
Kevin O’Leary asked why he didn’t partner with larger retailers like Walmart. In response, Vance said that he wants to keep control over distribution and develop a strong direct-to-consumer brand before expanding with large retailers.
Daymond John questioned why Vance needed money. Vance responded he needed money for marketing and inventory. He also added that he is doing everything, so he needs some help and a strategic partner.
Mark Cuban decided not to invest because Vance’s product is not patented.
Robert Herjavec also declined to invest because he believed Vance was over-expanding the company with its plans for clothing.
Lori Greiner liked the product. She decided not to invest because it did not suit her investment portfolio.
Kevin O’Leary was excited at first, but he became doubtful after learning about Vance’s distribution plan and declined to make an offer.
Daymond John is an accomplished business manager with a history of clothing and branding. Daymond recognized the product’s market appeal. First, he made an offer of $120,000 for 40% equity. Vance countered at 25% and then 33%. Daymond accepted the offer for 33% equity.
Product Availability
From our Line Cutterz update research, Products from Line Cutterz, such as the original line-cutting ring and other fishing gear, can be bought on their official website Line Cutterz as well as through well-known online merchants like Amazon. Customers have given the items positive evaluations, complimenting the cutter rings’ longevity, safety, and convenience of use. To satisfy the demands of fishing lovers, the company has now ventured into additional fishing equipment. Although prices vary based on the product, they are competitive in the market for fishing gear.
Conclusion
Since appearing on Shark Tank, Line Cutterz has developed from a novel concept to a successful business in the fishing gear industry. The company could increase its product line and brand recognition thanks to the strategic help and beneficial exposure it received from Daymond John’s relationship.
Line Cutterz has a devoted following of customers and a patented product, so there are no signs of slowing down. It will be interesting to watch what other goods and business models the company introduces later on as it grows and innovates. As Line Cutterz continues its tour, keep a lookout for further updates.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
