Lockerbones Shark Tank Update – Lockerbones Net Worth 2024

In this engaging episode of Shark Tank, we were introduced to Stephen and Greg, who founded the Lockerbones. The company specializes in making a unique product that keeps the students organized. It is a convenient way to keep everything tidy and easy to find.

The entrepreneurs walked into the show in Season 05, Episode 14, and brought their business model in front of investors. The sharks involved were Lori Greiner, Mark Cuban, Robert Herjavec, Kevin O’Leary, and Barbara Corcoran.

Did the entrepreneur get a deal on Shark Tank? Check out our Lockerbones update to find out!

Lockerbones Net Worth

Greg Cronin and Stephen Simms asked for a $175,000 investment in exchange for 10% equity in their company. This meant they valued their company at $1.75 million. They made a deal with Lori Greiner and Robert Herjavec for $175,000 in exchange for 50% equity. This new deal valued their company at $350,000. For a quick Lockerbones update, after the show aired, Lockerbones 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 Lockerbones is about $943,000.

Lockerbones Shark Tank Update

Greg Cronin and Stephen Simms had big plans for their business, Lockerbones, when they went on Shark Tank. They wanted an investment of $175,000 in exchange for a 10% stake in their business, which would have made it worth $3.5 million.

Steve began his pitch by saying that the product’s main goal is to solve “disorganizes,” a problem many students have when their lockers are a mess. Lockerbones is a product that helps keep lockers organized so that students don’t lose their homework or be late to school, which can lead to bad grades.

Lockerbones got a great deal with Staples and even became a part of their Back to School program after doing so well on Shark Tank. That helped them get more attention and make more sales. But here’s the current condition: Lockerbones goods are no longer for sale on Amazon or Staples as of 2023. Their social media pages have not been used since 2018. There’s no way to tell whether the company is still open.

The company successfully secured a deal with two sharks on the show. Lori and Robert offered $175,000 for a 50% stake. The entrepreneur accepted the offer and made a deal with them. Keep reading our Lockerbones update to see what happens next!

Shark(s) name	Offer	Demand	Counteroffer	Accepted?
Barbara Corcoran	Out	N/A	N/A	N/A
Kevin O’Leary	Out	N/A	N/A	N/A
Robert Herjavec and Lori Greiner	$175,000	50% equity	N/A	Yes
Mark Cuban	Out	N/A	N/A	N/A

Lockerbones Shark Tank Pitch

The entrepreneurial duo Greg Cronin and Stephen Simms worked together to make Lockerbones. Greg has a background in sales, while Stephen was good in technology and engineering before making their product. They belong to different areas of Mississippi.

Stephen’s daughter had trouble organizing her middle school locker, which gave him the idea. When Stephen saw how messy things were, he had an idea for a locker organization system that could be changed to fit each student’s needs.

So he created Lockerbones after seeing how hard things were for his daughter. At first, the owners ran the business out of their homes and used woodworking tools to make the products themselves. They sold it straight to people online and at school events in the area. Even though it began small, they knew they had something special that could help kids everywhere.

Steven presented the LockerBones demonstration model during their pitch to show how easy and useful it is. The Sharks were interested in the patent, and Steven reassured them that a patent protected the design. This is where things get interesting. When LockerBones sent an organizer to a school, the planning officer loved it so much that they asked for 60 more hand-made ones.

One thing that was not so great is that they’ve only sold 500 units in two years. When Lori Greiner asked how much the model cost, the entrepreneurs told her they had already spent $28,000 on a model that didn’t work out. The Sharks were skeptical because of this and the low sales.

They changed how the product works and now have a deal with Amazon to make 10,000 of them out of wood. To carry out the order, they only need the money. Kevin O’Leary asked if they had talked to Staples, a big name in school supplies. The business owners said they hadn’t because Staples wanted a plastic version.

Mark wasn’t happy with the business plan because he thought they were too focused on the dream instead of the green. He was gone. Kevin thought they should do a better job of getting the books to schools, so he was also out.

They were right, and Barbara Corcoran also chose to step down. Only the two sharks remained to invest. Robert did not want to go in alone, so he asked Lori to offer together. They offered $175,000 for a 50% stake in the company. The entrepreneurs accepted the offer gladly, and that’s how Lockerbones succeeded in closing a deal.

Lockerbones Availability

From our Lockerbones update research, It is like having a magic organizer for your locker with Lockerbones. It can be adjusted and changed to fit your needs and has many spaces for your things. The product helps you stay focused, saves room, and keeps things in order. It will last a long time and can also be used in other places.

This is a must-have for students and anyone who wants to organize their stores. Lockerbones is a great choice for students who need to manage their school lockers well and those who want to make their storage areas more organized and useful.

When it came to getting their goods, the business owners sold them on their websites. The items could also be bought on Amazon and Staples. They were easy for customers to place orders online. Currently, the company is out of business, and its goods are no longer for sale. You can visit their website for more information.

Conclusion

The co-founders of the Lockerbones had an impactful journey on the Shark Tank. They managed to impress the sharks and made a deal with two of them, Lori and Robert. The investors and entrepreneurs hope to grow their businesses with this partnership. They are determined to help the students reduce unnecessary stress. Lockerbones are the best way to keep them focused and organized.