Parting Stone Shark Tank Update – Net Worth, Pitch & Deal

One of the most painful experiences is losing your loved ones. After they are gone, you wish to treasure all of their belongings that stay close to your heart. Now, you can keep them close to you in your home as Parting Stones. Entrepreneur Justin Crowe can do this for you.

Parting Stone is a company that transforms the remains of your deceased ones into beautiful stones. The ashes from cremation are then converted into smooth stones of various colors and textures. With these stones around you, you will feel their presence with you all time.

Justin started this business after his grandfather died. For the past three years, Parting Stone has been in loss and sales figures are not that good. Though the business idea Is brilliant. But will Sharks invest in a money losing company? You will be amazed to know the final deal.

Parting Stone Net Worth

Justin Crowe asked for a $400k investment in exchange for 5% equity in his company. This meant he valued his company at $8 million. He made a deal with Lori and Kevin for $400k in exchange for 10% equity, plus a $20 royalty per direct-to-consumer sale and $12.50 for business-to-consumer sales until the investment is paid back. This new deal valued his company at $4 million.

After the show aired, Parting Stone saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate, the current net worth of Parting Stone is about $5.31 million.

What Happened to Parting Stone After Shark Tank?

After the appearance on Shark Tank, the sales boosted by 900%. Both the sales and social media traffic was increased. Parting Stone’s online footprint was a part of a blooming series of success especially on TikTok. This helped the business a lot. 

Did Parting Stone get a deal on Shark Tank?

Yes, Lori and Kevin partnered for a deal with Parting Stone. The deal was $400,000 for 10% equity and $20 royalty for DTC(direct to consumer) with $12.50 for B2C(business to consumer) till $400,000 is paid back.

Shark(s) nameOffer & DemandCounterofferAccepted?
Gwyneth PaltrowN/A N/ANo
Barbara Corcoran#1
$400,000 in cash with a 20% royalty per person or animal

#2
$400,000 for a 10% stake with $20 per sale till it was paid back
N/ANo
Kevin + Lori#1
$400,000 for 20%

#2
$400,000 in cash with a 20% royalty per person or animal

#3
$400,000 for 10% equity and $20 royalty for DTC(direct to consumer) with $12.50 for B2C(business to consumer) till $400,000 is paid back
$400,000 for 7%Yes
Mark CubanN/AN/ANo

Parting Stone Shark Tank Update

parting stone net worth

Founders & their Backstory

Justin lost his grandfather and always missed his presence in his life. So he created a cremation process that can have families and their loved ones with them even after they pass away. Converting them into beautiful stones transforms their remains into something special.

Initial Pitch

Justin begins the pitch with a remorse story. The story of his grandfather who lived his life by doing the things he loved. He advised Justin to do so and he follows his path now. After the story, he shared a painful fact. 1.9 million Americans received their loved one in the form of ash after their cremation. This didn’t lessen the pain of their loss.

So Justin started his company Parting Stone. This company creates beautiful smoothen stones from the remains of loved ones. The color, texture, and hue of these stones vary from person to person. Now the families have a comfort zone by holding the remains of their loved ones closely. He then concluded his pitch by sharing demand. He demands $400,000 with 5% equity. Justin then placed a box of his grandfather’s remains for the Sharks.

Queries about the product

what happened to parting stone after shark tank

Gwyneth then shared her experience with her father’s ashes. Barbara about the discomfort the families faced. Justin stated that his company works directly with funeral homes. Barbara inquired about the cost of the process. Justin replied that it cost around $995 with shipping. She then inquired about the number of stones received by the deceased family. Justin replied they received 40 stones. 

Gwyneth inquired about the number of funeral houses he is currently co-working with. He replied that 600+ around the U.S. and Canada. She then inquired about the total number of funeral houses in the U.S. Justin replied that it was 20,000. He further continued that 75% of his business is B2B with funeral homes, and 25% is B2C. Kevin inquired about the cremation remains of animals. 

Justin informed me that the cats are for $495 and the dogs are for $595. This results in 10 stones. Mark inquired about the cost of the process as profit. Justin replied that $300 is for humans as it takes a 95% margin for humans and 5% for animals. Kevin inquired about the sales number for the past three years. 

Justin stated that in 2020, Parting Stone made $350,000 without making money and lost $300,000. In 2021, they made $850,000 in revenue and lost $800,000. In 2022, the revenue is $1.3 million with a loss of $800,000. Sharks were curious to know about the causes of the loss. Justin explained that the loss could be fixed with money automation. 

He further stated that the company has raised money to $2.5 million. As he plans to automate the system. Lori inquired about the number of partners which are 55 angel partners. 

Shark’s Responses & Final Deal

did parting stone get a deal on shark tank

Mark was the first Shark to step out. He was already a competitor company so he dropped out. Barbara stepped out due to the loss charts. Kevin and Mark advise him to raise his prices. Gwyneth appreciated his idea but it’s out of her wheelhouse. So she stepped out.

Lori then proposed an offer with Kevin as a partner. They liked the idea and offered $400,000 for 20% equity. Justin counter-offered $400,000 for 7%. So Kevin rejects his counteroffer. Barbara jumped in back. She offered $400,000 in cash with a 20% royalty per person or animal. So now Justin is ready to negotiate on royalty in direct customer sales.

Lori and Kevin jumped with the same deal. They are willing to offer $400,000 with a 20% royalty. Just then Barbara made her move. She stated she would offer $400,000 for a 10% stake with $20 per sale till it was paid back. She also made sure that their deal was missing.

Lori revised her deal. She offered $400,000 for 10% equity and $20 royalty for DTC(direct to consumer) with $12.50 for B2C(business to consumer) till $400,000 is paid back. Finally, Justin chose Lori and Kevin’s deal. The deal is done. 

What Went Wrong with Parting Stone on Shark Tank

The pitch was great. But the sales and consecutive business loss were a fact that Sharks can’t neglect. Despite these facts, Kevin and Lori took a leap of faith. They liked the business idea but the strategies were quite challenging. So they invested in it to enhance the business growth.

Product Availability

Parting Stone takes the remains of the deceased person. The remains are in the form of ashes, which are then converted to different stones. These stones are of various colors and textures. Moreover, the remains of humans and animals are provided for the transformation. 

There are different rates for different targeted audiences. So this brings back the comfort of having the passed ones around. Parting Stones provide several stones back to the family. THen can be used as per their comfort.

Conclusion

Justin Crowe is at Shark Tank to present his innovation of having your loved ones with you even after they have passed away. Parting Stone is a company that connects with funeral homes to collect the remains of the deceased after cremation. The remains or ashes are then transformed into smooth-colored stones. These stones are then handed over back to the family.

Justin demanded $400,000 for 5%equity, Bu the company was a loss consecutively for five years. Sales were low and valuation wasn’t too good. All Sharks went out except Lori and Kevin. They loved the idea and proposed their offer. The offers were so good that Barbara stepped back in with a proposal. 

After some epic rounds of offers and counteroffers, Justin finally decided to go with Kevin and Lori. The deal was sealed with terms.

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