Most of the time men are defined by their beard, which is one of the features of masculinity. There are competitions across the country where mustache and beard contests are going on over the whole year. However, it’s very difficult to take care of them and sometimes their growth is not proper.
Eric Bandholz, the owner of Beardbrand, has the perfect solution for all men. His product is basically an oil for men’s facial hair. Eric claimed that the product ensures not only a soft and smooth beard but also adds fragrance to your personality. Moreover, it comes in a beard kit form which contains trimming and brushing devices too.
The owner came on the show to request $400K for 15% of his company. He also brought his Beardbrand’s whole kits for the judges to monitor the product properly. Let’s explore his journey on the show.
Beardbrand Net Worth Shark Tank Update
Eric was looking for an investment of $400k in exchange for 15% equity in the company. At the time of the episode, he valued his company at $2.67 million. Eric did not secure a deal with any of the sharks, but after the show aired, the exposure helped boost his business. As per my rough estimate, the current net worth of Beardbrand in 2024 is around $7 million.
Shark(s) name
Offer & Demand
Counteroffer
Accepted?
Kevin O’Leary
Out
N\A
N\A
Mark Cuban
Out
N\A
N\A
Robert Herjavec
Out
N\A
N\A
Lori Greiner
Out
N\A
N\A
John Daymond
Out
N\A
N\A
The Owner’s Backstory
Eric was in a job where a beard was not allowed to be kept. This became the reason to left the job, as his whole family tree has a bunch of bearded men in a line. He has even been in many beard competitions which triggered the idea of the formation of an organic oil for facial hair.
His product is not only safe and healthy to use but it also has a characteristic fragrance which is a game changer for bearded men.
Initial Pitch
The owner came on the show to seek $400K for a 15% equity stake. His product is basically an oil but for facial hair grooming. It adds volume to the beard along with smoothness and silkiness. Eric also claimed that the kit uses walnut wood which makes it of premium quality. He also claimed that the product is useful for those who want to attract more women, as they love men with beards.
Queries about the Product
Kevin asked the first question about his sales. Eric replied that he launched the business 17 months ago. In the first five months, the company made $9K in sales, in the next six months it was about $188K, and recently the business made over $600K in sales. Which is pretty impressive.
Herjavec then asked about his medium of sales. The owner highlighted that they launched the product in an online system.
Kevin then wanted to know about his estimated sales for this year. Eric highlighted that it would be at least $1.2M this year with a net profit of about 25%.
Cuban asked about the cost of making a single kit. He replied that it is $60 to $70 to make and sell for $170.
Herjavec then inquired about his shares in the business. Eric pointed out that he owns about 60% of the company.
Cuban again asked regarding his margins on the oil. The oil alone is around $20-$30 and thus the margin becomes 85% to 90%. He also highlighted that he wants his business to be more than a product and thus launched it as a kit.
After hearing about his desire to grow the business in the form of a whole kit, Cuban dropped out of the deal as he clearly didn’t like the idea.
Herjavec followed Cuban and decided to back out too as he clearly highlighted that he is not a beard guy.
Lori pointed out that the product has no use for women, kids, or men without a beard, so she can’t be able to invest in it.
Kevin was worried that he wouldn’t be able to get his $400K back after the investment, so he backed out too.
Daymond also got worried because of the high valuation of his deal, resulting in no deal for Eric on the show.
Product’s Availability
Beardbrand was founded in 2012 and is still operating in Texas. Although Eric didn’t secure a Shark Tank deal, the show’s visibility significantly increased the company’s profile and sales.
Today, Beardbrand brings in approximately $7 million each year. Since the Shark Tank appearance, Eric has expanded the product line with several new offerings according to bearded men. The product can also be purchased through the Beardbrand website.
Conclusion
Despite getting no deal from the sharks on the show, Eric is still operating his company. The company proved that even though there are fewer bearded men in the world they still are enthusiastic about looking after their beards and enhancing their whole personalities.
Hey there, it’s Andaleb Youns. I am a freelance content writer and am currently pursuing a BS in English Language and Literature. I have expertise in writing Blog Posts, social media content, and copywriting. I know how it feels to be a student and still be dependent on parents to fulfill even basic daily needs. This realization became apparent while watching Shark Tank. Although I started watching this show out of boredom, it proved to be an inspirational show. The show made me realize the importance of hard work, being independent, and of having a business of my own. I still look forward to it for entertaining and inspirational content.
