We are constantly shifting from one place to another these days. This is accompanied by not only changing our environment but also moving the stuff that we have been using for a long time. Here comes the issue when we have to pack up, load, and rearrange the stuff during the whole shipment.
Omar Soliman and Nick Friedman, co-owners of College Foxes Packing Boxes, are on the show to solve the problem. The company is providing with the service to help in shipment which is an authentic and licensed way to do the work.
Nick claimed that their first company, College Hunks Hauling Junks, is the fastest-growing U.S.-based franchise and even Ink Magazine reported the duo to be the top 30 entrepreneurs under 30. Another entrepreneur magazine declared College Hunks Hauling Junks to be the top 30 new franchise opportunities in 2009.
The owners are on Shark Tank to ask for $250K for 25% of their company College Foxes Packing Boxes. They also brought their team to demonstrate how they work. Let’s see if they are able to impress the judges or not.
College Foxes Packing Boxes Net Worth 2024 Shark Tank Update
Omar and Nick were looking for an investment of $250k in exchange for 25% equity in College Foxes Packing Boxes. At the time of the episode, they valued their company at $1 million. However, they did not secure a deal with any of the sharks. After the show, College Foxes Packing Boxes never took off, but their original business, College Hunks Hauling Junk, continued to thrive. As per my rough estimate, the current net worth of College Hunks Hauling Junk in 2024 is around $250 million.
Shark(s) name
$250K for 51% of their both businesses
Counteroffer
Accepted?
Kevin O’Leary
$250K for 25% equity
$250K for 50% equity additional 10% equity in the other brand
No
John Daymond
Out
N\A
N\A
Barbara Corcoran
Out
N\A
N\A
Kevin Harrington
Out
N\A
N/A
Robert Herjavec
$250K for 25% equity
$250K for 50% equity +_additional 10% equity in the other brand
No
The Owner’s Backstory
The duo initially had a business called College Hunks hauling Junks. They have already made their names among the top entrepreneurs in the U.S. at such a young age. In order to grow their business further and help more people out with their shipments, they formed College Foxes Packing Boxes.
Initial Pitch
The owners came on the show with their team to demonstrate their business scheme. They requested $250K for 25% equity. The two owners, Nick and Omar, are young enthusiastic entrepreneurs who want to try their luck in front of the sharks.
Queries about the Product
Kevin after hearing about the company pitching for their new extension of their already successful business, doubted to invest in their new company.
Herjavec inquired if they would run their Fox business too along with the Hunk. To this Omar replied that they would hire a chief executive for the purpose. This was not liked by the sharks.
Kevin asked about their sales on the Hunks one. Nick highlighted that they made $500K the previous year. Omar added that they have a profit margin of about 20%.
From the shark’s questions, it was clearly visible that they were interested in the owner’s first business, namely College Hunks hauling Junks.
Shark’s Response and Final Decision
Kevin immediately offered $250K for 51% of their both businesses. The owners were not accepting the offer and so decided to pitch a different deal combining both their businesses.
They counter-offered $1M for 10%. This shocked the judges and they even insulted Kevin. Thus, Kevin backed out. Even Daymond coldly rejected their deal afterward.
Kevin and Corcoran highlighted that even though they had worked hard they are valuing their future sales. They both dropped out as well.
Herjavec offered $250,000 dollars for 50% equity, plus an additional 10% equity in the other brand, College Hunks Hauling Junk. They eventually rejected this offer too.
Product’s Availability
Although the original company is still in business the College Foxes Packing Boxes never worked out. Their imitation of already present business was not a good idea. This proved that the sharks were right in their decision and Robert was safe from the loss.
Conclusion
The owners were young and enthusiastic but they were not able to convince and make a deal with the judges. Their new business didn’t succeed but their original business is still active.
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.
