It has become a ritual that we try our best to lock our houses in order to save our personal belongings. However, we don’t pay attention to properly locking our garage. This is because we consider the conventional garage doors to be already locked and we don’t bother to check on it, resulting in theft and breach of private boundaries.
Bryan White, the owner of Grage Door Lock company, is here to help us out. His security system is an automatic deadbolt that will keep intruders out. Moreover, it’s a universal product that works on all types of garage doors. The owner also revealed that the traditional garage doors are not safe at all and they can fix their issue with Garage Door Locks.
The owner of Garage Door Lock is on Shark Tank to request $275K for 30% of his company. He even brought a whole garage setup along with a character model to highlight how his system works. Let’s see whether he got a deal or not.
Garage Door Lock Net Worth 2024 Shark Tank Update
Bryan was looking for an investment of $275k in exchange for 30% equity in his company. At the time of the episode, he valued his company at around $916k. Bryan successfully secured a deal with Daymond for an investment of $275k for 35% equity in the company, contingent on a licensing deal. The investment adjusted the company’s net worth to around $786k. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of ELockSys in 2024 is around $3 million.
$275K for 35% equity with a licensing contingency.
Yes
Barbara Corcoran
Out
N\A
N\A
Mark Cuban
Out
N\A
N/A
Robert Herjavec
$275K for 30% equity
$275K for 70% equity
No
The Owner’s Backstory
Initially, Bryan invented the device that helps in parasailing in 1979. He was by then living in the condominium where the garages were separate from the houses. He observed that people were buying padlocks then and they were dealing with protecting their property. This sparked him and resulted in Garage Door Lock.
The lock comes with a remote to unhinge the seal and when the lock is closed it automatically hardens.
Initial Pitch
Bryan came on the show to present his product in front of the sharks and the wider world. He requested $275K for a 30% equity stake. His product is the perfect way to automatically lock the garage door and stay safe from sneakers.
Queries about the Product
Kevin was curious to know whether it is used as a replacement for the old lock system or if it can be installed without any replacement. Bryan answered that it can be used additionally with the already present traditional garage locks.
Corcoran asked about the product’s installation techniques. The owner pointed out that it comes with an instruction manual and it takes a professional like him 45 minutes to install and a naive about a couple of hours. He sells the product for $249.95. Moreover, he started the business with a $250K investment which does not include patents.
Herjavec inquired about the number of units sold. Bryan answered that 450 units have been sold up till now, amounting to $112K. He sells the product online and has made no investment in the marketing yet.
Herjavec was concerned with educating the people regarding the product. Bryan pointed out that he came on the show to solve the very problem.
Cuban asked about any YouTube videos and follow-ups to educate the consumers. The owner affirmed that he has uploaded a video on YouTube which has enough views but has not done a follow-up yet.
Bryan also added that he has a secret agreement to be introduced to a large garage manufacturing company, which can help grow the business. This was done through a person he is working with.
Shark’s Response and Final Decision
Corcoran was the first one out as she did not see a spark of entrepreneurship in Bryan.
Kevin pointed out that he will definitely buy the garage lock from his company but he won’t be able to invest in it as he can’t see an opportunity in the product. Thus, he backed out.
Cuban dropped out too because his company does not have an infrastructure laid out for the salesperson.
Daymond pitched a deal of $275K for a 40% stake contingent on a licensing deal.
Herjavec also throws a deal but of a 70% stake in his company for $275K. He also highlighted that he knows a person who will help them out in the company.
Bryan then counter-offered Daymond $275K for a 35% stake contingent on a licensing deal. Daymond accepted this offer.
After making a deal on Shark Tank with Daymond, the product is still in the market. However, the company has revised the product and re-branded the company as ELockSys. As of October 2023, the company remains operational with an annual revenue of $3 million. Their locks are still available for purchase on both their own website and other platforms specializing in locks and security. Additionally, they are in the process of building a network of professional installers.
Conclusion
Garage Door Lock made an impression on the show by grabbing a deal from Daymond. It proved to be a secure deal for the shark just like their automatic security product. The product ensures the security of the garage with an automatic steal bolt system. It is still hoped to be seen in the future.
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.
