The WISP Broom Net Worth Shark Tank Update

Sweeping, from the start of civilization, has been an important part of domestic chores in every household. It not only justifies humans as civilized beings but also gives satisfaction in the form of a clean environment. However, it’s difficult to clean properly with the common household brooms. Additionally, they create issues in the form of backache which occurs due to excessive bending while cleaning the debris.

Eben Dobson, the founder of WISP Broom, has the perfect solution for every cleaning guru on Earth. He has introduced an innovative broom and a dustpan for a quick and thorough cleaning. The broom is lightweight with short and dense bristles which perfectly meet with the floor at a right angle. The pan can be perfectly sealed with the floor to easily grab the last remaining line of debris. Moreover, the pan is designed to work with a small pressure by the foot to avoid bending.

Dobson came on the show to seek 500K for 10% equity in his business. He also demonstrated how his product works in comparison to other commonly used brooms. Let’s find out if he made the deal or not.  

The WISP Broom Net Worth 2024 Shark Tank Update

Eben Dobson was looking for an investment of $500K in exchange for 10% equity in the company. At the time of the episode, he valued his company at $5 million. Eben did not secure a deal on the show, and the company faced significant losses and debts. As per my rough estimate, the current net worth of WISP Broom in 2024 is around $1.5 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	$500K for 10% equity	$100K for 50% of equity stake.	No
Barbara Corcoran	Out	N/A	N/A
Lori Greiner	Out	N/A	N/A
Mark Cuban	Out	N\A	N/A
Sara Blakely	Out	N\A	N\A

Eben Dobson’s Backstory

The owner of WISP Broom wanted to revolutionize sweeping into wisping and make cleaning easy for housewives and cleaners worldwide. His product is capable of sweeping even the last speck of dirt which can’t be handled by a common broom and dustpan. Its thick and dense bristles are designed to make cleaning easy. As demonstrated by Dobson, the product is also light in weight and a person won’t have to bend over to catch the dirt on the floor.

Initial Pitch

The owner came on Shark Tank with his product and also demonstrated the functioning mechanism of his Wisp as compared to other brooms. He requested $500K for a 4% equity stack. His claim to be unique in terms of thorough cleaning and ache-free satisfaction impressed sharks.

Queries about the Product

Kevin started questioning about the sales of his product. Dobson pointed out that he has sold over 100K units till now and has made $3.3M out of it. However, he was unable to make any profit last year due to the product price being reduced to 50% only to get more customer’s attention. So, he ends up selling 20K units in four hours with very little profit.

Sara then asked about the patenting of the product. The owner assured us that his product is both utility and design patent.

He also highlighted to Kevin that he made 1.43M sales with a loss of $600K. He took total responsibility for the loss as he was unable to manage people hired to help him in the business.

Cuban then asked about his investment and raises. He replied that he has raised a total of $2.5M in a time span of six years which truly concerned the judges.

Lori inquired about the product’s cost for him to make and the amount he charges for it. Dobson made it clear that he charges $29.95 for the product and it cost him $17.50 to make. Which makes the product difficult to sell as a conventional broom costs only $8.99.

Then Cuban asked regarding the number of units he had stored in the inventory. He highlighted that his current inventory amounts to $300K because back in 2016 his company went viral on the web and to compensate for it, he bought more inventory which got caught up. This led to his coming on the show for the judges to help him out in a balanced supply chain scheme.

Kevin then asked about the trajectory of his losses since the beginning of his business. He sadly answered that he lost all $2.5M which he raised from his sources and now he is only left with $50K.

Shark’s Response and Final Decision

Even though he acknowledged the fact that he had made mistakes Corcoran was the first one out. She praised his efforts and execution strategy but out of all the losses she heard from him made her leave the deal.

Dobson told Cuban that he raised the amount from his network and he didn’t feel the amount made up to satisfy his business growth. This truly triggers Cuban as he himself has raised millions of dollars from a very small amount. This ended up for him to drop out as well.

Sara highlighted the strategy that she believes in making instant selling, which does not go with Dobson. She backed out too.

Kevin loved the product and he definitely is persuaded by its functioning but he strongly recommends Dobson an adult supervisor or a clever partner to make the right choices for him. He forwarded a deal of $500K for a 50% equity, even though he is in debt of about $250K. Dobson further shockingly revealed that he has 22 investors already.

Lori after showing concern asked to help them out if he somehow persuaded Kevin to invest in his company. Kevin doesn’t like the idea so Lori backed out as well.

Dobson initially accepted the deal but his confusion made Mr. Wonderful aka Kevin, angry and he took back the deal from his hands.

Product’s Availability

Despite such huge losses and debts, the company is still in function. The owner was also not able to grab a deal from the sharks but still, he is exclusively selling his products on the company’s website. The brand also expanded its cleaning line to include other similar products, like the miniWISP, a self-cleaning mop, and a window-cleaner vacuum. These products are available both individually and as a whole on the company’s website.

Conclusion

In a nutshell, the company is still making efforts to remain in the market after all those losses and debts. It’s very difficult to establish a brand after such catastrophes but lucky for Dobson as he survived. We can hope for his further growth in the years to come.