Potty training constitutes a potentially demanding phase in the lives of parents and toddlers alike. Accidents and messes are common, especially when little ones try to empty their potty chairs on their own. Colt and Stacy Hall, the founders of Potty Safe, aimed to solve this problem with their innovative locking training potty. In 2019, they took their invention to ABC’s Shark Tank, hoping to secure an investment and take their business to the next level.
The Potty Safe Pitch and Deal at Shark Tank
Colt and Stacy Hall appeared on Season 11 of Shark Tank, seeking $50,000 for a 15% stake in their company, Potty Safe. They pitched their product as the solution to the messy problem of toddlers trying to empty their potty chairs independently. The Potty Safe featured a child-proof latch that prevented spills and messes, making it easier for both parents and children to dispose of waste safely.
After hearing pitches from all the sharks, Lori Greiner saw the potential in Potty Safe and offered the couple a deal. She agreed to invest $50,000 for a 20% equity stake in the company. The other sharks, while impressed with the product, chose not to invest due to concerns about the niche market and scalability.
Potty Safe Is Gone Out of Business
Despite the successful Shark Tank appearance and initial growth, Potty Safe is no longer in business. The product is not available on major retail platforms like Amazon and Bed Bath and Beyond, where it was once sold. However, as of 2021, the Potty Safe can still be purchased through Walmart and the company’s official website.
The reasons behind Potty Safe’s closure are not entirely clear. It is possible that the company faced challenges in scaling production, managing inventory, or adapting to market changes. The niche nature of the product and the limited window of usefulness for each customer (during the potty training phase) may have also contributed to the company’s struggles.
What Was Potty Safe Net Worth?
Prior to their Shark Tank appearance, Colt and Stacy Hall had invested $152,000 into Potty Safe, including mortgaging their house for $140,000 to finance the business. The couple had valued their company at $333,333 based on their ask of $50,000 for a 15% stake.
After securing the deal with Lori Greiner, who invested $50,000 for a 20% equity stake, the company’s valuation increased to $250,000. Following their Shark Tank episode, Potty Safe experienced a 500% increase in sales, growing to over $1 million in annual revenue. However, the current net worth of the company is unknown due to its closure.
Business Overview
Potty Safe’s product was manufactured at a cost of $6.50 per unit and retailed for $28.95. The company initially sold its product on Amazon, their official website, and launched in Walmart stores shortly before their Shark Tank episode aired. The increase in sales after the show demonstrated the power of the Shark Tank platform in boosting brand awareness and driving consumer interest.
Despite the company’s closure, Potty Safe managed to win several product awards since its appearance on Shark Tank. These accolades recognized the innovation and effectiveness of their locking training potty in addressing a common problem faced by parents during the potty training process.
Conclusion
Potty Safe’s journey from a Shark Tank success story to a closed business serves as a reminder of the challenges entrepreneurs face in scaling and sustaining their ventures. While the product addressed a genuine problem and gained initial traction, factors such as market size, production scalability, and adapting to changing customer needs may have contributed to the company’s eventual downfall.
Despite the closure, Potty Safe’s appearance on Shark Tank and the deal with Lori Greiner provided valuable lessons and exposure for the founders. The product’s innovative design and the awards it won highlight the importance of addressing real-world problems with creative solutions. As aspiring entrepreneurs continue to develop new products and pitch their ideas, the story of Potty Safe serves as both an inspiration and a cautionary tale in the world of business.
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