In the world of entrepreneurship, Shark Tank has been a game-changer for many aspiring business owners. The show provides a platform for entrepreneurs to pitch their innovative ideas to a panel of successful investors, known as the Sharks. One such entrepreneur who caught the attention of the Sharks was Destiny Padgett, the founder of Lit Handlers. In this blog post, we’ll take a closer look at Destiny’s journey, her unique product, and what happened after her appearance on Shark Tank.
The Lit Handlers Pitch and Deal at Shark Tank:
Destiny Padgett appeared on Season 12 of Shark Tank, where she pitched her innovative product, Lit Handlers. Destiny Padgett asks $200,000 for 10% equity for his company. Lit Handlers are drink koozies with handles that provide a convenient way to hold your beverage while keeping your hands free. The patent-pending design also includes a small pocket for holding items like phones or keys.
During her pitch, Destiny impressed the Sharks with her entrepreneurial spirit and the potential of her product. She had already made $630,000 in sales at the time of the pitch and projected to finish the year with $780,000 in revenue. Her most popular product, the slim can Handler, wholesaled for $3.19 and retailed for $8.99.
After some negotiation, Daymond John offered Destiny $200,000 for 20% equity in her company. Destiny accepted the offer, securing a deal with one of the most successful Sharks on the show.
Lit Handlers Is Gone Out of Business
Yes, Lit Handlers is still in business and has experienced significant growth since its appearance on Shark Tank. The company’s sales increased by over 500% in the year following the show, and it has since expanded its product line and distribution channels.
Lit Handlers has also secured partnerships with major retailers such as Home Depot and Lowe’s, and it continues to receive positive reviews from customers. The company’s success is a testament to the quality of its products and the dedication of its founders.
What Was Lit Handlers Net Worth?
At the time of the Shark Tank pitch, Destiny had already made $630,000 in sales and projected to finish the year with $780,000 in revenue. The company’s valuation was not disclosed during the show, but based on the deal with Daymond John, the implied valuation was $1 million.
Post Shark Tank, the company continued to grow and was estimated to make an annual revenue of $1.2 million. However, the exact net worth of the company at the time of its closure is unknown.
Impact of Shark Tank on Lit Handlers
Appearing on Shark Tank can be a game-changer for any business, and Lit Handlers was no exception. The exposure from the show led to a significant increase in sales and brand recognition for the company.
The deal with Daymond John also provided Destiny with the capital and mentorship needed to scale her business. Daymond’s expertise in branding and licensing was particularly valuable for Lit Handlers, as Destiny had expressed interest in securing licensing deals to further grow her company.
Business Overview
Lit Handlers was a unique product that solved a common problem for beverage drinkers. The patent-pending design provides a convenient way to hold your drink while keeping your hands free, making it perfect for outdoor events, parties, or just relaxing at home.
The company’s business model splits sales between wholesale and direct-to-consumer through platforms like Etsy, the Lit Handlers website, and Amazon. This diversified approach allowed Destiny to reach a wide range of customers and maximize her revenue potential.
Conclusion
Destiny Padgett’s entrepreneurial journey with Lit Handlers is a testament to the power of innovation and perseverance. From starting her business on Etsy to support her child to securing a deal on Shark Tank, Destiny’s story is an inspiration to aspiring entrepreneurs everywhere.
While the company may no longer be in business, the impact of Lit Handlers and Destiny’s appearance on Shark Tank cannot be understated. The exposure and mentorship provided by the show helped Destiny take her business to new heights and paved the way for future entrepreneurs to follow in her footsteps.
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