What Is Beard King All About?
Beard King provides grooming and cares solutions to help regular men transform into stylish and refined gentlemen. The best aspect is that you may execute this service according to barbershop standards on your own.
|Company Name||Beard King|
|Product||An apron for collecting beard trimmings|
|Investment Asking For||$100,000 For 20% equity in Beard King|
|Final Deal||$100,000 For 40% equity in Beard King|
|Episode||Season 7 Episode 14|
|Business Status||Acquired, In Business|
Who Is the Founder of Beard King?
Nicholas and Alessia Galekovic, husband and wife, established Beard King in 2014. Nicholas, who lists himself as an entrepreneur and business consultant on LinkedIn, sold Beard King in 2019.
He has now created a firm that sells sanitary items to passengers on commercial planes. Alessia is a model who has pursued this job, according to her Instagram account.
Nicholas Galekovic has been growing facial hair for a while. He grew his first beard as a child, and the women in his life chastised him for leaving his facial hair all over the sink.
The Beard King company was established on a beard bib he designed for his wife. How will this fresh idea do on Shark Tank?
Before Shark Tank, Beard King:
Beard King arose from the age-old conundrum of “Whose hair is this in the sink, and who will clean it?”
Since he got his beard skill, Nicholas has heard the same thing from ladies. As a newlywed, Nicholas opted to abide by another adage: “Happy wife, easy life!”
Nicholas modernized the barber’s bib for home usage by adding suction cups that stick to the mirror.
After submitting a patent, they were permitted to make internet sales. The two made $140,000 in eight months, but they wanted to boost production since wholesalers were requesting samples and they couldn’t offer them. It was now time to look for a financier.
How Did Beard King’s Shark Tank Pitch Go?
Alessia and Nicholas go to Shark Tank with the hopes of getting $100,000 in return for 20% of their “kingdom.” The surviving Sharks are amused by an old photo of Mr. Wonderful sporting a beard.
When cleaning up beard trimmings, Chris Sacca empathizes with their plight.
They were still in their infancy when they appeared on Shark Tank, but in the month leading up to recording, they produced $80,000 in sales, thanks in part to a viral product video. The Beard Bib costs an average of $7 and retails for $29 on Amazon. The firm needs funds to enhance its production capabilities.
They have a pending patent on the product, and numerous major distributors have approached them, but they are unable to manage huge orders.
Robert feels the firm can survive only on sales and decides to depart.
Mark admires this company’s ability to create content, although he wants additional items. He’s also out.
Mr. Wonderful calls it a beard diaper and emphasizes that it is a product, not a company.
He has no idea how to get his money back, so he’s out. Sacca notices it but is unclear how he can help; he leaves. Lori is well aware that hair clogging the sink irritates women. According to Nick, 60 percent of customers are female.
While everyone in the studio yells “LORI, LORI, LORI,” Lori makes him an offer.
Even if they’ve built the market, she argues she’d need 51 percent.
Lori agrees with Nick’s 45 percent counter. Lori has been crowned the Beard Queen and is given a gown and a crown! Lori Greiner agreed to invest $100,000 in Beard King in exchange for a 45 percent share.
After Shark Tank, What Happened to Beard King?
The beard bib is now available in black or white on the Beard King website, as well as a full King Kit that includes beard oils, brushes, and the beard bib. The website also has a Beard Queen section, which includes t-shirts with the Beard King logo and thongs that mimic oral sex. It implies that they should have kept in their comfort zone. The beard bib is also available in a limited number of retail outlets around the United States. Beard King has a significant social media following.
Shark Tank Update from Beard King:
They reported $80,000 in sales when they joined the Tank.
Beard King is still going strong. Beard oil, face cleanser, and other beard-related goods are now available from the brand. The firm has an annual revenue of $1 million. The agreement fell through after the Shark Tank program aired. Negotiations were fruitless, according to Forbes.
They almost certainly did not regret participating in the show, though. By the end of 2016, the firm was on target to make a million dollars in revenue.
Is Beard King Still Going Strong?
Beard King is still doing strong, with headquarters in Deerfield Beach, Florida. It has developed from humble beginnings to a million-dollar enterprise with seven people.
The Beard King has been the subject of countless knockoffs, mostly of lesser quality but similar designs from overseas.
However, their product images are clumsily Photoshopped, and their brand names are arbitrary strings of characters, making them easily distinguishable from the real Beard King. The Beard King’s product lines have expanded to include grooming items, hair care items, and even branded t-shirts. Raj Patel, an entrepreneur, and businessman purchased The Beard King in 2019. Beard King merchandise is still available on the company’s website and on Amazon.