Meagan’s company provides scented eco-friendly flowers made from recyclable and sustainable materials that may be used in bouquets and other floral arrangements, as the name indicates. Meagan came in looking for $400,000 in exchange for 10% ownership of her company and left with $400,000 in exchange for 20% ownership. If you’re looking for an Eco Flower upgrade, you’ve come to the right spot.
What is the meaning of Eco Flower?
Eco Flower was a floral design and production firm that specialized in floral bouquets made completely of environmentally friendly and recyclable materials, mostly wood.
Unlike traditional flowers, which only last a few days before fading, Eco Flowers are entirely composed of repurposed wood.
Who Were The Brains Behind Eco Flower?
Megan Bowman, the founder of Eco Flower, appeared on Shark Tank in November 2016 to pitch her company.
She joined the Tank with the expectation of receiving $400,000 in exchange for a 10% stake in the company.
Eco Flower Before The Shark Tank :
Megan Bowman grew up in the city of Ogden, Utah. She lives in Los Angeles with her husband, Wes, and their two beautiful daughters. She learned the business as a kid by selling baked goods, running haunted houses, and raising money in various ways. Let’s chat about the firm before we go into our Eco Flower update. Meagan’s company aims to provide a more environmentally friendly alternative to flowers by using recycled materials to produce long-lasting arrangements in a variety of smells. Black Raspberry Vanilla, Strawberry Lemonade, and Japanese Cherry Blossom are among the flavours available.
Eco Flower was an excellent endeavor and product, so it’s no surprise that sharks flocked to it almost immediately. The fragrances and beauty of the flowers were particularly noticeable. Would females, on the other hand, like getting fake flowers, as Robert Herjavec wondered? Barbara Corcoran and Lori Greiner both agreed that the genuine thing is still better. Despite this, the three had no option but to acknowledge that there was a need for Eco Flower, which had already generated $2.8 million in lifetime sales.
Unfortunately for Meagan, things rapidly turned sour when she announced that she no longer controlled 100% of the company. One investor already owns 25% of the company, while two others hold 50%. Even though she emphasized that she wanted to buy out her present investors, this left her with only 25%, leading Robert and Barbara to leave out.
Mark Cuban was the second shark to go, but not before commending Meagan for her efforts and saying that he was just not qualified to comment on the subject. Lori and Kevin were quick to follow, believing there was already too much competition.
Daymond John was the last and only shark to make Meagan an offer, asking for 25% stock in exchange for a $400,000 investment and revealing that he wants to buy out Eco Flower’s present investors. Despite the fact that it was the only offer on the table, Meagan refused. Daymond, fortunately for her, was in a bargaining mood and accepted her counter of $400,000 in exchange for 20% stock.
Unfortunately, anyone hoping for an Eco Flower upgrade following Shark Tank will be disappointed. After Daymond’s investment, the firm’s other investors opted to recruit a new CEO in John Allard, which led to Meagan’s departure from the company.
JW Capital was left with a 50% stake in Eco Flower, which it eventually purchased from the remainder of the firm. Since then, it appears that the firm has failed to satisfy orders and has mistreated its staff, leading to its closure.
To wrap off our Eco Flower report, we do have some excellent news. Meagan created Sola Wood Flowers shortly after leaving the firm, and it has been fairly successful.
Interesting Facts About Product:
Megan Chapman, a serial entrepreneur, and artisan presents Eco Flower, handcrafted flowers made from wood and repurposed materials, in Shark Tank Episode 7 Season 8. Megan received a hand-carved wooden flower from a friend who picked it up while on vacation while she was in high school. She was so taken with the present that she decided to design and make her own wooden flowers with the aid of her father, an amateur carpenter. She fashioned a dozen flowers and sold them all during her high school’s dance competition by setting up a stand.
Megan recognized the product’s potential but went on to launch one of the first pole dancing fitness classes, Adult Dance and Fitness, after graduating from high school (AKA French Kiss Fitness). She finally sold the company, but she couldn’t shake the desire to start her own firm, and the wooden flowers were always on her mind. She decided to start up where she left off on her ambition to shake up the floral industry a decade after developing her first flower, founding her new firm Eco Flower with her business partner Alex Ledoux. Now, from an 8,000 square foot warehouse, the firm distributes bouquets of handmade flowers all over the world and has achieved over $1.3 million in sales in its first two years, even with the extra exposure of appearing on Shark Tank.
Know More Details :
|Company Name||Eco Flowers|
|Product||Sustainable and recyclable floral bouquets.|
|Investment Seeking||$400,000 for 10% equity in Eco Flower|
|Final Deal||$400,000 for 20% equity in Eco Flower|
|Episode||Season 8, Episode 7|