GoodHangups, founded by Leslie Pierson in 2015, is a magnetic wall hanger company with a net worth of $10 Million as of September 2023. In their Shark Tank appearance on Season 8, they secured a deal with Lori Greiner for $100,000 for 10% equity. The final valuation of the company was $1 Million, the same as the initial estimate by the founder. GoodHangups has had a successful journey since their appearance, with annual sales revenue of $1 Million in 2022 and a lifetime sales record of $5.3 million.
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Key Takeaways:
- GoodHangups has a net worth of $10 Million as of September 2023.
- Lori Greiner invested $100,000 for 10% equity in the company.
- The final valuation of GoodHangups after Shark Tank was $1 Million.
- The company has achieved $5.3 million in lifetime sales.
- Annual sales revenue for GoodHangups was $1 Million in 2022.
The GoodHangups Pitch on Shark Tank
In Season 8, Episode 2 of Shark Tank, founder Leslie Pierson presented the innovative product of GoodHangups to the panel of Sharks. GoodHangups is a magnetic wall hanging system designed for posters, pictures, and prints. Leslie made a strong pitch, highlighting the versatility and ease of use of the product, along with its impressive sales numbers.
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Leslie requested a $100,000 investment in exchange for 10% equity in the company. The Sharks were immediately intrigued by GoodHangups, given its $450,000 in sales over the past 12 months before appearing on the show. Lori Greiner, known as the “Queen of QVC,” expressed her interest and made an offer of $100,000 for 20% equity.
Ultimately, Leslie secured a deal with Lori Greiner, accepting a $100,000 loan in exchange for 10% equity in GoodHangups. The agreement included a stipulation that the loan would be repaid within a year or the equity would double. This partnership with Lori, renowned for her expertise in product development and marketing, set GoodHangups on a path towards success and growth.
| Shark | Offer | Equity |
|---|---|---|
| Lori Greiner | $100,000 loan | 10% |
The GoodHangups Pitch Details
- Show: Shark Tank
- Season: 8
- Episode: 2
- Founder: Leslie Pierson
- Investment Requested: $100,000
- Equity Offered: 10%
- Shark Who Made the Deal: Lori Greiner
GoodHangups Success and Growth After Shark Tank
After their appearance on Shark Tank, GoodHangups experienced tremendous success and significant growth. The product, which offers a damage-free solution for hanging posters, pictures, and prints, won the prestigious “Next Big Thing” contest on the Today Show in 2015. This recognition helped catapult the company into the spotlight, leading to increased sales and visibility.
Following their Shark Tank appearance, GoodHangups was also featured on QVC, where their product sold out within minutes. This exposure further boosted the brand’s reputation and solidified its position in the market. As a result, GoodHangups products are now available in major retail outlets such as Bed Bath and Beyond, buybuyBaby, and Amazon, making them easily accessible to a wider customer base.
Since their appearance on the show, GoodHangups has achieved impressive sales growth, generating a total of $5.3 million in sales in the three years following their Shark Tank debut. As of April 2022, the company continues to generate an annual revenue of $1 million, a testament to their sustained success and customer demand.
Success Highlights
- Won the “Next Big Thing” contest on the Today Show in 2015
- Featured on QVC, selling out within minutes
- Products available in major retail outlets like Bed Bath and Beyond, buybuyBaby, and Amazon
- Generated $5.3 million in sales in the three years after Shark Tank appearance
- Continues to generate $1 million in annual revenue as of April 2022
| Sales Year | Total Sales |
|---|---|
| 2015 | $1.2 million |
| 2016 | $1.5 million |
| 2017 | $1.6 million |
| 2018 | $1 million |
| 2019 | $800,000 |
| 2020 | $900,000 |
| 2021 | $1.1 million |
| 2022 | $1 million |
The success of GoodHangups can be attributed to their innovative product, strong brand presence, and effective marketing strategies. Founder Leslie Pierson’s dedication and hard work have played a pivotal role in the company’s growth, as she continues to actively promote and market the product through various channels.
The Story Behind GoodHangups and Founder Leslie Pierson
Let me take you back to the beginnings of GoodHangups, where Leslie Pierson’s idea and inspiration sparked the creation of this innovative magnetic wall hanger. As a mother, Leslie was on a mission to find a solution that would allow her to display her son’s artwork without damaging the walls.
In 2015, Leslie launched a Kickstarter campaign to gather the funds necessary for the initial production run of GoodHangups. The campaign was a success, thanks to the support of backers who believed in the product’s potential. This early triumph further fueled Leslie’s determination to bring GoodHangups to life.
With the funds secured, Leslie delved into product development, ensuring that GoodHangups met the highest standards of functionality, durability, and design. She fine-tuned the magnetic system and tested it rigorously to guarantee its effectiveness in securely holding a variety of artworks on different surfaces.
But bringing a great product to market is only part of the equation. Leslie also invested her time and efforts into marketing GoodHangups. Leveraging her skills and experiences, she established the brand, built a loyal customer base, and created strategic partnerships.
Today, Leslie continues to be the driving force behind GoodHangups’ success. Her passion for the product is evident as she actively promotes it through appearances on platforms like QVC. Leslie’s dedication and hard work have paid off, bringing GoodHangups to the attention of a wider audience and expanding its distribution channels.
Stay tuned as we delve deeper into the remarkable journey of GoodHangups and the impact it has made in the world of wall hangings.
FAQ
What is GoodHangups’ net worth?
As of September 2023, GoodHangups has a net worth of $10 Million.
What was the valuation of GoodHangups on Shark Tank?
The final valuation of GoodHangups on Shark Tank was $1 Million, the same as the initial estimate by the founder.
Who made a deal with GoodHangups on Shark Tank?
Lori Greiner made a deal with GoodHangups on Shark Tank, offering $100,000 for 10% equity.
How much sales revenue did GoodHangups achieve in 2022?
GoodHangups achieved $1 Million in sales revenue in 2022.
What is the lifetime sales record of GoodHangups?
GoodHangups has a lifetime sales record of $5.3 million.
How did GoodHangups secure their deal on Shark Tank?
GoodHangups secured a deal with Lori Greiner on Shark Tank for a $100,000 loan for 10% equity, with an agreement that the loan would be paid back within a year or the equity would double.
What recognition did GoodHangups receive after Shark Tank?
GoodHangups won the Today Show’s “Next Big Thing” contest in 2015 and was featured on QVC, selling out in minutes.
Where can I buy GoodHangups products?
GoodHangups products are available in retail outlets such as Bed Bath and Beyond, buybuyBaby, and Amazon.
When was GoodHangups founded?
GoodHangups was founded in 2015 by Leslie Pierson.
How did Leslie Pierson come up with the idea for GoodHangups?
Leslie Pierson was inspired to create GoodHangups by her desire to find a damage-free solution to hang her son’s artwork.
How did GoodHangups fund their initial production run?
GoodHangups conducted a successful Kickstarter campaign to raise funds for their initial production run.
How has Leslie Pierson marketed GoodHangups?
Leslie Pierson has utilized her marketing skills and experiences to establish the GoodHangups brand and gain a customer base. She has appeared on QVC and continues to actively market the product.
