CordaRoys Update – Byron Young – Season 5 Episode 1 CordaRoys Update – Byron Young – Season 5 Episode 1One of the things I noticed about our guest for today’s episode was his attitude: he wanted a deal but, he was going to have fun while on the show! Byron Young of CordaRoys appeared on Shark Tank to have financial backing and get Shark support to grow his bean bag business.“The best time to sell your business is when you don’t need to sell your business.” Byron YoungByron had been in business long before his bean bag competitors and long before the Internet was really a viable business tool. He started the old-fashioned way: in his garage. He built up his sales by having mall kiosks, being in the Mall of America and eventually sales on his the company web site.So when he appeared on Shark Tank, it was originally just to do it. He wanted a deal, but he didn’t have to have it to survive. In fact, his business was doing quite well without any extra backing. But once he had secured a spot on the show, his competitive side emerged and he told his wife he wasn’t leaving that room without a deal!
Happily, he secured one with Lori and business has exploded.Right Click Here to Download the MP3Session Sponsored ByClick Here to get 20$ off your purchase!THE SHARK TANK DEAL: $200,000 for 58% with Lori GreinerEpisode 419 3/17/2013Asking: 200k for 20% stakeOffered 100k for 40% stake (Robert)Lori countered with 200k for 60%, no partnerByron countered with 40%, then 51% she countered with 58%: take it or leave it. Byron came to make a deal so he took it!Click here to send this post out as a Tweet>>>>>>>>>>>>>>>>>In this Shark Tank Update you will hear:What he did the first day they were in a kiosk at a mall.His hilarious “Best of Craigslist” moment!How Kevin responded to Byron’s original offer.He had been in business for 11 years before Shark Tank: true or false?Did he actually say he was out between open call and shooting his segment?What does it mean to be a bottom feeder on QVC?Lori thought he was worth how much?Has he ever sold a product without demonstrating his product?What’s VRBO and why has it been so vital to his sales?
How much did he have in inventory when he appeared on the show and why?Who did he have his sights set on to get a deal with?When the Sharks asked him what he was going to do with the money what was the answer he had prepared?Entrepreneurship nuggets from CordaRoys:The importance of product demos to sales: why you need to show your customers how your product works, until you’ve got brand recognition.If you don’t need to sell your business, that’s the ideal time to sell!If you’ve got an idea, go make a prototype and start using it.The Shark Tank Effect:In under 8 months they did 3 mill in sales: real numbers, not projections!oversold in 25 min on QVC, $25,000 in sales per minute!8000 sq ft showroom, expanding to 90,000 sq ft manufacturing. in big box stores: Ace Hardware, Brookstone, bed bath and beyond…anyone in retail will talk to them now!Must reads from CordaRoys:Tools that CordaRoys uses, that you should too:iPhone!Please post your questions, feedback, and observations in the comments!
There are 8 million regular viewers to the Shark Tank, please help me find them.Click here to subscribe to the podcast in iTunes and leave a review.If you have any suggestions don’t hesitate to drop me a line via the voicemail button, email TJ {@} Sharktankpodcast {DOT} net, or .TJ About the Author TJ Hale is host of the popular "Shark Tank Podcast" where he interviews entrepreneurs from the show, casting directors and producers, the SHARKS themselves, and also real-life entrepreneurs. TJ is married with two sons. When he's not consulting entreprneurs or rubbing shoulders with Sharks, he's often spending time with family or practicing to one day become the Phoenix Suns mascot, the Suns Gorilla - no, seriously, click here, here, or here to check that out. To learn more about TJ, or to connect with him on social media, head over to the about page or click here.> > bean bag > Relevancy Transaction Level Response Rate Compare unfilled bean bags covers beans filled chair cover Hangzhou Mengzan Hometex Co., Ltd. US $9-11 300 Pieces Transaction Level Compare 2017 fashion bean bag lazy chairs Ningbo Hi-Tech Zone Jars I&E Co., Ltd. US $5-30 50 Pieces Transaction Level Compare bean bag Tongxiang Berry Textile Co., Ltd. US $5-15 200 Pieces Transaction Level Compare Supply Quality Wholesale soft and comfortable Funny Sofa Kids Bean Bag Chair Hangzhou Goleem Imp/Exp Co.
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