This weekend was very special. Our co-branded retail partner and friends at Better Life (the maker of the line of all natural household cleaning products that we use at Better Life Maids) hosted a watch party to celebrate their appearance on ABC’s hit show Shark Tank. Tim and Kevin braved the shark-infested waters, and they walked away with Lori Greiner of QCV fame as a new investor and partner. In fact every shark investor on the show made an offer. Mark Cuban bowed out when he couldn’t make a strategic investment with Lori, but the rest of the sharks were bidding until Tim and Kevin selected Lori. You know you are on to something good when the sharks are fighting each other, and not you.
Tim and Kevin were Cool, Calm, and Collected (much like their namesake lotion), during the whole process. You can tell that they came in prepared to answer tough questions from the Sharks. When Tim and Kevin made their initial ask of $400,000 for 7% equity, skepticism on the part of Kevin O’Leary (aka Mr. Wonderful) was apparent. That skepticism faded quickly when Tim revealed sales of $2.1 million over the last 12 months, with a projection of $3 million for the next 12. Better Life showed strong financial health and tremendous upside, and each of the investors was ready to join the Better Life team.
The bidding went back and forth among the Sharks with Lori making the case that her retail connections with Bed Bath & Beyond, QVC, and years of experience in that arena would not only make her the best investor but the best strategic partner for Better Life. “You don’t want to leave hear think oh no, what did I do,” said Lori. In the end, Tim and Kevin had No Regrets. They accepted Lori’s offer of $400,000 for 17% of the company, with the ability to buy back 10% of her equity when she is repaid her initial $400,000 investment.
It will be exciting to see how this partnership allows Better Life to reach more homes and help keep them safe from traditional toxic cleaners. One thing is certain the show had an immediate boost in sales with 1,200 orders received during the airing of the show. In addition, 3,000 new fans joined them on Facebook where they have a current promotion allowing one lucky winner to take home a year’s supply of Better Life all natural household cleaning products.
We are excited as well and have seen a lift in inquiries for both new franchise locations and new house cleaning customers. We will continue to execute a growth plan that allows us to serve more clients and maintain our world-class standards of quality and service.
Tell us what you think of the episode!