Being a parent isn’t easy, and potty training can be a nightmare. Parents Stacy and Colt Hall faced this problem with their daughter, which led them to invent a child-safe potty chair called Potty Safe. They took the idea to Shark Tank and landed a deal with Lori Greiner. As of 2024, Potty Safe is valued at $2 million.
Founder of Potty Safe
Stacey and Colt Hall are a couple from Missouri, U.S. Colt won’t reveal much about his background, but Stacey has an accounting degree from Missouri State University.
After graduation, Stacey started a career and a family with welder Colt. When her company was acquired, she worked longer hours and spent less time with her daughter.
Under pressure, she quit her corporate job and took a job as a manager at a local office close to home. Her salary was reduced, but it allowed her to spend more time with her young family.
Founding Potty Safe
As Stacey’s career gets easier, her responsibilities as a mother get tougher. She and her husband struggle to discipline their baby daughter because she always makes a mess in the bathroom.
They searched for some kind of child-proof toilet but found none, so Colt developed a prototype latch system that would prevent a child from moving too much during a bowel movement.
By the time the product was ready in 2018, the couple’s business was struggling. Working full-time, they only made $17,000 in revenue in 2019.
Potty Safe’s Shark Tank campaign
In 2020, the couple appeared on Season 11 of Shark Tank and asked for $50,000 in exchange for a 15% equity stake. The sharks expressed concerns about low sales and feared that there was not enough demand for the product. All the male sharks slowly backed out.
Initially, Lori Greiner wasn’t present, but as the founders walked away, Lori quickly called them back in. It appears that when Lori saw the couple holding hands, she changed her mind.
Greiner was willing to offer $50,000 for a 20% share, provided she could work with Squatty Potty to help increase sales. The Halls happily accepted Lori’s offer, and if they could get the deal done for a 30% share, they might be able to reach an agreement.
Post-Shark Tank Updates
Unfortunately, Potty Safe’s deal with Lori was never completed, according to Sharktankblog.com Although no deal was reached, the publicity from Shark Tank helped Potty Safe increase its revenue by 500% after the episode aired.
The product is available at Amazon, Walmart, OnBuy and Bed Bath & Beyond. However, it faces stiff competition from alternatives such as Little Tikes, Baby Lock and Kiddit Guard. In addition, some companies sell cheap knockoff potty training products.
Previously, you could buy them on their website for $28.95 or at Walmart for $22.95. Currently, they are not available on Amazon and their website is offline, which is not a good sign.
Despite this, Potty Safe still has a 4.3-star rating from 149 users on Amazon. Today, Potty Safe is doing well on its own, with cumulative sales of $5 million. They now have an annual revenue of over $1 million and a valuation of $2 million.
Categories: Shark Tank
Source: dut.edu.vn
