StormBag Valuation – The Calm and the Boom after Shark Tank

Sandbags are a common way to protect homes when a storm or flood hits. However, shoveling sand can take hours. StormBags are a great alternative because you only need a little water and can hold up to 35 pounds to handle severe weather conditions. Maurice and Miles Huffman created the product and landed a deal on Shark Tank with Mark Cuban and Lori Greiner. After the show, StormBag was valued at $2 million.

Founder

Maurice and Myers are a father and son whose story has touched many. They are from Paradise, California, and the Camp Fire in 2018 destroyed their beloved town. The fire destroyed the Huffman family’s home and business. Maurice owns a military surplus store called Swiss-Link, which he opened in 1995.

Before the fire, his best-selling product was a reusable sandbag made from a cross-linked polyacrylamide powder. The material swells into a thick hydrogel when mixed with water. After a few weeks, it deflates and can be used again.

Morris typically sells about 200 bags a week. In 2011, when Hurricane Irene was expected to hit the East Coast, the entrepreneur sold more than 10,000 bags in just one week.

Appeared on Shark Tank

After their town was reduced to ashes, Morris found it difficult to get the company back on track. That’s when his son Miles quit his job to help out in the family business. He focused on marketing and optimizing their product website.

Hurricane activity in the North Atlantic has increased in recent years, so demand for StormBag has grown steadily, prompting the founders to seek help from outside investors.

Morris and Myers entered the Tank in Season 15, and their segment was touching. Of course, Kevin had no time for sob stories, he wanted to talk business. Lubezki, on the other hand, wanted to come off as the nice guy. The ambitious duo came in to raise a $200,000 investment for a 10% stake.

After Shark Tank

The Sharks have shown great sympathy for the two men, whose stories have gained traction on Twitter and fans have been eager to support them. StormBag should generate at least $50,000 in sales from the show. The product is simple and can be used in a wide range of industries. The deal with Mark and Lori should be completed within the next three months.

StormBag is available at StormBag.co, Amazon, and SwissLink.com, the official website of Maurice’s military surplus store. You can buy a pack for $10, or buy in bulk to save money. On Amazon, their 50-pack averages 4.6 out of 5 stars.

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In addition to reusable sandbag packages, the company also sells door protection kits. These are specialized kits that include a variety of materials to protect doors of various sizes from strong winds. Having a variety of products is important because it’s hard to build a company with just one product. The Hoffmans come across as very likable people, so hopefully their partnership will be successful.

Categories: Shark Tank
Source: dut.edu.vn