Shark Tank Update: The Cut Buddy
By Erica Abbott
The Cut Buddy
Company: The Cut Buddy
Founder: Joshua Esnard
Season: Appeared on season 9 in the week 7 episode
The Cut Buddy is a hair and beard shaping tool that turns anyone into an at-home barber. The curved template stencil, when paired with a clipper or razor, helps prevent “grooming errors” when giving your hair or beard a trim.
According to their website, the tool, which costs $14.95, “works in conjunction with hair clippers, hair fiber, detailers, outliners, disposable razors or a straight razor” to create smoother hairlines. They also offer a barber pencil at $7.45.
When Esnard originally appeared on “Shark Tank,” he came in asking for $300,000 for 10 percent equity. Kevin O’Leary liked the product and was the first shark to make an offer at $300,000 with a $1.50 royalty until $1 million is repaid for five percent equity. Daymond John also offered $300,000 for 20 percent, despite some hesitation. Esnard countered John at 12.5 percent equity, but he ultimately accepted his initial offer when John declined the counteroffer.
Esnard spoke with Business 2 Community about The Cut Buddy’s experience on the show and what their next steps are. Take a look at the Q&A below:
Q&A with The Cut Buddy’s Founder Joshua Esnard
What was your strategy for navigating “Shark Tank”?
Whew, it was a whirlwind! With having my son due any day during that week and having to be three time zones away from my fiance, I was an emotional wreck. It felt like every moment my mind was on my son and my fiance so it was actually really difficult to focus. When it came to really getting to it, I used the music of Dipset to help me get my mind right and I actually tried to not be overly prepared. I knew the numbers about my company that I needed to know so it was just about seeing how the Sharks reacted.
I knew I had a winner. I had a feeling I would get numerous offers and when I did from Mr. Wonderful and Daymond John, I went with my gut and chose Daymond. It was an unforgettable experience and I’m very thankful to the Sharks for the opportunity to pitch my company to them and thank you to Joey Tomaselli and Drew Gavin for being fantastic models as part of my pitch. I couldn’t be more excited to be partnered with Daymond and his team!
How has The Cut Buddy changed since the episode was first recorded? Since it aired?
There have been HUGE changes! We’ve really felt a windfall from more and more people knowing about the product and seeing how much it could help them on a daily basis. As of two months ago, we’ve officially sold over 100,000 units in just over two years of operation, which is beyond anything I could’ve ever imagined. We’ve also partnered with grooming giant Andis Clipper, Co. on a nationwide licensing deal! The Cut Buddy will be packaged with an Andis clipper in retail …read more
Read more here:: B2CMarketingInsider