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LockerBones Update: Shark Tank Season 5, Episode 14

Andrew is a self-educated business owner and entrepreneur with plenty of free advice (which is worth exactly what you pay for it!).


Did the Deal Go Through?

Best guess? No.

Lori and Robert made a deal for 50% of the company for $175,000. This seemed like exactly what the owners Greg Cronin and Steven Coachys were looking for, except they initially asked for $175K for 10% of their company. Ouch, but appropriate, when you get down to it. Although their official website mentions the Shark Tank deal, it does a pretty good job of downplaying the significance of the deal, instead focusing on their success as a result of the exposure since airing on the show.

How Did the Business Do After the Show?

Lockerbones seems to have continued to do pretty well on Amazon, having amassed more than 150 reviews (indicating reasonably high product sales, since most people don't leave reviews). If they've only sold about 750 units, though (extrapolating from the typically stated 20% of people who leave a review after buying on Amazon), and ballparking around $50 per unit average sale price, that's only $37,500 in sales via this particular channel. However, the company sells both from its website and on Staples's website, broadening its distribution considerably.

What Do I Think?

I can identify somewhat with the founder, Greg Cronin, as he calls himself a serial entrepreneur. While I've settled down somewhat and focused only on a couple of businesses at a time (and often just one), I've also found that having multiple outlets can be really useful in terms of cross-pollination of ideas and personnel. It can also be really, really distracting and overwhelming (50 watts can light up a room, or it can cut through steel if directed as a laser). I think Cronin may have had too much going on and not enough directed passion for his endeavor, although kudos go to him for getting on Shark Tank in the first place, getting a foot in the door on Staples, and managing to sell tens of thousands of dollars of product. However, as Mr. Wonderful rightfully points out, it's pretty easy for a bigger company to knock you off like the cockroach you are, and that seems to be just what has happened to Lockerbones.

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