CordaRoy’s Sleepers were featured on Shark Tank’s fourth season and were invented by Byron Young. CordaRoy chairs are similar to bean bag chairs except that they do not contain beans and are significantly more durable.
There is an actual bed inside this ingenious design that can be changed into a couch in less than 20 seconds. The sleepers will give any air mattress a run for its money, and they will win every time.
The CordaRoy’s Sleepers are made of polyurethane foam, the same material used in their sofa cushions.
CordaRoy’s cover is made from double-stitched corduroy that can be washed in the machine, while the lining is made from an accessible cotton and polyester blend. Furthermore, CordaRoy’s gives a lifetime warranty, so you can’t go wrong!
Byron Young, CordaRoy’s creator and founder presents to Shark Tank’s investors, hoping to close a business deal. CordaRoy’s is a one-of-a-kind chair in the manner of a bean bag that, when unzipped, transforms into a bed.
The bed is packed with the same material placed in a conventional mattress, but the material is split up to be more flexible.
CordaRoy is Byron’s company and has been operating for eleven years since the Shark Tank presentation. It has a furniture store in the Mall of America. Byron acquired the Utility Patent and then successfully enforced it on two separate occasions against other businesses.
The sales from the previous year at CordaRoy’s amounted to $1.4 million. He has reached a point of stagnation and is searching for a strategic partner to assist him in bringing the firm to the next level.
You might be interested to learn about CordaRoy’s Shark Tank Update since it appeared on Shark Tank. Here is what we found:
What Is CordaRoy’s?
CordaRoy’s is a company that offers beanbags that can be converted into beds and have a proprietary foam filling. That’s right; it’s a spherical beanbag that can be transformed into a rectangular bed!
CordaRoy’s is an innovative bean bag chair that transforms into a bed when unzipped. The mattress is filled with the same material found in traditional mattresses, but the material is ripped up to make it more flexible.
It brilliantly conceals within its design a bed that can be converted into a sofa in roughly a quarter of an hour. The sleepers can compete with an air mattress for comfort and support and always come out on top.
The CordaRoy’s Sleepers are stuffed with polyurethane foam, also used to produce couch cushions.
A cotton-poly lining is used inside, while the cover is crafted from machine-washable corduroy that has been double-stitched. CordaRoy’s come with a lifetime warranty, so you will not have any issues.
If you could sit on a cloud but with more support, you would know how comfortable this chair is. It’s the most comfortable chair you will ever sit in.
It only takes a few seconds to remove the outer cover to discover a foam mattress in a regular size that doesn’t lose its shape over time.
CordaRoy’s’ products can be found in various locations, including coffee shops, autism clinics, compact homes, movie rooms, basements, lofts, and vacation homes.
You’ll find that the secret to the CordaRoy beanbag’s incredibly pleasant softness lies within its internal cushion.
It is made of the same material that pole vaulters land on during training and competitions, which gives it unsurpassed comfort and coziness for children as young as three and elders in their twilight years.
When it’s time to sleep, you can unzip the bag and pull out the bean mattress to transform it into a comfortable bed.
It’s perfect for lounging in your game room while watching movies or playing video games. You can lay it down like a blanket to prepare it for a comfortable night’s sleep.
|Product / Business||Bean bag chair that can be converted into a bed|
|Investment Asking For||$200,000 for 20% equity in CordaRoy’s|
|Final Deal||$200,000 for 58% equity in CordaRoy’s|
|Episode||Season 4, Episode 19|
|Business Status||In Business|
Who Is The Founder Of CordaRoy’s?
Byron Young is the founder of CordaRoy’s. He had no previous experience in furniture design or manufacturing. Young was employed by a business specializing in liquidating businesses when he developed the convertible beanbag that inspired CordaRoy’s story.
Young operates CordaRoy’s and is its owner and operator after two decades. Young realized that his bean bag would be a more comfortable bed alternative to the sofa when he realized he didn’t have enough room for his unexpected guests. It was then the convertible bean bag was born.
Byron discovered he could not buy a bean bag/mattress combination. The bean bag performed the functions of a mattress wonderfully.
Byron had a burning ambition to run his own business for as long as he could remember, and to fulfill this ambition, he founded the company CordaRoy’s and began producing and distributing convertible beanbags.
CordaRoy’s Before Shark Tank
Byron Young lived in Gainesville, Florida, in 2001 and worked for a liquidation company. He enjoyed his job but felt compelled to start his own business.
CordaRoy’s beanbag chair was his brainchild, and he came up with the idea for it in a moment of unexpected inspiration even though he had no idea what kind of enterprise he intended to start.
He had created a beanbag for his house, but after some thought, he realized that if he used square foam for the filling, the beanbag could easily be transformed into a bed.
He thought someone would have previously made such a practical piece of furniture, so he searched for one in local stores but was disappointed that nothing on the market met his requirements.
Byron founded the company CordaRoy and spent the early days of its existence producing bean bags by hand in his garage. He could sell all five units he produced initially, even though he could only produce five daily units.
He attended conventions throughout the United States to find additional investors but was unsuccessful in his efforts.
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Byron eventually contracted the production process out to a third party, but he found that he did not have the funds to market and sell his product. In contrast, Roy’s company stayed profitable regardless of changes in the market.
Byron attended a local casting audition for Shark Tank in the middle of 2012, but he didn’t have high hopes of being selected.
The producers were taken aback by his bubbly and likable nature, so they decided to accept him on the spot. This came as a complete shock to the beanbag businessman.
How Was The Shark Tank Pitch Of CordaRoy’s?
Byron was seeking an investment of $200,000 in exchange for 20% of CordaRoy when he appeared on Shark Tank. He assured the sharks that he was sitting on a cloud as he ran through his slick, well-presented pitch.
Foam fillings are exceptionally soft and have no pressure points to ensure even support for a body. When Byron unzipped the beanbag, he showed the sharks inside, revealing the bed.
Lori Greiner wanted to try a beanbag. Robert Herjavec asked her if she was comfortable. Lori agreed with Byron that the bed was comfortable and a good product.
Kevin O’Leary didn’t like Byron’s $1 million valuations. He asked Byron if the sales were so good that the business was worth a million dollars.
In Kevin’s opinion, at least $200,000 in annual sales would be needed to justify the valuation.
Kevin’s challenge didn’t faze Byron. CordaRoy had twice defended its beanbag in court against much larger firms, and he discussed the patent with the sharks.
Kevin was equally impressed with the entrepreneur’s story but wanted sales data. CordaRoy’s business is worth at least $5 million a year, according to Byron, and the sharks were intrigued.
He had a store at the Mall of America, manufacturing techniques, and administrative assistance, but he needed a strategic business partner to gain access to large retailers.
Daymond John questioned Byron’s vague account of recent expenses and his $1.4 million sales figure last year.
Byron stated that profits were just $100,000 and claimed that he had prepared all other parts of the firm for expansion and had reached ‘critical mass in terms of sales prospects.
He noted that he had previously appeared on QVC, although the sales were not spectacular because his pitch was five days before Christmas, one of the worst days to pitch on the shopping channel.
Lori acknowledged it was a bad time to be on QVC and asked how long ago that was. Byron told the sharks it had been a decade, and they were shocked.
The sharks raised more questions about profit margins and retail potential; Byron answered them well, while Lori and Robert seemed affected by the entrepreneur’s enthusiasm.
Daymond John asked Byron how he’d spend $200,000 if he closed a transaction.
CordaRoy’s brand would be primarily promoted and marketed with the funds provided by Byron, given that all the other pieces of the business were in place and ready for increased sales.
Daymond suggested he could help with production and distribution, but Byron already had these areas under his belt. He was out but wished Byron luck with the other sharks.
Although a brilliant and creative product, Mark Cuban thought the beanbag was an ‘impulse buy,’ and Byron’s plan to invest more in marketing was unlikely to work. Mark was also out.
Kevin rejected CordaRoy’s business because he thought it was worth $500,000. Mr. Wonderful ignored Byron’s arguments. He pondered providing $200,000 for 50% of the company but decided it wasn’t worth it. Kevin also dropped out.
Robert Herjavec offered Byron $200,000 in exchange for 40% stock, but only if Lori agreed to join the deal. Byron, who had lost three sharks, was beginning to look worried.
Lori thought about Robert’s idea before saying she didn’t want to work with him. She did, however, think the product may do well on QVC. She told Byron about a ‘once-in-a-lifetime offer.’
Lori offered $200,000 for 60% ownership. Byron was stunned but asked Lori, “So you want to control the business?”
Lori verified that she did and said the business would succeed under her supervision. Byron refused to give up control of the company and countered an offer of $200,000 for 40% equity, which Lori agreed to.
Lori was hesitant at first but finally decided she would settle for 58% equity but was confident she could make millions with great effort.
Byron asked Lori, facing his only chance to make a deal, if he could trust her, to which she replied yes. Lori said, “Take it or leave it,” and Byron said, “Okay.”
Final Deal: Lori Greiner agreed to invest $200,000 for 58% equity in CordaRoy.
What Happened To CordaRoy’s After Shark Tank?
CordaRoy’s website crashed during the first crucial 24 hours of the show because its impact was tremendous. Byron confirmed that Lori had told him not to worry about the situation and that she had helped him to get a new website that was more reliable immediately after the crash.
When Cordaroy’s website became functional again, sales reached a record high and remained at that level for the next few months. Sales increased steadily after the segment, at an unbelievable three million dollars in sales after eight months.
Byron’s appearance on QVC, which Lori arranged, increased his company’s interest more than Byron had imagined. He quickly sold out of his QVC stock within the first twenty minutes, with sales averaging more than $25,000 per minute.
Byron discussed his relationship with Lori in the update. It is a very gratifying feeling to meet such a wonderful spouse. He reiterated that he has no regrets about entering the tank and is thankful to meet her every day.
CordaRoy’s began in Byron’s garage, where he made just five bean bags a day, but in 2018, the company has grown tremendously and has come a long way since then.
The business now operates its production plant, which is 90,000 square feet, and a showroom of 8,000 square feet. You can buy CordaRoy beanbag chairs from retailers, Big Box Stores, Ace Hardware, and Bed Bath and Beyond.
The company offers designer covers, customizable designs, and a lifetime guarantee on all its products.
The business sector appears to be more successful than ever this year. Cordaroy’s Facebook page indicates that their queen-size bean bags are on backorder, but many other sizes are still available.
It would appear that customers are very pleased with the product as over 200 reviews on Amazon have given it a rating of four or five stars.
You can keep up with the company by following its Facebook page or Twitter account (@CordaRoy’s).
CordaRoy’s Shark Tank Update
Byron requested $200,000 for a 20% ownership stake in CordaRoy’s. When she sees a hero, Lori Greiner can recognize them.
She offered Young $200,000 in exchange for a 60% stake. They agreed on 58 percent.
CordaRoy’s website crashed and was unavailable for 2 days due to the high volume of traffic that flooded the website after Byron appeared on Shark Tank.
After only three years, CordaRoys has completely cornered the market on beanbags. They can be purchased in various locations, including QVC, Amazon, Walmart, and the CordaRoys website.
CordaRoys are available in various sizes, styles, and materials, including chenille, faux leather, velvety microsuede, and corduroy.
Bean Bag Styled Chair to Bed models by CordaRoy is now available on Amazon, and customers may take advantage of free two-day shipping on these items.
After appearing on Beyond the Tank, Byron’s deal with Costco put his wares on their shelves throughout the country.
In that year, CordaRoy’s lifetime sales reached $10 million. As of May 2022, CordaRoy’s annual sales have reached $5 million.
Are CordaRoy’s Still In Business?
CordaRoy’s is still in business as of 2022, with annual revenue of $5 Million as of May 2022.
What Is The Net Worth Of CordaRoy’s?
Cordaroys is leading the beanbag market after only three years. You can buy them in various places, including QVC, Amazon, Walmart, and the CordaRoys website.
CordaRoys are available in various sizes, styles, and materials, including chenille, faux leather, velvety microsuede, and corduroy.
CordaRoy’s net worth when it appeared on Shark Tank was $1 million. However, CordaRoy’s net worth as of 2022 is around $10 million.