Shark Tank episode 707 featured Nicholas and Alessia Galekovic presenting Beard King, a bib that collects beard trimmings seeking investment and a new partner for their business.
Beard King is a new brand providing products that will help people with facial hair look and feel good about their appearance.
Many men routinely shave their heads to get their facial hair trimmed, but afterward, cleaning the man’s hair is a tedious task.
The Beard Bib is a convenient way for men to catch and clean hair and other facial hair that may be scattered while shaving.
It is as simple as it is clever. The Beard Bib is a holder that holds hair clips securely in place using two suction cups.
It is as easy to use as a simple bib. Simply take out the bag and place it around your neck.
After shaving, put the suction cups in the mirror and clean the bib. Shave as you would normally, and your beard and mustache will fall into the bib.
After shaving, take the bib off and walk to the nearest trash can to place the leftover beard tins.
If a situation interrupts your routine while shaving, remove the bib and all the suction cups. Hair will stay inside of a bib.
You can remove a bib to put your beard into and leave the trimmings in it. If you remove the bib, the hair will still be safe.
Beard Bibs are available in two basic colors, white and black. Beard King sells clothing in brand names with Beard King’s moniker on it.
Men who want to have a bearded man can purchase the Beard King’s King Kit, which includes a bib, beard brush, and three different beard oils to help you look and feel great while you have your beard.
All beard oils are natural and are great for keeping beards looking great.
Beard King also sells beard oils, brushes, combs, tee shirts, and hats bearing the company’s logo.
Beard King opened in June 2014, making them the latest business to capitalize on the still-strong “beard trend.”
Does Beard King have any luck convincing Sharks to wear their bib?
What Is Beard King?
Beard King offers grooming and care packages that assist in transforming the everyday man into a stylish and sophisticated gentleman.
The best part is that you can perform this service based on barbershop standards.
Their signature item is the beard bib grooming cape. This headgear transforms you into something similar to a platypus and collects all beard trimmings, which can be thrown in the trash without worrying about your spouse or girlfriend reprimanding you for hair in the sink.
|Company Name||Beard King|
|Product||An apron for collecting beard trimmings|
|Investment Asking For||$100,000 For 20% equity in Beard King|
|Final Deal||$100,000 For 40% equity in Beard King|
|Episode||Season 7 Episode 14|
|Business Status||Acquired, In Business|
Who Is The Founder Of Beard King?
Beard King was founded by husband and wife team Nicholas and Alessia Galekovic in 2014.
Nicholas, who describes himself as an entrepreneur and business consultant on his LinkedIn profile, sold Beard King in 2019.
Since then, he has founded a company that offers commercial plane passengers hygiene products. According to her Instagram account, Alessia is a model who has pursued this career.
Nicholas Galekovic has grown facial hair for quite some time now. As a youngster, he grew his first beard, and the women in his life called him out for the problem of leaving his facial hair all over the sink.
The Beard King firm was founded on the beard bib he created to please his wife. How would this novel concept do on Shark Tank?
Beard King Before Shark Tank
The origins of Beard King lie in the age-old dilemma, “Whose hair is this in the sink, and who will clean it?”
Nicholas heard the same thing from girls ever since he developed his beard ability. Nicholas chose to live by another adage as a newlywed: “Happy wife, easy life!”
Nicholas updated the barber’s bib concept for home use by including suction cups that adhere to the mirror.
They were able to conduct sales online after filing a patent. The two generated $140,000 in eight months; however, they wanted to increase manufacturing as wholesalers requested samples and could not supply them. It was now time to find an investor.
How Was The Shark Tank Pitch Of Beard King?
Alessia and Nicholas appeared on Shark Tank requesting an investment of $100,000 in exchange for a 20% stake in Beard King.
Beard King achieved $700,000 in 2016, and they are on track to attain $1 million in 2017.
Beard King shows that selling products and services through the internet is possible using social media, videos, and blogs.
They have a strong website that sells products easily and use a great hosting service to help them sell the product easily.
Beard King surpassed the goal of selling $140,000 on Shark Tank in the first eight months, and he also made $80,000 in the first month before the Sharks pitched the episode to him. The kit costs $7 and goes for $29.
Nicholas and Alessia solved the problem of people putting their facial hair all over the place; now Alessia is stuck cleaning it.
They needed to solve the problem of all the facial hair in the house. They created the Beard Bib.
Nicholas and Alessia designed a beard bib to protect people from hair falling out of their faces. They have applied to the US Patent Office for a patent that is currently pending.
Robert Herjavec says that the Sharks thought it was a joke when they heard about the sales numbers but quickly changed their minds when they saw them.
Beard King needs to purchase parts to produce these products. Their present gross margins were only 40%. The profit margins will increase in the future, as they are at 75 percent now.
However, after appearing on Shark Tank, the sales projections for 2017 are expected to be 400,000.
Many distributors approached them to sign deals but decided to sell their products online.
Robert Herjavec recommends that they continue to operate the business because they will make enough money to cover the costs of running the business. They need the help of the Sharks to continue to grow.
The question is about the product which Mark Cuban is asking about. They are selling the Beard King.
Do you believe they are focusing exclusively on the Beard King, or are they looking for other products they could sell?
Mark Cuban is interested in creating viral videos, but they do not want to help them with this because they are focused on the Beard King. I do not believe they understood Mark’s argument while presenting the presentation.
Kevin sees this only as one product and that he cannot get his money back. He feels that he can not get his money back.
He missed a huge opportunity, as demonstrated by the $400,000 that the Beard King sold in just one month. He did not know if they would ever do another deal, but he thought of helping them.
Chris admits that he is unsure how to help them but goes to work on their product.
Lori is the only remaining shark, and she initially plans to go out as a result, but they want to sweeten the deal.
Lori needs to borrow five1% of the money to make the deal, so she makes a move-out.
They want her to wait a while before they go out to try and win some deals. They want her to wait a long time and try to sell more than 45% of the deals.
They have a crown and robe for the queen and hide them in the props. Alessia then proceeds to show the wig she made to persuade the Sharks to agree to this deal. Lori accepts the terms of the deal and is very happy with it.
Lori is well aware that women dislike when hair clogs up the sink. Nick estimates that 60% of consumers are female.
Lori makes him an offer while everyone in the studio chants, “LORI, LORI, LORI.”
She claims she’d require 51% since, even if they’ve established the market.
Nick counters with 45%, and Lori concurs. Lori is bestowed with a robe and a crown and is crowned the Beard Queen!
Final Deal: Lori Greiner agreed to invest $100,000 for a 45% stake in Beard King.
What Happened To Beard King After Shark Tank?
The Beard King website now sells the beard bib in black or white and a full King Kit including beard oils, brushes, and the beard bib.
There is also a Beard Queen section on the website, which features t-shirts bearing the Beard King emblem and thongs that evoke oral sex. It appears as though they should have stayed within their wheelhouse.
Additionally, Beard King sells the beard bib at limited retail locations across the United States. Beard King has a fairly active social media presence.
Beard King Shark Tank Update
The deal between Lori Greiner and Beard King fell through after the episode aired on Shark Tank. Forbes reported that negotiations were unsuccessful.
However, they almost certainly did not regret appearing on the show. Beard King was on track to reach a million dollars in sales by the end of 2016.
Beard King is still in business. The company now sells beard oil, facial cleanser, and other beard-related products. Beard King generates $1 million in annual revenue.
Is Beard King Still In Business?
Beard King continues to operate today from its Deerfield Beach, Florida headquarters.
Having started with humble beginnings, Beard King has grown to a million-dollar business with seven employees.
The Beard King has been the target of numerous knockoffs, primarily overseas knockoffs of lower quality but similar in design.
However, these can quickly be distinguished from the real Beard King because their product photos are crudely Photoshopped, and their brand names are random strings of characters.
The Beard King has diversified his product lines to include grooming products, hair care products, and even branded t-shirts.
The Beard King was acquired by Raj Patel, an entrepreneur, and investor, in 2019.
You can still buy Beard King goods that are still available through the company’s website and Amazon.
What Is the Net Worth Of Beard King?
The valuation of Beard King was $500,000 when it appeared on Shark Tank. The net worth of Beard King is above $1 million as of 2022.