Grease Monkey Wipe business owners Tim Stansbury and Erin Whalen approached Shark Tank with a request for $40,000 in exchange for a 40% interest in the company. Erin had a flat tire on one of their 100-mile bike rides together.
As Whalen finished, her hands looked caked with grease. While still riding their bikes, they began thinking of a new portable cleaning device that could quickly and conveniently remove grease and dirt.
Together, they developed the ideal product and launched their firm after extensive trial and error. After a few months, Grease Monkey Wipes was featured on the Shark Tank Show.
The young couple entered Shark Tank with a decent valuation for their innovation and appeared determined to get a deal.
Barbara Corcoran and Robert Herjavec offered them $40,000 in exchange for 40% of the stock in Grease Monkey Wipes.
What are Grease Monkey Wipes?
Grease Monkey Wipes are cleansing wipes that contain citrus extracts, which make them ideal for heavy-duty cleaning.
Tim Stanbury and Erin Whalen (and bikers!) presented Shark Tank with their venture in 2010 in the first season of Shark Tank.
|Company Name||Grease Monkey Wipes|
|Entrepreneur||Tim Stansbury and Erin Whalen|
|Product||multipurpose cleaning wipes|
|Investment Asking For||$40,000 for 40% equity in Grease Monkey Wipes|
|Final Deal||$40,000 for 40% equity in Grease Monkey Wipes|
|Shark||Barbara Corcoran and Robert Herjavec|
|Episode||Season 1 Episode 12|
|Business Status||In Business|
Who is the Founder of Grease Monkey Wipes?
Tim Stansbury & Erin Whalen are the founders and creators of Grease Monkey Wipes.
Tim Stansbury, the business partner, and Erin Whalen were leisure riders. While on one of these bike trips, Erin experienced a flat tire, and Tim assisted her in repairing it.
Although Erin wiped her hand on the grass and wore denim shorts, she could not remove the grease. Tim and Erin discussed resolving this issue as these bicycle-related on-road incidents occur frequently.
Erin Stansbury and Tim Stansbury researched; they developed an ideal product and found a way to market it.
According to Erin Whalen, the product may not only be used by bikers but may also be helpful to other people.
Grease Monkey Wipes Before Shark Tank
Erin Whalen and Tim Stansbury met through a training group several years ago and have remained close friends ever since.
Tim Stansbury says that their bike trips are often more than 100 miles long, and they make frequent on-the-road repairs in the middle of nowhere.
Erin Whalen claims that she had a flat tire during one of those hundred-mile bike trips, which Tim Stansbury assisted her in repairing.
They considered developing a system that would resolve on-the-road Fixitdifficulties much more quickly after they returned to driving.
The product Erin Whalen developed with Tim Stansbury is an ideal product shaped by extensive research and marketed amusingly.
Erin Whalen says the product has many other uses that go beyond cycling.
Tim Stansbury believes the Sharks will love Grease Monkey Wipes because everyone they have talked to has raved about them.
All Tim Stansbury and Erin Whalen have to do now is get the product in front of the Sharks and convince them to invest.
Grease Monkey Wipes on Shark Tank
Tim Stansbury and Erin Whalen appeared in shark tank’s season one, episode 12. They launched Grease Monkey Wipes, a line of individually packaged citrus-oil wipes.
Erin Whalen and Tim Stansbury appeared on Shark Tank requesting an investment of $40,000 in exchange for a 40% stake in Grease Monkey Wipes.
When Tim described the product as a non-toxic, natural cleanser for heavy-duty cleaning, Erin gave out samples to sharks. Stansbury believes this is simply the component that breaks down the oil.
Kevin O’Leary inquires as to whether the founder has patented the product, to which Tim Stansbury responds that they have chosen not to patent it for two reasons: first, the company is new to the market and thus lacks the resources to patent it; and second, once you patent a product, you must publish your formula; by not having the patent, they can protect the formula for a while before publishing it.
Kevin Harrington lauded the design and branding for the grease monkey wipe, declaring it to be the best he had ever seen.
Harrington then inquires about whether the logo has been trademarked, to which Erin responds that it has been.
Kevin O’Leary asked Tim Stansbury how many wipes they had sold, and Stansbury replied that since the wipes had only been on the market for a couple of months, they had sold 7,600 wipes.
Whenever Tim is asked about their revenue, he states it was $7,400. O’Leary wonders if this is sustainable.
Tim responds that as the number of cars registered in the United States grows, so does the market for Grease Monkey Wipes.
Daymond John withdraws from the arrangement, stating that it is not a business for him. Kevin O’Leary follows up by stating that he liked the product but lacked proprietary rights.
Kevin Harrington remarked that the product is not distinctive to him, while Barbara stated that she hasn’t warmed up to the product sufficiently.
Robert Herjavec expressed interest in the product, and after Tim and Erin convinced him that they would do everything possible to ensure the company’s success and not let them down, Robert consented.
After the deal, Barbara Corcoran states that she would make the deal just because she liked Erin.
Tim Stansbury and Erin accepted the deal of Robert Herjavec and Barbara Cocoran of $40,000 for a 40% stake of Grease Monkey Wipes.
Final Deal: Barbara Corcoran and Robert Herjavec agreed to invest $40,000 for a 40% stake in Grease Monkey Wipes.
What Happened To Grease Monkey Wipes After Shark Tank?
The business of Grease Monkey Wipes grew after partnering with sharks. Barbara Corcoran hired individuals to assist her in publicizing the company.
Tim Stansbury was able to repay the sharks thanks to this investment, which allowed the company to grow. Erin Whalen eventually sold the business to Tim Stansbury.
The company was acquired by Beaumont Products on November 17, 2014, for an unknown sum of money.
Shark Tank host Tim Stansbury said the product costs $1 per package. He responded that 285 million automobiles, 30 million boats, and over six million motorcycles registered in the United States of America would contribute to the firm’s development.
A box of 25 wipes will be available for $15.97 on Amazon following Beaumont’s acquisition.
Tim Stansbury and Erin Walen probably had no idea how popular Grease Monkey Wipes would become after the show. Together with Barbara Corcoran and Robert Herjevic, they are on the way to developing a national brand.
The product is doing so well that they were asked back to the Shark Tank in Season 2 as the Success Follow-Up Story in week five.
The company increased the number of locations from 40 to over 500 over that period and sold over 200,000 Monkey Wipes. Stansbury and Walen have grown their hobby into a very successful full-time business.
Who are the Investors of Grease Monkey Wipes?
Grease Monkey Founders and Creators Tim Stansbury and Erin Whalen received a transaction of $40,000 for 40% of the stock in the shark tank, which was valued at $100,000 at the time.
Beaumont Products purchased the Grease Monkey Wipes business in 2014 for an unknown sum.
Who are the Competitors of Grease Monkey Wipes?
Tim Stansbury claims that Grease Monkey Wipes are more environmentally friendly because they use citrus-based recipes and avoid harsh chemicals.
Grease Monkey Wipes maintains its leadership position among its top six competitors.
Quick Information About Grease Monkey Wipes
- Erin and Tim were both recreational bikers. That’s how they got to know each other.
- Tim Stansbury discussed how juice companies squeeze the oils used for wipes after they squeeze the fruits.
- You can also clean permanent markers with Grease Monkey Wipes.
Customer reviews are almost always positive. Customers enjoy that Grease Monkey Wipes can remove dirt, permanent marker, and crayon stains in addition to grease and filth.
These wipes are easy to store in an automobile or a backpack since they are individually packaged. Stansbury and Whalen have greatly gained from their collaboration with Barbara Corcoran and Robert Herjavec.
What Is the Net Worth of Grease Monkey Wipes?
The valuation of Grease Monkey Wipes was $100,000 when it appeared on Shark Tank. The net worth of Grease Monkey Wipes is $1 million as of 2022.