GloveStix Deodorizer
DEAL
EPISODE SUMMARY
🕓 Air Date: November 5, 2017
Asking For:
$150,000 for 10%
Investor:
Alex Rodriguez, Lori Greiner (50/50)
Deal:
$150,000 for %
PRODUCT SUMMARY
GloveStix is an odor-management solution with silver ion-containing plastic exteriors and replaceable inserts to eliminate bacteria and moisture in athletic gear, including gloves, shoes, boots, cleats, helmets, and kneepads.
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Background Story
Krista Woods, the founder of GloveStix, introduces herself as a mother of three athletic children who faced challenges dealing with the persistent odor in their sweaty gear. Frustrated with ineffective solutions, she invented GloveStix. Krista’s background includes overcoming early challenges as a single mother at 18, eventually becoming a manager in a male-dominated industry.
She met her husband, had two more children, and embarked on the entrepreneurial journey. Krista initially hesitated to appear on “Shark Tank” due to fear but decided to confront it for the opportunity to take her product to the next level.
The Product
GloveStix addresses odor problems in sports gear by employing a three-pronged approach. The plastic exteriors contain silver ions, inhibiting 99.9% of odor-causing bacteria growth. Replaceable inserts inside absorb moisture and deodorize.
The product is versatile and suitable for gloves, shoes, boots, cleats, helmets, and kneepads. The GloveStix has a wrist-guard clip for easy hanging on gear racks. Krista mentions another product, ShoeStix, designed for shoes.
How It Went
The company’s position before Shark Tank
Krista reports $506,000 in sales over a year and a half, with $440,000 in the last year. The products are sold online, on Amazon, and through 55% wholesale channels. Krista has been on QVC four times, showcasing her entrepreneurial prowess. The company operates with Krista as the sole employee. The patented product has a unique selling point, leading to its growth and success.
The Negotiations:
Initially asking for $150,000 for a 10% stake, Krista faces pushback on valuation. Lori Greiner expresses interest but wants to partner with Alex Rodriguez. Lori and Alex eventually offer $150,000 for 20%, but Krista pushes for 15%. They settled on $150,000 for 17.5%, providing GloveStix with both their expertise. Krista emphasizes the uniqueness of her patented product and secures a deal that marks a significant milestone for her business.
In summary, GloveStix, presented by Krista Woods, secures a deal with Lori Greiner and Alex Rodriguez on “Shark Tank” for $150,000 in exchange for a 17.5% equity stake. The product, designed to eliminate odors in athletic gear, has shown impressive sales performance, and the negotiation process highlights the founder’s determination and passion for her business.
