Potty Safe – Child-Proof Potty Training Chair
NO DEAL
EPISODE SUMMARY
🕓 Air Date: May 8, 2020
Asking For:
$50,000 for 15%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Potty Safe is the first and only potty-training chair with a child-proof latch, providing a no-mess, less-stress approach to potty training for toddlers.
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Background Story
The founders, Colt and Stacy Hall, residing in Exeter, Missouri, introduced their product, Potty Safe, on Shark Tank. The couple identified a common challenge faced by parents during the potty-training phase, where toddlers often attempt to handle the potty chair independently, leading to messy spills. Stacy, with a background in accounting, and Colt, a fabricator and welder, took it upon themselves to create a solution.
Inspired by their own experiences potty-training their daughter, the Halls searched for a child-proof potty-training chair without success. Recognizing the need for such a product, they decided to develop Potty Safe. Colt, utilizing his fabrication skills, created the prototype on their kitchen island, successfully using it to potty-train their daughter without encountering further issues.
The Product
Potty Safe is a revolutionary potty-training chair designed to mitigate the mess associated with toddlers attempting to handle the potty independently. Priced at $28.95, each unit has a manufacturing cost of $6.50. The key innovation lies in the child-proof latch, a feature that distinguishes Potty Safe from traditional potty chairs.
The child-proof latch, located on each side of the chair, allows parents to easily remove the waste bowl without spills. This feature ensures a no-mess experience, addressing the common issue of toddlers attempting to wear the waste bowl as a hat or independently disposing of their accomplishments.
The waste bowl can be safely removed, emptied, and then securely reattached to the base by snapping it back in place. Colt’s fabrication skills played a crucial role in the development of the product, which was initially created on their kitchen island.
The Halls took the initiative to mortgage their house, investing $152,000 in total, to fund the tooling required for mass production. Potty Safe is currently available for purchase on their website, and the product recently launched on Amazon.
How It Went
The company’s position before Shark Tank
Potty Safe reported sales of $2,000 for the entire year, attributing the lower figure to limited funds allocated for marketing. However, the Halls expressed optimism, citing an increase in sales in the past two months and ongoing discussions with big-box retailers. They mentioned a successful meeting with Walmart in June and are in touch with the retail giant regarding potential collaboration. With a manufacturing cost of $6.50 per unit and a retail price of $28.95, Potty Safe aims to achieve an estimated $17,000 in total sales for the year.
The Halls acknowledged their initial challenges in marketing due to financial constraints but have recently expanded their reach by launching on Amazon. Colt and Stacy’s backstory includes their decision to mortgage their house for $140,000, demonstrating their commitment to Potty Safe. The company’s structure appears to be a family-run operation, with the Halls driving the business forward.
The Negotiations:
The Sharks expressed concerns about the niche market and questioned the overall demand for Potty Safe. Lori Greiner commended the Halls for their ingenuity but mentioned her hesitation due to the product’s limited scope. Kevin O’Leary raised the issue of unproven demand and the challenges of entering a competitive market. Mark Cuban and Daymond John decided to opt out early, stating that the product didn’t align with their areas of expertise.
Robert Herjavec was initially disturbed by the presentation but inquired about the product’s age range and functionality. However, he ultimately decided to pass, noting that the product seemed too small for significant investment. Kevin O’Leary, emphasizing the need for proven demand, expressed concerns about the product’s potential.
Lori expressed admiration for the Halls’ effort but expressed reservations about the product’s scalability. However, she made a deal, offering $50,000 for a 20% stake, which the Halls happily accepted. Lori emphasized her own success with niche products like Squatty Potty, signaling potential for collaboration and brand extensions. The negotiation concluded with an emotional celebration from the Halls, thrilled to have secured a deal with Lori Greiner.
