Lori Greiner, best known for her role as a Shark on the long-running hit TV show “Shark Tank,” has razor-sharp instincts and an incredible eye for products that are worth backing. The 55-year-old self-made inventor, entrepreneur, producer, humanitarian and author of the book “Invent It, Sell It, Bank It!: Make Your Million-Dollar Idea into a Reality” has a net worth of $150 million and knows her way around making a buck or two.
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She certainly didn’t fall into her fortune, but instead strategically built it through a number of retail deals. Here, you can explore some of Greiner’s most successful retail deals that helped make her a multi-millionaire many times over.
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Scrub Daddy
Lauded as the most successful product that has ever appeared on “Shark Tank,” Scrub Daddy is a reusable sponge created by Aaron Krause. The gadget gets firm in cold water and soft in warm water, to make for a more intuitive and comprehensive dish scrubbing experience that will leave no scratches behind.
Greiner jumped on the product and invested $200,000 for a 20% stake in the company. Today, more than a decade after it debuted on “Shark Tank,” Scrub Daddy products are available in over 257,000 retail locations, and they have expanded to over 80,000 retail stores and 23 countries.
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Squatty Potty
Bathroom products — particularly those focused on going “number two” — are not typically the easiest to market and generate excitement over, but the Squatty Potty is a fine example of an exception. This footstool for toilets, pitched on episode 610 of “Shark Tank” by entrepreneurial duo Bobby and Judy Edwards, was zealously backed by Greiner.
She first invested $300,000 for a 10% share in Squatty Potty, but then later invested $600,000 more for an additional 10% stake in the company — making her ownership 20%. It was a lucrative move as Squatty Potty has achieved total lifetime retail sales exceeding $260 million.
PhoneSoap
We take our phones everywhere with us — possibly even to the Squatty Potty. Clearly, these devices need a good, regular cleaning, but how do you do that without risking damaging them? Enter PhoneSoap, a UV Phone Sanitizer & Charger all in one, invented by Dan Barnes and Wes LaPorte.
When this product appeared on “Shark Tank” in season 6, Greiner was ready to clean up: she offered $300,000 for a 15% ask, so she could sell the units on QVC at the time. They ended up settling on 10% for $300,000. Since its first appearance on the reality show, PhoneSoap has raked in an estimated $150 in retail sales.
Bantam Bagels/Bagels Stuffins
Bantam Bagels (aka Bagels Stuffins) is a company founded by Nick and Elyse Oleksak in 2013. Their NYC location sold mini stuffed bagels that could be sold in other stores, to bring a taste of classic New York to consumers all over the map.
When the entrepreneurial duo pitched the product on “Shark Tank,” Greiner invested $275,000 in exchange for a 25% share of their business. Now considered one of the most successful food items ever pitched on “Shark Tank,” the company behind it sold for $34 million in 2018, dishing up a nice payday for Greiner.
Qball
What is Qball? It’s a wireless microphone that is made of durable foam — made to tolerate a tough throw. While moving, it shuts off so that you don’t get any awkward thumping noises over the speakers. It also conserves battery, making it a great choice for presenters and performers who need to get a lot of mileage out of a mic without having a lot of time to charge it up.
The inventor of Qball, Shane Cox, landed a $300,000 investment from three “Shark Tank” moguls — Rohan Oza, Mark Cuban and Greiner — for a 30% stake in the business. It has made millions of dollars in retail sales, and its annual revenue has grown to well over $1 million.
Final Take To GO: The Lori Greiner Method
The bottom line is that Greiner is so good at what she does because she doesn’t just have a good sense of what will sell well; she also has intricate vision and a highly skilled approach to her deals. If you want to become a successful retail deal maker like Greiner, take a few notes from her formulaic approach, method and mindset. This way, you can create consistent results while working toward growing your wealth.
Caitlyn Moorhead contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: Lori Greiner’s 5 Most Successful Retail Deals That Made Her a Millionaire
