Highlights
- Eric Bandholz seeks $400,000 for 15% equity in BeardBrand, a company offering beard oils and grooming accessories for “urban beardsmen.”
- With $1.2 million in sales in its first year and high margins, Bandholz impresses the Sharks, but receive concerns about valuation.
- BeardBrand thrives post-Shark Tank, growing to $7 million in annual revenue by 2021 and expanding its product line to include fragrances, hair, and skincare products.
Overview
| Category | Details |
|---|---|
| Name | BeardBrand |
| Founder | Eric Bandholz |
| Industry | Grooming & Lifestyle Products |
| Product | Beard oils, grooming accessories, and beard lifestyle content |
| Funding Sought | $400,000 |
| Investment Ask | $400,000 |
| Equity Offered | 15% |
| Valuation | $2.67 million |
Eric Bandholz hopes the Sharks grasp the bearded lifestyle when he pitches BeardBrand, his line of beard oils and beard grooming accessories, in Shark Tank episode 609. Bandholz, a formerly clean-shaven Merrill Lynch analyst, web designer, and graphic artist, decided to embrace what it means to be an “urban beardsman” back in 2012 when he came up with a line of beard oils and beard grooming accessories to quaff his luxuriously lush, red beard. He was inspired by a trip to the West Coast Beard & Mustache Championships in Portland, Oregon.
Soon after, he created a blog and YouTube Channel all about “the bearded lifestyle.” He created an Urban Beardsman online community and in the fall of 2012 began selling products online when he had advance notice of an interview with the New York Times. He put together an online store and started selling products with an investment of only $30! Since then, the Beard Brand business has grown organically and is happily in the black (unlike Bandholz’s beard).
People condition their hair, why not their beards? The line includes beard oils, which soften beard hair so it doesn’t feel coarse and bristly. There are also mustache waxes, grooming supplies, tee shirts and the Urban Beardsman online magazine for the growing bearded lifestyle community.
Will Mr. Bandholz be able to coiffure a deal with a Shark?
BeardBrand Shark Tank Recap
The segment opens with Eric grooming his beard at a beard and mustache competition. He explains how he’s grown his business but hasn’t paid himself a dime. Eric enters the Tank and asks for $400K for 15% of the business. Eric explains what an Urban Beardsman is and how he made his community. He applies some beard oil to his beard while explaining the renaissance of the beard. He hands out beard kits to the Sharks.
Mr. Wonderful doesn’t like the valuation. Eric did over $800K in sales in the first 18 months of business, with $1.2 million in sales this year. Lori gets up and touches the beard, but Daymond jokes he’s not comfortable touching another man’s beard. Eric says beards are a sign of love and passion.
Did BeardBrand Get A Deal?
The beard oil is 60% of their business with 80% margins; Mark thinks he should concentrate on the high-end beard oils. Mark thinks it would be too hard to get his money back – he’s out. Robert isn’t a beard guy – he’s out too. So is Lori. Mr. Wonderful thinks the business isn’t worth what Eric’s asking, he’s out too. Daymond says he likes Eric, but he doesn’t like the valuation either, he’s out too.
BeardBrand Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. In the immediate aftermath of the show, sales went way up, as is usually the case with the Shark Tank Effect. Eric continued to grow his business and community. Fast forward to August, 2021 and they’ve added fragrances, hair and skin care products to the line. The company is doing well with $7 million in annual revenue.
Posts About BeardBrand on Shark Tank Blog
BeardBrand Information
Video
More products from this episode! Check out other businesses that participated alongside BeardBrand.
I’ve tried their products and they’re nothing to brag about. Everybody is cashing in on the beard care business craze. The problem is everybody is doing the same damn thing. The only way to grow your business is to brainwash people with merchandise…t-shirts, hats, hoodies, beenies, etc in order to sell your mediocre products. Grave Before Shave is a prime example! They’re also known outside of their club as the Wal-Mart of mens grooming products. If GBS didn’t have an artist professionally design his labels he wouldn’t be anything. It’s all about merchandise for that crap. and i’m out!