Highlights
- SockTabs are small tabs that fasten socks together, preventing them from becoming separated in the wash, sold for $9.99 to $14.99 per pack.
- Despite initial Shark reluctance, Daymond John offered $50,000 for 30% equity, contingent on approval from Bombas.
- As of 2024, SockTabs has overcome stock issues and initiated a program where schools and organizations can sell their product, reaching nearly $4 million in lifetime revenue.
Overview
| Category | Details |
|---|---|
| Name | SockTabs |
| Founders | Glen and Tracie Burress |
| Industry | Fashion Accessories, Laundry Solutions |
| Product | SockTabs – Sock fasteners |
| Funding Sought | $50,000 |
| Investment Ask | $50,000 |
| Equity Offered | 20% |
| Valuation | $250,000 |
Glen and Tracie Burress pitch SockTabs, their solution to combat “the Sock Monster,” to the Sharks in Shark Tank episode 711. Ironically, the husband and wife team hail from Rockford, IL – the home of iconic Fox River Red Heel Socks and of the original Sock Monkey. This proximity to socks undoubtedly inspired the creation of Sock Tabs, a small tab that fastens socks together when you put them in the washer and dryer, ensuring they won’t become orphan socks.
Glen is a Pediatric Gastroneurologist and assistant professor of pediatrics at the University of Illinois Medical School. Tracie is a pharmaceutical sales rep who started working on SockTabs in 2013 after suffering a brain aneurysm and an 11 hour brain surgery. The business got its start with the help of Rockford-based business incubator EIGERlab. She opened the doors to her business in November, 2014.
The tabs can be worn on one sock, so when you go to take them off, you immediately tab them together so they won’t get separated. Burress also hopes to market them as a fashion accessory: cuff links for socks. SockTabs cost $9.99 for a 24 pack of primary or neon colored tabs. A 24 pack of “Bling” SockTabs is $14.99. They’re available at a limited amount of retailers and on Amazon.
The Burresses likely want a Shark to help with increased production and to get into national retailers. Will a Shark invest and keep tabs on the SockTabs business?
SockTabs Shark Tank Recap
Glen and Tracie enter seeking $50K for 20% of their business. They claim SockTabs eliminate the worst part of doing laundry. They proceed to perform a sock puppet soap opera/love story where one sock is lost to his love forever. Then, they show how the tabs work and hand out samples which the Sharks put on.
Their cost is $1.25 and they wholesale for $4.99. To date, they’ve sold $20K in six months – 60% of that in retail stores in Rockford, IL and 40% online.
Lori says there are other companies that sell similar products; she has a conflict with another business and she goes out. Robert says Tracy is the reason for their success, but he’s out too. Daymond says the Bombas guys would kill him: losing socks is part of that business’ success, he’s out. After the three Sharks go out, she tells the story of her brain aneurism and she assures the Sharks that God brought her back stronger and more feisty than ever.
After a break, Mark says he doesn’t want to be in the sock tabs business. He says $50K isn’t a stumbling block for them, but he doesn’t think he can be there for them; he’s out. Kevin has problem – Tracy is part-time in the business and doesn’t think she can make the sacrifice of leaving her sales job. Tracy says she will do what she needs to do: she won’t be part-time on her dream, but Kevin is out and they leave.
As they are walking out the door, Daymond offers $50K for 30% if Bombas agrees to the deal. They accept!
RESULT: DEAL with Daymond for $50K for 30%
SockTabs Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. After appearing on the show, the couple appeared live on HSN, Daymond’s shopping network partner. Both of them continued on with their full time jobs, but they began targeting Chicago area Bed Bath and Beyond stores and were able to get shelf space in a half a dozen stores. The product is readily available on Amazon, too.
In 2018, they ran out of stock on their site and on Amazon. The last Facebook post was in April, 2020. As of May, 2021, this appears on their website:
In late 2021, they got more inventory and as of August, 2022, they are up and running with around $1 million in annual revenue. By July, 2024, they’d updated their website and put out of stock issues behind them. They’ve initiated a program that lets schools and other organizations sell SockTabs and keep 50% of the profits. Lifetime revenue is approaching $4 million.
Posts About SockTabs on Shark Tank Blog
SockTabs Company Information
Video
