The Garage Door Lock before Shark Tank
The Garage Door Lock is a product that locks the largest door that burglars can get into one’s home from. Bryan came up with the idea when someone broke into his home as he learned the remote controls that close most garage doors do not do enough to solve the problem. Bryan had a background of product development as he invited the device that launches parasails from a boat and pulls it back in. He did not, however, have a business or marketing product like most inventors before they come on Shark Tank.
Bryan was able to get his product to a decent amount of sales before coming on the show without any marketing due to the heavy amount of people looking for a garage door lock after somebody breaks into their home. He applied to be on Shark Tank hoping to solve his marketing problem with the help of the Sharks and was invited for Season Five.
The Garage Door Lock on Shark Tank
Bryan entered the Tank seeking $275,000 for 30% of his company. Bryan began by selling the Sharks on the necessity of his product by mentioning there was a home invasion every fifteen seconds, yet people do not correctly lock their largest door which is their garage. While someone was demonstrating how thieves open the garage, Bryan demonstrated how he created a solution in the Garage Door lock as it has a steal dead bolt that automatically locks the garage door. After the pitch, Kevin brought up the obvious assumption of the garage always being locked when one leaves their home. Bryan mentioned that the clicker everyone uses on their garage door does not properly lock it as a garage door. He mentioned this is because garage doors can be opened in similar ways cars are burglarized such as by opening the door with a coat hanger.
After proving this is indeed a problem, Bryan demonstrated how his product was used as the product is adds on to an existing garage that one could install in about a couple hours. Barbara was interested in the numbers and Bryan stated the Garage Door Lock sells for $249.95 and he had sold a total of 450 units online totaling a little over $100,000. Brynn also mentioned how he came up the product and that he invested $250,000 along with the patent.
Robert was concerned with how Bryan would market the product and Bryan mentioned that’s what he was looking for that solution in the Sharks. Kevin believed in the problem, but was also concerned with marketing and felt that he would probably have to do it himself if he invested. Bryan revealed he was working with someone who would help him get in-front of the owner of a large retailer, but the Sharks mentioned people who try to sell others on introductions like that are usually scammers. Barbara brought up her concern of Bryan not having the skills of an entrepreneur and felt he couldn’t sell the product even if was able to get in-front of a large retail store owner. Although impressed with the product, Barbara could not get over her concern and went out. Kevin also mentioned he saw a great product, but also felt Bryan was missing many pieces needed to succeed and went out. Mark, with the same concerns of Barbara and Kevin, knew he wasn’t in a positon to help Bryan with everything he needed and went out.
Daymond was interested in the product and felt America needed to know how to protect themselves. He offered Bryan $275,000 for 40% of the company contingent upon them finding a licensing deal. Mark told Bryan he should take the offer, but Robert jumped in. He offered Bryan an offer of $275,000 for 70%. Daymond was shocked with that equity ask, immediately asking Robert “what’s wrong with you?” Robert mentioned he had a connection with the largest manufacture of car covers in North America who could help them manufacture and market this product. Daymond mentioned he would go after many more outlets than Robert’s one connection and that his equity ask was actually reasonable. Bryan, after hearing the strengths of both Daymond and Robert, countered Daymond at 35%. Daymond thought about it for a bit, and accepted the offer, an uncommon case in the Tank as the Sharks normally do not accept counters. As Bryan left, Robert mentioned his huge equity ask was based off the amount of work it would take, and although Daymond agreed, he still felt Robert’s equity ask was too crazy.
The Garage Door Lock after Shark Tank
There has not been much activity with the Garage Door Lock after Shark Tank as one would expect with a business that got a deal on the show. The company’s Facebook page is not very active despite demand from consumers from re-runs of Bryan’s episode. Because of this, it is likely the deal did not close either because Daymond and Bryan could not find a licensing deal or because there were more hurdles than Daymond expected. The Garage Door Lock can still be bought, however, from Bryan’s website.
Bryan’s pitch teaches future entrepreneurs some of the things the Sharks look for in both the business and the entrepreneur. The Sharks hope that entrepreneur knows of any problems the company is facing and admits them which Bryan did. However, they also hope the entrepreneur has tried to solve this problem or at least has a plan to solve it with the money they would get, but Bryan did not have this plan. Not trying to solve this also demonstrates that Bryan may not have the commitment needed to grow the company long-term and create revenue for investors. Had Bryan come in with a better demonstration of his passion for the product or how he would solve his marketing problems, there is a good chance he could have gotten a deal that wasn’t contingent on licensing as all of the Sharks knew the product was great and had a huge market.
Where can I buy this product?
The Garage Door Lock can be bought on the company’s website at http://elocksys.com. It does not appear that any retailers are currently selling the product.