Thursday, May 23, 2024

Mighty Carver After Shark Tank Update – 2024 Update

Mighty Carver Before Shark Tank

When the holidays come in, nothing is more fun than entertaining our friends and family. One of the highlights of the holidays is cutting the turkey. The whole family surrounds the meal and some lucky one gets to cut it and share it with everyone else.

Lance Burney and Kim Burney were very enthusiastic about the tradition but thought that it needed a new twist. Knives were never cutting through bone and the person had to worry too much about techniques. When you’re cutting with a manual knife all you worry about is technique. Cutting with an unsharpened knife means you ruining perfectly good slices.

Kim Burney knew that this was a problem and she wanted to make something that would make the carving process more fun. The men in her life including her husband and father were also not too eager to take up the duty of carving the turkey when her grandfather who always did the job during the holidays passed away.

Kim Burney got innovative and created the Mighty Carver which was a mini electric saw that could be used to carve the turkey. The Mighty Carver could cut small strips from any part of the turkey guaranteeing you an enjoyable meal that was also fun to carve. Kim Burney worked with her husband Lance Burney to bring the product to the market.

The Mighty Carver had a great start but they still needed help marketing it. This was why they appealed to be on Shark Tank. Their appeal was successful and they were on the 4th episode of season 12.

Mighty Carver on Shark Tank

Mighty 2 1 Lance Burney and Kim Burney went to the Shark Tank seeking $100,000 for 20% of their company. They started their presentation by showing the sharks how they had been given a new twist to a fun holiday tradition, cutting the turkey. They then demonstrated how beneficial it is to use the electric carver over a regular knife and even cut a roast turkey they had brought with the knife. Every shark had been given an electronic carver and they then reviewed theirs.

As the sharks reviewed their carvers, Daymond asked them how they had come up with the idea. Kim said that growing up, her grandfather was the one who normally cut the turkey. He was no longer with them and so somebody had to continue that great tradition. Kim had tried to figure out who should do it, whether it was her dad, her husband, or her brother.

She said that the men in her family loved power tools and she thought that if a power tool was used to cut the turkey, the men would be fighting over it. Kim was asked if the Mighty Carver was her idea and Lance said that it was her idea from start to finish.

Mark Cuban asked them if there was any way to have a childproof lock because that was their greatest fear. He had an 11-year-old and he was afraid that his son could gain access to it and destroy everything in his house. Kim said that electric knives had been there for a long time and they were supposed to be locked up just like regular knives. Mark Cuban complimented their design saying that those knives did not look as enticing as the Mighty Carver.

Lance said that it was best to lock it up and also put it in a high place. Kevin asked where they were selling the carvers. Lance said that he went to the international house the previous March and they had barely stayed there for a long time when they picked up some major resellers. They got some purchase orders while they were there.

mighty 3 Kevin said that the product was very easy to demonstrate visually and they could sell direct-to-customer which meant higher profit margins. He then asked them why they had not thought of that marketing strategy. Kim said that they had considered that sales strategy and it was what their plan was. Lance said that there were goals they had to achieve and at the time they were skewed towards resellers and 90% of their business was from resellers.

Lance said he would have to get that revenue back to be selling directly to consumers from their website. This was because at the time they were splitting their money with everyone and they had to bring it back their way. Kevin then asked them for their sales numbers. Lance said that they sold 8,500 units. Lori asked them how many months they had sold those units for. Lance said that he had sold those units in the past 12 months.

Barbara asked him what the total sales figure was and Lance said that in the past year, they sold units worth $163,000. They had sold goods worth $43,000 from that year to that date. Daymond then asked him what his cost of manufacture was. Lance said that it was $20 landed in the United States and they sold them for $60-$89.

Barbara asked them what the cost of a typical electrical knife was. Lance said that the branded ones cost around $169. However, the cheaper ones could be found for $19-$20. Lori asked them if they had a patent or any sort of coverage on the device.

Kim said that they had a design patent and a coverage patent. Lance said that their patents were very broad and that if anyone tried to make anything that remotely looked like a chainsaw on an electric knife they would be sued. Kevin got speculative. He said that with the right video and digital sales strategy, he could sell very many of the Mighty Carvers, especially over thanksgiving.

mighty 4 Lori then asked them if they had done any digital sales. She recited their sales figures and then asked them what percentage of their sales came from digital marketing.  Lance said that about 10% of their revenue came from their digital sales. Kevin was disappointed with the figure and Lori asked Lance why he didn’t think the digital sales worked better.

Lance said that they were early and they did some of their marketing early. A lot of those sales showed up organically such as when the Wall Street Journal did an article on them and they sold 300 units the next day. Lori then asked them what time of the year they ran their ads. Lance said that they ran their ads on November 17th of that year. The following Monday Kim and He flew back from a dance competition and they shipped out 300 units.

Daymond asked them what dance competition they attended and if they were ballroom dancers. Daymond then said that they were living the best lives ever. Kevin said that he was interested in the offer because it would fit in his Chef Wonderful world. He thought he could get behind it and he had 3 studios so they could shoot some videos with him. Kevin then said that he wanted to do business with them and he wanted to offer $300,000 for 33.3%.

Daymond then offered them $100,000 for 27.5% of the product. The other sharks wanted to discuss the offer but Daymond said that if they took the offer immediately without waiting for the other offers they would get $100,000 for 25% of the business. Barbara and Mark were discussing and Kim asked Daymond if he would do the deal for 22% of the business.

Daymond declined. Barbara and Mark wanted more time to discuss but Kim and Lance accepted Daymond’s offer. Lance and Kim said that they were very happy with the deal.

Mighty Carver Now in 2024 – The After Shark Tank Update

mighty 5 Mighty Carver got a deal from the sharks and is now selling the carver on its website. Mighty Carver is also available on Amazon where it has been rated 4.5 out of 5 from 427 ratings. At the time Mighty Carver had not expanded significantly online and its presence on its own site and in major retailers is a sign of significant growth in retailers.

On Facebook, Mighty Carver has over 1,000 followers and on Instagram, it has over 3,500 followers. It is available at Walmart where it is rated 3.7 stars out of a possible 5. Mighty Carver has been featured on HSN and The Wall Street Journal.

The news coverage that the Mighty Carver gets is really what it needed. The Shark Tank effect has been seen more than once that when a product is presented on the show its sales skyrocket and that’s just from being on the show. Mighty Carver is not just been featured in the major news outlets but in many minor outlets as well and this would go a long way in boosting its sales as it needed to.

The sales of the carver have increased significantly since then and Mighty Carver has realized revenue of $8,000,000 since its time on the show. Mighty Carver was located in Sanford Florida and it continues to provide a fun way to carve up the turkey when the holidays arrive.

Victor Kamwengu
Victor Kamwengu
Victor is a movie buff, dog lover and author of a wide variety of subjects. When he's not tapping away at the keyboard, you can probably find him cozied up on the couch watching a cult classic or catching up on new releases.
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