Friday, April 19, 2024

Potty Safe After Shark Tank – 2024 Update

Potty Safe Before Shark Tank

Potty training is not supposed to take a very long time. It’s a 3-to-6-month period where children learn where to answer a call of nature and for parents, it is a great relief because with potty training there is an end to all the diaper changing that is done to keep children clean. Potty training can be tedious but it is worthwhile and a necessary step in the growth process.

Colt and Stacy Hall had children and when they were potty training them they ran into a major stumbling block; children are clumsy. You could teach a child how to use a potty, however, part of the training includes dumping the potty content into the toilet. Unfortunately, with all their excitement, children can trip and drop the potty resulting in an unspeakable mess.

Stacy hall experienced this and looked in stores for a potty with a lock but could not find one. She was disappointed but knew that her husband, Colt, could help. She bought some supplies from the store, went home, and asked her husband to make her a potty with a childproof latch. That way, children could not do anything with the potty or accidentally spill it when it had feces.

Stacy and Colt had initially only wanted their Potty to be used for their child. However, after the potty training period was over, Stacy thought that they had more than a simple home solution. They decided to sell the potty safe to provide the rest of the world with the relief that they had.

The Potty Safe business was soon started but it was having a problem making adequate sales. For this reason, Stacy and colt decided to look for an investor who could help them grow the business. Their search for a business partner led them to the Shark Tank and they were featured on the 22nd episode of season 11.

Potty Safe on Shark Tank

Pottysafe 2 When Colt and Stacy Hall went to the Shark Tank, they sought $50,000 for 15% of their business Potty Safe. This gave it a value of $333,333. They started their conversation by showing the sharks the problems that parents experienced when potty training their children. They then showed the sharks how Potty Safe made Potty training a more hygienic process thanks to its childproof latch.

Colt and Stacy Hall had some samples of their kit which they gave to the sharks to review. As they reviewed the kit, Robert said that he had 16-month-old twins and he was disturbed by the presentation. Stacy said that she knew that double potty duty meant double potty messes. Kevin then asked if the child was meant to take their poop and dump it in the toilet themselves.

Stacy said that Kevin had got the process correct. Kevin then said that it happened a lot and Stacy agreed. She said that if children see the grown-up dump the potty they will want to dump the potty themselves and they can even want to return the potty to the grown-up to show them what they did. Kevin then asked the Halls at what age did children do this.

Stacy said that they came up with the idea when she was potty training her daughter and she was about 18 months to 2 years at the time. Robert said that he had a lot of travel coming up since the device was used by children who are about the same age as his own. Stacy agreed and said that Robert would definitely be needing the device.

Lori then asked Stacy if she was the one who came up with the idea. Stacy said that she had searched for a childproof potty training chair. However, when she couldn’t find it. Stacy then went to a hardware shop, bought some supplies, and asked Colt to make such a device for her since he was good at such things which he did. Daymond then asked Colt what his background was.

pottysafe 3 Colt said that he grew up on a farm and he was a fabricator welder. Mark Cuban asked them how they went from concept to prototype. He also said that the product looked great. Stacy then said that they made the device on her kitchen island. They potty-trained their daughter with the prototype and they did not have an issue.

Although their child’s potty training period passed and they did not need the potty safe anymore. Stacy still thought that they had a great invention sitting on their table. She went online and applied for a patent and got it. She was convinced that she should pursue it further so she went on to find out what the cost of tooling was. Tooling was very expensive and so they had to secure funding by mortgaging their house for it.

Robert asked them how much they got mortgaging their house and Stacy said that it was a revolving line in credit for $140,000. However, they invested a total of $152,000. Daymond then asked why a kid would not just pick up the whole thing. Stacy said that to a grown-up it did not seem like a very big thing. However, to a toddler, the potty was a very big and bulky item. Lori then asked Stacy what she was doing before she had that aha moment.

Stacy said that she grew up on a dairy farm and ended up going to college. Mark Cuban then asked her where she attended college. Stacy broke down in tears as she said that she went to Missouri State University because her father had wanted her to go to college to have a better chance.

Stacy got a degree in accounting and then joined Corporate America. At the time, her daughter only wanted to be with her father Colt. She then left Corporate America and got a less stressful job. Everything worked out well for her because as the idea progressed, she saw that if she was going to work that hard, she might as well appreciate herself.

pottysafe 4 Stacy did not like the decision but she justified it to herself by saying that this was what she spent so many years in school for and it is what her parents paid for. Her parents had come from a very bad position and worked very hard to see her through and that was what got her up every day.

Since he wanted to focus on the product, Kevin asked her what their plan was for global market domination. Stacy said that she had been talking to big box retailers such as Walmart. Kevin then asked her if Walmart liked the product. Stacy said that Walmart had liked the product and they were still in touch with them.

Daymond then said that his daughter was potty trained when she was 14 months old and it took about a week. He then said that he didn’t know that the problem existed. Daymond then asked if it was a big enough problem and he was hoping he could be told through their sales figures. Mark Cuban said that before he got into total sales he wanted to know their manufacturing cost and the sales price of a single unit.

Stacy said that each unit cost $6.50 to make and the sales price was $28.95. Mark Cuban asked her where she sold them and Stacy said that she sold them on her website. They had launched it on Amazon in the previous month and it was doing well. Kevin then asked her what she expected her total sales to be in the following month.

Stacy said that she expected to earn $15,000 for the rest of the year. Robert asked them what they had done for the year so far. Stacy said that they had made $2,000 from the year so far but it was only because the money was to go towards marketing. Robert then confirmed that they expected to make $2,000 in sales that year.

pottysafe 5 Mark Cuban then asked them about the sales they had that month and Stacy said they had realized $200 in sales. He then asked them how much they had sold the month before that. Stacy said that they had sold about the same amount but there was the expectation of more sales if major retailers accepted their product.

Daymond then left and he said that it was because he did not understand the space although he liked the product. Robert left after Daymond and said that although he liked the product the business was too small for him. Mark Cuban then left and he said that it was hard for him to form a partnership when the business was at that level.

Kevin then left because he didn’t think that they had proven that there was a demand for the product yet and so the path they would follow was not yet clear. Lori then left because she did not think that the product was investable for her yet. Without an offer, the Halls started to leave the Shark Tank. However, Lori changed her mind, called them back in, and offered them $50,000 for 20% of Potty Safe.

Colt and Stacey accepted Lori’s offer. As they left the Shark Tank, Stacey said that she just wanted to make her parents proud because they had experienced hard times before although they did bounce back.

Potty Safe Now in 2024 – The After Shark Tank Update

pottysafe 6 The Potty Safe got a deal from Lori Greiner and business has continued since then. It sells the product on its website but it is also available on other sites. It is listed on Amazon, Walmart, and Gala supermarket among other stores. At the time, the business was not yet in major retail outlets and this is the reason why its profits were so low. However, with nationwide and even global distribution, it should be in a much better position financially. On Amazon, its product has a rating of 4.4 out of 5.

The potty safe is now offered in a variety of colors. Potty safe is now making an annual revenue of $4,500,000. It is located in Exeter Missouri and it is now in a much better position thanks to innovation and teamwork.

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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