“Sunflow” got featured on Shark Tank USA in 2022 March. It was founded by Greg Besner and Leslie Hsu.
Sunflow Net Worth in 2022
Here is an update on Sunflow’s net worth so far.
|Sunflow’s Net worth before appearing on Shark Tank||20 Million USD (Business valuation)|
|Sunflow’s Current Net worth (2022)||16 Million USD|
Sunflow’s founders Greg Besner and Leslie Hsu have a net worth of 15.2 Million USD as of 2022.
Do you like to enjoy the glimpse of sunlight in a super comfortable beach chair? Well, then you will fall in love with Sunflow. Sunflow is the definition of all-in-one portable beach chairs. It has high durability and comes with a range of accessories such as a drink holder, sunglasses holder, dry/ beach bag, blanket, Turkish towel, etc.
Who is the owner of Sunflow?
Leslie Hsu, a fashion designer, and her loving husband Greg Besner, professor of NYU Stern School of Business are the co-founders of Sunflow. Sunflow beach chair has summed up their intention of simple packing for a beach vacation.
What happened at the Shark Tank?
Lovely couple Leslie and Greg have pitched their deal, $1 million for 6% equity of their business.
Let’s jump into the stats of the business. $2.9 million in sales revenue in 13.5 months and Leslie and Greg expect 409% growth in their business at the end of 2022. According to them, Sunflow costs $70 and sells for $198 and they have a 78% margin from the bottle holder.
After hearing all, Mr. Daniel states his offer, $1 million for 22.5% of equity rights and Greg starts to explain the future potential of their business and the importance of having a shark to ride along with them. Daniel demands a counter offer but Greg doesn’t respond so Daniel says ‘I’m Out. Mark and Barbara go out next followed by Lori.
Four sharks are out and the couple still waiting for Mr. Wonderful to make his move.
After a while, Mr. Wonderful made his offer, a $1 million investment for 4% equity plus $5 per item sold as a royalty until the sum reached $ 2 million.
Greg’s counter offer: same deal with royalty limited to $1 million.
Kevin counters, a $1 million investment for 6% equity with a royalty re-cup of $1 million, and then Greg counters a $1 million investment for 5% equity with a royalty re-cup of $1 million, Kevin says, “Done”.
Sunflow SHARK TANK UPDATE
Leslie and Greg have come into the shark tank offering 6% equity of their business for a $1 million investment.
As per the stats stated by Leslie, Sunflow has performed well during the last 13.5 months and hence they have a high expectancy to grow in 2022.
Daniel was the first one to steal the deal but Greg was not so impressed by his offer so the consent was void. Mark had issues with high valuation and overconfidence of the two on their business so he and Barbara say he’s ‘Out’. Lori’s not so sure about the consistency of the sales of Sunflow. Hence She says she’s out.
After several offers and counters, Mr. Wonderful says ‘Done’ to $1 million investment for 5% equity with royalty re-cup $1 million.
Also read: What happened to the Cricket cooler after the shark
What happened to Sunflow After the Shark Tank?
After the shark tank show, Sunflow released an array of new products to the market and now they are continuing to do so in both online platforms and retail stores.
However, Sunflow’s shark tank deal with Mr. Wonderful was short-lived and the company has gathered over $3.5 million from other investors to expand its operations.
The company is performing well on social media platforms and has gathered over 16,000 followers for the Sunflow Instagram page.
Sunflow is still in business and its net worth is valued at $16 million by 2022.
Competitors of Sunflow
Tommy Bahama Backpack Beach Chair, Hurley Delux Backpack Chair, Rio, and Olius are the main competitors of Sunflow in the market.