When Nicholas and Alessia Galekovic appeared on Shark Tank’s Season 7 Episode 14 to show their beard trimmings-gathering bib called Beard King, the Sharks were impressed.
In fact, the company’s most well-known product is a contemporary version of the classic hairdresser’s bib. The bib is rounded like a cup and clips on the necks.
Other than that, the bib catches all of the trimmings once you have completed shaving, allowing you to dispose of them once the trimming is done quickly.
Moreover, Beard King products come in two colors which are black and white. Plus, there is an additional pocket, making the bib convenient.
Not only that, but the business also offers other accessories related to beard, including beard combs, oils, hats, brushes, and shirts.
Company Overview in Shark Tank
|Company Name||Beard King|
|Episode||Season 7 Episode 14|
|Product Offering||Beard Care Products and Beard Grooming Kits|
|Required Investment||$100,000 For 20% Stake of The Company|
|Closing Deal||$100,000 For 40% Stake|
|Offered Sharks||Lori Greiner|
|Current Business Status||Acquired|
What is Beard King?
In short, Beard King specializes in beard-related accessories and care kits. The products are mainly offered in barbershops and men who like to polish their beards. However, those who love to have stylish hair and beards surely know how to do it by themselves. In addition, since shaving is quite costly, they choose to do it on their own at home.
Beard King also offers a grooming bib with excellent quality that is easy to use. The bib will catch all the beard trimmings easily. Thus, users can collect them all in one place and throw them in a trash bin. Since it will clear out all the trimmings on the bath sink, your partner or spouse will be content with the tidiness.
How Does Beard King Work?
Having a fast-growing beard is a huge concern, so that Beard King will take good care of your little things. For this reason, the business has come up with an exceptional product that is precise and convenient for trimming your messy beards.
In addition to professional grooming bibs, the company offers a wide range of products like beard oils, brushes, washes, and trimmers. These products are essential for maintaining your beard most stylishly.
The reason behind the invention of the name is because the business is built to treat its customer’s beards like a king. Treating a beard can be in many ways. For example, faded beard, clean beard, bearded wonder, etc.
Moreover, the beard grooming bib is indeed the best way to keep beard cuttings from getting all over your clothes. It also makes beard grooming a lot less messy.
Further, Beard King also has the Beard King Body products that include body moisturizer, body washes, and men’s skin and hair rejuvenation. Because it is made with a unique combination of botanical components, this exclusive composition would keep your beards and trimmings look and smell excellent.
- Removes dirt and excess oil from the face without depleting natural hair oils
- Contributes to the reduction of facial skin dryness and the alleviation of itching and roughness
- Has natural components such as hemp, argan, pantothenol, and amino acids derived from silk as well as other botanicals
- The products contain zero silicones, sulfates, and parabens.
Who Founded Beard King? Founder Backgrounds
Nicholas and Alessia Galekovic, a married couple, founded the Beard King business in 2014. The husband, Nicholas, wrote on a social working platform that he is a businessman and consultant, whose business was purchased in 2019. After selling his company, Nicholas established another business that provides plane passengers with hygiene goods.
Beard King Business Before Shark Tank
Before he established the business, the initial idea was that Nicholas tried to grow his facial hair for quite some time during his teenage years. However, he encountered an issue when trying to remove his facial hair. There were a lot of the trimmings dropping all over his sink, which made the bathroom look untidy. At several moments, his wife was upset and disappointed with those left-over beard trimmings.
It was that moment when Nicholas Galekovic had an idea to produce a beard bib to serve his wife’s contentment. Then, he brought the concept and established the Beard King business, which offers the grooming bib for barbers or home use.
After the company launched, they got a patent to sell the products online. The company made $140K. On the other hand, the firm wanted to boost their revenue, so the business needs more manufacturing to supply its customers. For this reason, Nicholas went on to seek angel investors who could finance the company’s expenditure. Then, he had an idea to bring Beard King to the shark tank.
Beard King During Shark Tank Pitch
Nicholas Galekovic went on a shark tank show and proposed a $100,000 investment from sharks. In return, the future shark would get a 20% stake as a return on investment.
He started by mentioning that facial hair, such as mustaches, beards, and other facial hairs, naturally grows on men. When they try to remove them out of the face, it has always been an issue regarding the trimmings. Those who trim their beards or mustaches at home likely encounter bath sink or toilet problems. The cause of the problem generally comes from the small hair trimmings built up in the sink. Then, they block all the water pathways once they build up, leading to clogging.
Nicholas’s wife said that a wife is the one who is responsible for cleaning up all the mess. So when there is clogging like that, she would not be happy as it is difficult to clean. After saying that, Chris, one of the sharks, agreed with her idea as her wife also encountered the same problem.
In his response, Kevin said that although the beard bib idea was a fascinating concept, it has not yet made its way to becoming a sustainable company. In addition, he mentioned that the bib products could be found in a variety of stores as a lot of companies also offer the same goods. After that, Nicholas’s wife quietly asked her husband whether it was true. He did not respond to his wife. Instead, he only focused on how to get this big deal from sharks with the product he made.
Nicolas went into further detail about the sales data, noting that the business had made $80,000 in the previous month alone. Then, Robert, one of the sharks, was surprised and asked about the business operation. To respond, the founder of Beard King told the sharks that the company made a video about an instruction going viral and having more than 20 million views on social media.
Beard King Closing Deal in Shark Tank
During the closing stage, the husband and wife tried to convince all the sharks that the business was proven to be risk-free on the market. The company has been growing considerably. However, one of the sharks did not concur with it. Therefore, she agreed to give 100% of the asking capital but with 51% stake. Lori, the shark that was going to finance the investment, knew the offer was too much. However, she could not manage to lower the equity. The husband and wife resisted that the financing should be as low as a 45% stake. Then, other sharks came up and showed interest in the company. Without further delay, Lori Greiner rushed to close the deal with the husband and wife for the Beard King business with a financing of $100,000 and 45% stake.
Beard King After Shark Tank
The presentation of the business was remarkable because the product was truly unique. The sharks on the show were absolutely stunned as the founders, who are a couple, looked beautiful in style. The couple came into the shark tank show in the hope of getting $100,000 financing with 20% equity in the business. However, the final deal was offered and agreed to $100K with 45% stake.
On the other hand, a few weeks before filming began for this season of a popular show, sales had taken off, and the arrangement never fit the company’s demands. During the course of the negotiations, the deal broke down. Though the agreement between the founders and Lori did not reach a consensus, the company went on to generate over $700,000 in revenue after the shark tank show. Recently, the Beard King aims to accomplish a $1.6 million milestone in sales revenue.
Current Update: Is Beard King Still In Business?
Beard King is still in operation with offices located in Florida, United States. The company produces and sells its famous beard bib in two colors (black and white) and other grooming kits, including beard brushes, washes, scrubs, oils, and etc. On top of that, due to the interesting demands from women, the business expands its products to suit the women as well, which is Beard Queen.