If you own a car or are a huge fan of cars in general, chances are that you have an extensive garage that you simply can’t seem to get enough of. Besides the standard and boring solid-colored garage doors, what if we said that you could spruce it up with some funky-colored garage doors?
This is where Garage Celebrations comes into the picture. The brand, which appeared on Shark Tank Season 14 specializes in manufacturing and selling festive garage doors that are here to spruce up the look of your garage’s exterior.
With how well received the company was on Shark Tank, it isn’t surprising that the audience is on the lookout for more updates about the company and how they are doing at present. We have sorted all the details in here.
Shark Tank Garage Celebrations Update
- Entrepreneur – Bill Webster Sr. and Bill Webster Jr.
- Business – Festive garage door covers
- Ask – $200,000 for 20% equity
- Result – $200,000 for 30% equity
- Sharks – Mark Cuban
When Garage Celebrations went on Shark Tank, their company was still quite new but managed to leave the sharks in awe with how well the company has been doing in terms of sales and revenue so far.
All the Sharks were astonished to know that Garage Celebrations had made roughly $175,000 within a few months of operation. The majority of their sales came from their Halloween collection.
When breaking down the finances, the founders clarified that they sell each unit of the covers for $100 while it costs them $35 to manufacture. This left them with a good profit margin, which was another aspect that managed to surprise the Sharks.
The first two Sharks who weren’t impressed with the designs of the garage door covers and decided to step back were Barbara Corcoran and Lori Greiner. Both of them had significant issues with the design of the covers too.
Out of all the Sharks, the only one who seemed to be interested in the company and offered them a deal was Mark Cuban. He offered $200,000 but for 30% of the equity. During the offer, he claimed that the only convincing reason was the Dallas Mavericks’ design.
With no substantial deal on the table, the founders of Garage Celebrations ended up accepting Mark’s deal, even though it asked for 10% more equity than they were originally asking for.
Following the successful deal that was finalized between the founders and Mark, the one thing the audience is quite curious to know is regarding the company’s current operation.
Garage Celebrations is currently in operation and is thriving, according to the reports. The release of the Shark Tank episode brought the company a boost to their sales, especially with selling out their Christmas 2022 covers.
If you are considering purchasing their products, we’d recommend that you go ahead and place the order on their official website because that’s where the products are available at the moment. We couldn’t find much about the company’s valuation at this point.