If you have seen the show shark tank then you have probably heard about Byron Young and his bean bag chair that transforms into a bed. This is a great product that has been a huge hit with customers since it appeared on the show. Byron has been in business for eleven years and has sold over thirty million dollars worth of CordaRoy chairs and beds. He has a patented design and his product is made from the highest quality materials. The company has even earned a spot in the Mall of America.
Byron came into the Shark Tank seeking a partnership with a shark to help him take his company to the next level. He gave a very convincing presentation about his product and the innovation behind it. He also shared some of the statistics and data about the business. Robert Herjavec was impressed with the statistics and valuation but he didn’t want to invest. Daymond John and Mark Cuban were both out because they felt that their experience wouldn’t be a good fit for the company.
Lori Greiner took a strong interest in the product and offered Byron $200,000 for a 58% stake in the company. Byron accepted the offer and they were able to close the deal. CordaRoy’s has continued to be a successful and innovative company in the beanbag industry. Their products can be purchased on Amazon, QVC, Walmart and on their website. They have continued to grow since their appearance on the show and the strategic partnership with Lori has paid off.