Travis Perry appeared on Shark Tank Season 3 to pitch his business, Chord Buddy, an innovative guitar learning tool that helps beginners quickly learn to play the guitar using a button system for guitar chords.
He loves playing and teaching guitar, so he’s seeking the Sharks’ help to expand his business. Did any Shark invest in his business? Let’s find out.
| Company Name | Chord Buddy | |
| Founder/Co-Founder | Travis Perry | |
| Founded | 2010 | |
| Product | an innovative guitar-learning tool | |
| Asked For | $125k for 10% equity | |
| Final Deal | $125k for 20% equity + $50k for infomercial | |
| Shark | Robert Herjavec | |
| Episode | S3 E3 | |
| Air Date | Feb 3rd, 2012 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Dothan, Alabama, United States | |
| Lifetime Worth (Sales) | $7.5M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Travis asked the Sharks for $125,000 in exchange for 10% equity in his company, valuing it at $1.2 million. He explained that he loves music and often plays the guitar, but he noticed that thousands of people give up learning the guitar because they get frustrated with identifying the correct chords.
To solve this problem, Travis invented a push-button guitar chord player, which helps beginners learn to play the guitar faster while reducing their frustration.
Chord Buddy has four buttons labeled “G,” “D,” “C,” and “E” Minor. These buttons can be quickly attached and removed from the guitar chords, allowing users to create a perfect tune without any difficulty.
He has also patented his product and created a 2-month lesson plan book to help beginners learn guitar.
Mark Cuban asked Travis about the product’s manufacturing and retail costs. Travis responded that initially, the product’s manufacturing cost was $9, but it has now decreased to $7. He also mentioned that each unit is sold at a retail price of $49.95.
He surprised the Sharks by revealing that he made $150,000 in sales within just one month by selling through eight local music stores in Alabama and online.
Since starting the business, he has achieved total sales of $0.5 million. Additionally, he currently has an additional purchase order worth $110,000, which will soon be fulfilled.
Kevin O’Leary said that he didn’t like the valuation, but he still made an offer of $125,000 for 20% equity, and he would personally endorse the product.
Daymond John offered $125,000 for 20% equity and said that he would be a better partner than Kevin O’Leary.
Mark Cuban said he is not sure if Travis can scale the business, so he is out.
Barbara Corcoran offered $175,000 for 20% equity with the condition that $50,000 of that amount be used to create an infomercial.
Robert Herjavec offered $125,000 for 20% equity + $50k to be used for an infomercial.
Travis decided to accept Robert Herjavec’s offer of $125,000 for 20% equity, with an additional $50,000 to be used for creating an infomercial.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Mark Cuban | No Offer |
| Kevin O’Leary | $125k for 20% equity + endorse the product |
| Robert Herjavec | $125k for 20% equity + $50k for infomercial |
| Barbara Corcoran | $125k for 20% equity + $50k for infomercial |
| Daymond John | $125k for 20% equity + endorse the product |
| Founder’s (Countered) | No Counter |
| Final Deals | $125k for 20% equity + $50k for infomercial (Robert) |
Chord Buddy Shark Tank Update
After the episode aired, the product saw a significant sales boost. Since being listed on Amazon, sales have continued to increase, and the product is receiving excellent user ratings.
Travis used the $50,000 to create an infomercial ad, which boosted both the product’s branding and sales.
An American country music singer-songwriter was hired to endorse the product.
Research on Chord Buddy revealed that as of August 2024, the company is still operational and is estimated to generate around $1 million in annual revenue.
Check out Shark Tank Season 3 Business Update.
Recent updates on businesses featured in Shark Tank Season 3 are available for your visit.
