Jonathan Boos noticed that his new shirt’s collar was not staying in place. To solve this problem, he invented magnetic collar stays. Jonathan started a business called Wurkin Stiffs and launched a website to sell his collar stays.
Let’s find out if he got a deal on the shark tank and how his business is doing now.
| Company Name | Wurkin Stiffs | |
| Founder/Co-Founder | Jonathan Boos | |
| Founded | 2006 | |
| Product | Magnetic Collar Stays | |
| Asked For | $85k for 10% equity | |
| Final Deal | $100k for 40% equity | |
| Shark | Barbara Corcoran & Daymond John | |
| Episode | S2 E1 | |
| Air Date | March 20th, 2011 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Sarasota, Florida, United States | |
| Lifetime Sales | $9M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Jonathan demonstrated his collar stays product on Shark Tank and asked the Sharks for $85,000 in exchange for 10% equity in his company, valuing his company at $850,000.
He explained that within three months of the product launch, it was available in 77 retail stores. He sold 18,000 units, generating $600,000 in revenue. This is a positive sign of the business’s growth.
This year, the total sales have reached $0.5 million, and he is projecting $1.8 million in sales for the next year.
Mark Cuban said he didn’t feel he was the right person to add value to this business, so he was out. Barbara Corcoran repeated Mark’s sentiments and said she was also out.
Kevin O’Leary offered $100k for 30% equity plus a 14% royalty, but Jonathan viewed this as a form of loan because he didn’t want a loan; he wanted a partner to help grow the business.
Jonathan is interested in dealing with Daymond John, but due to an argument, Daymond says he’s out. Robert Herjavec offered $100k for 30% equity.
Kevin changed his offer to $100k for 20% equity plus a 14% royalty. Robert gave his final offer of $100k for 25% equity.
Barbara Corcoran decided to make an offer and teamed up with Daymond John to offer $100k for 40% equity in the company. Immediately after, Kevin brought his equity stake down to 15%, while keeping the royalty at 14%.
Jonathan countered Daymond and Barbara with a 30% equity offer, but Daymond declined. However, Jonathan wanted Daymond for his business, so he accepted Daymond and Barbara’s offer.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Mark Cuban | No Offer |
| Kevin O’Leary | $100k for 30% equity + 14% royalty (x1) $100k for 20% equity + 14% royalty (x2) $100k for 15% equity + 14% royalty (x3) |
| Robert Herjavec | $100k for 30% equity (x1) $100k for 25% equity (x2) |
| Barbara Corcoran | $50k for 20% equity (Daymond) |
| Daymond John | $50k for 20% equity (Daymond) |
| Founder’s (Countered) | $100k for 30% equity (Daymond & Barbara) |
| Final Deals | $100k for 40% equity |
Wurkin Stiffs Shark Tank Update
After completing the deal, Jonathan, Daymond, and Barbara held meetings to grow the business. With Daymond’s help, they made the product available in over 1000 independent retail stores across the United States, Canada, Japan, and Mexico.
In less than five years, Wurkin Stiffs became one of the most successful products from Shark Tank Season 2. Sales for Wurkin Stiffs have grown from $1.8 million to $9 million, and the company is now estimated to be worth approximately $17 million.
Jonathan is now a millionaire and has expanded his product line to include more accessories such as Magnetic Collar Stays, Polo Stays, Power Button, Slim Tie Bars, and a Lint Roller. These products are available on his official website and are also sold through retailers like Amazon, Macy’s, Nordstrom, Neiman Marcus, Lord & Taylor, and others.
Wurkin Stiffs is still in business and continues to generate millions of dollars in revenue each year.
Check out Shark Tank Season 2 Business Update.
Do you want more business updates from Season 1? Go here.
