Jersey Couple’s Beach Chair Wins $1M ‘Shark Tank’ Deal
Jersey couple Greg Besner and his wife Leslie Hsu are sitting pretty after winning a $1million deal on last Friday's episode of ABC's "Shark Tank."
The couple's "Sunflow Chair" won a deal from 'shark" Kevin Oleary for a 5% stake in the company and a royalty of $5 per chair up to $1 million.
You could say that the couple was doing just fine in their own attempts to promote their Sunflow Chair.
The Essex County couple designed the chair themselves and began selling it at pop-up stores in New Jersey and New York back in 2020, according to PhillyVoice.com.
They had already generated approximately $2.9 million in direct-to-consumer sales by the time the "Shark Tank" taped last July. Business got so good that Besner, a Margate native, gave up his consulting business to handle the chair's marketing.
By 2021, they had sold 11,000 chairs and 44,000 total units including accessories. They were on track to grow 409% in 2021 and bring in $4 million.
In 2022, the company set a $10 million goal.
The Sunflow is definitely high-end, listing for $200, but costing $300 before tax with the accessories package, which the couple insists 60% of the consumers buy.
The Best Seat on the Beach. The SUNFLOW Chair is compact, comfortable, easy-to-carry, and expertly engineered for lounging, napping, reading and forgetting anything exists except your tan lines. Find your favorite of 4 positions to spend your day laying out and spacing out. Thoughtfully designed with rust resistant aluminum to give you the beachfront property you’ve always wanted.
Hsu also told the investors that she's already developing a higher chair for tables and tailgate settings, as well as a table.
"We are building a beach brand," Besner added, projecting that the company would grow to $100,000 million.