Bridal Buddy Net Worth 2022 – What Happened After Shark Tank
Bridal Buddy owner, Heather Stenlake, approached the season eight Sharks for a $75,000 investment in exchange for 10% equity.
The pitch was a roaring success and the Sharks were engaged and on board for the most part.
Stenlake left the show with a solid deal between two Sharks that would see Bridal Buddy become increasingly successful.
Since the exposure on the show, Bridal Buddies, net worth has grown to an estimated $1 million
What Is A Bridal Buddy?
The Bridal Buddy negates the uncomfortable duty of a bridesmaid when she has to climb under and hoist the bride’s wedding dress for toilet access.
The Good Housekeeping favourite is made of a lightweight material that sits comfortably under a wedding dress’ skirt.
The Bride can lift the bottom of the slip over the wedding dress, put her arms through the loops and fasten the drawstring to keep her dress clean and out of the way while she has a moment to relax on the porcelain throne.
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Overall Score: 95/100
Who Is Heather Stenlake?
Heather Stenlake worked for over a decade in the bridal business in Pennsylvania.
She had extensive experience working with the dresses as well as the clients and got tired of having no good answer to the question, “How do I go to the bathroom in this?”
Stenlake came up with the solution and forged ahead with her business. There are thousands of brides today who thank her for her ingenuity.
What Happened During The Pitch?
Stenlake asked for an investment of $75,000 in exchange for a 10% stake in Bridal Buddy.
The pitch went flawlessly and had the Sharks engaged right from the beginning.
The wedding industry in the USA is massive and Stenlake’s wedding dress accessory fits neatly into the market at a reasonable price. Marissa, the model demonstrated this to the Sharks which eased neatly into negotiations and discussions of the product.
Robert Herjavec grilled Stenlake on her sales and profit margins. She replied that each Bridal Buddy cost $14 to make and sold for $29.95. He believed that the units were too cheap to sell individually online.
Without the larger retail aspect to sales, Herjavec believed it would be too much work for him to put in and jumped ship.
The Investment
The negotiations took a strange turn when Lori Greiner and Kevin O’Leary tried to renegotiate the deal to include Marissa, Stenlake, as well as themselves as equal partners. This would split the business into four equal parts but only for the $75,000 investment.
Stenlake did not go for this and waited on a better deal.
Barbara Corcoran offered a similar deal. She offered the $75,000 for a three-way split with herself, Marissa, and Stenlake.
Greiner reconsidered her offer. She made another offer of an equal split of 40% equity with O’Leary and an investment of $75,000. Stenlake negotiated them down to a 30% shared stake and they shook on it.
Watch it here.
Conclusion
The investment went well and Bridal Buddy has seen a solid increase in popularity both in bridal shops and online.
The price point has increased from $29.95 to $34.95. There are a number of other styles and shades now available to suit every bride’s needs.
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Overall Score: 95/100
