College Foxes Packing Boxes (College Hunks Hauling Junk) – What Happened After Shark Tank
College Hunks Hauling Junk founders, Omar Soliman and Nick Friedman approached the season one Sharks for an investment in their new business venture.
The investment was to be for an off-shoot of their already very successful business. They wanted $250,000 for 10% of College Foxes Packing Boxes.
The pair did not have a good time in the Tank and left without a deal.
Since the show however, the business has grown enormously to an estimated net worth of over $10 Million.
What is College Foxes Packing Boxes?
College Foxes Packing Boxes was intended to be a moving service that used college-aged women.
The business was meant to be an off-shoot of College Hunks Hauling Junk that would work alongside it but independently too.
The service could entail the students decluttering, packing, and organizing what needed to be moved.
Who Are The Owners?
Omar Soliman and Nick Friedman started College Hunks Hauling Junk in 2003 and managed to grow it to franchisability by 2006.
The pair were friends in college and used their summer break to rent a cargo van and do some moving and junk removal work. The summer was so successful that the pair decided to turn it into a full-time business.
What Happened During The Pitch?
The established company, College Hunks Hauling Junk, approached the season one Sharks with their spin-off business College Foxes Packing Boxes. They were asking for $250,000 for 25% equity.
The pitch went smoothly until the Sharks picked up on the fact that the deal was for the Foxes, not the Hunks. The Sharks could not get around the idea that the pair were bidding on a new venture and not offering the investors a piece of the established business.
Kevin O’Leary jumped in early with an offer for $250,000 for 51% of everything, The College Hunks and The College Foxes.
Robert Herjavec suggested that they take a breather and come back in to offer the Sharks a dollar amount on the combined business. The pair left to negotiate between them.
The pair came back and countered at $1 million for 10% of the combined business which had the Sharks in fits of laughter.
O’Leary took the insult personally and hit back personally too, saying the pair were pigs up for slaughter if they thought of money like they did and were going to be so greedy.
Daymond John did not like the fact that the College Foxes was targeting and exploiting the over-sexualised view of college girls. He jumped ship.
Barbara Corcoran acknowledged that the business could be worth $1 million in the future but not at present and left negotiations.
The Investment
Herjavec offered the full amount for 50% of the College Foxes Packing Boxes and 10% of the College Hunks Hauling Junk.
The pair passed on the offer as they would not part with any part of College Hunks Hauling Junk.
Watch the full episode here.
Conclusion
The pair left the Tank without a deal and College Foxes Packing Boxes did not take off and is not currently trading.
However, the core company, College Hunks Hauling Junk is doing very well and has seen a continuous rise in customer satisfaction and reach across the US.
