Additional Coverage:
- A mom and son duo were so impressive on ‘Shark Tank’ that Lori Greiner gave them her Golden Ticket (marketrealist.com)
Local Mom and Son Duo Strike Gold on Shark Tank
A local mother-son entrepreneurial team made a splash on the popular television show “Shark Tank,” securing a coveted Golden Ticket investment from renowned shark Lori Greiner. Lisa and Jake Lane, the founders of Rinseroo, a handy shower and pet-washing tool, impressed the sharks with their savvy business acumen and heartwarming story.
The Lanes entered the Tank seeking $343,000 for a 5% stake in their company. They demonstrated the Rinseroo, a slip-on hose attachment that simplifies rinsing shower walls and bathing pets, highlighting the common problem of struggling with buckets and inadequate water flow.
Lisa explained that the idea was born from her own frustrations while cleaning up at their beach house. Together, she and Jake developed the Rinseroo, a quick-connect, no-installation solution.
What truly caught Greiner’s attention was the Lanes’ admission that they used her book, “Invent It, Sell It, Bank It!” as a guide to build their business.
They followed her advice to determine if their product was a “hero or a zero,” ultimately proving Rinseroo’s mass-market appeal. Greiner, clearly flattered, praised their preparedness and knowledge.
The Lanes further impressed the sharks with their impressive sales figures. In just their first year, Rinseroo had already surpassed $1 million in sales and was projected to reach $5 million by year’s end.
They boasted an 85% profit margin and a lean, direct-to-consumer business model. Even Kevin O’Leary, known for his sharp questioning, was impressed by their low customer acquisition cost and high return on ad spend.
While concerns about knockoffs were raised, Jake assured the panel that they had a patent and actively pursued infringements.
Offers from the sharks came quickly. Daymond John and O’Leary both presented initial bids, but Lisa held firm, prioritizing her children’s future.
John adjusted his offer, while O’Leary proposed a royalty deal. However, it was Greiner who ultimately won the deal, surprising everyone by presenting the Lanes with her rarely bestowed Golden Ticket.
She praised their entrepreneurial spirit and adherence to her business principles, ultimately agreeing to their initial ask of $343,000 for 5%.
Lisa shared that partnering with Greiner had been her goal all along, believing that together they could bring the Rinseroo into homes across America. This local success story is a testament to the power of ingenuity, hard work, and a little help from a well-respected business guide.