Key Takeaways: Potty Safe on Shark Tank

1. Innovative Solution: Potty Safe offers a child-proof potty chair with a latching system to prevent spills.

2. Personal Need: Inspired by the founders’ own potty training experiences.

3. Initial Investment: Stacy Hall invested $152,000 of personal savings and mortgage funds into the business.

4. Sales Concerns: Only $17,000 in sales in 2019 raised concerns among the Sharks.

5. Walmart Partnership: A potential partnership with Walmart could significantly boost sales.

6. Lori’s Offer: Lori Greiner offered $50,000 for 20% equity after initially walking away.

7. Accepted Deal: The Halls accepted Lori’s offer, hoping to replicate Squatty Potty’s success.

8. Market Demand: The Sharks were unsure about the demand for the product.

9. Marketing Needs: The Halls need help with marketing and educating the market.

10. Future Growth: With Lori’s support, Potty Safe aims to expand its product line and increase market presence.

The Story Behind the Potty Safe Company

When Missouri natives Colt and Stacy Hall were potty training, they found that their toddler, who was eager to help, would try to empty their own potty chair insert causing quite the mess.

After learning that there were not any child-proof potty chairs on the market, this husband and wife duo set out to create their own.

Colt fabricated an initial prototype featuring a childproof latching system that would prevent children from lifting the insert and spilling its contents.

They used their prototype to finish potty training their child and quickly realized that they had created a product that many people could use.

The Hall’s came to the Shark Tank in hopes of partnering with a Shark that understands and values their less stress and no mess approach to potty training. They are seeking $50,000 in exchange for 15% equity in Potty Safe.

After leaving her corporate accounting job to spend more time with her children, Stacy has invested $152,000 in Potty Safe by putting their savings and remortgaging their house to start this company.

While they have been successful getting the company up and running, The Halls need help marketing and educating the market to be able to increase sales of Potty Safe, recoup their investment and make a profit.

The Sharks Didn’t Really Like the Idea

The Sharks are concerned that they only have sold $17,000 in sales in 2019, but Stacy and Colt are hopeful that by partnering with a Shark they will be able to grow their company and eventually their product line.

Because their sales have been low, the Sharks are most concerned that there may not be a demand for the product which would make it very difficult to make their investment back and to profit from the company.

Although they have a prospective partnership with Walmart on the line which could greatly increase their sales, the Sharks feel that the company is not yet investable.

They decide not to invest in Potty Safe.

As Colt and Stacy were walking out of the Shark Tank, Lori Greiner called them back and said that she was willing to take a chance on Potty Safe just as she had done with Squatty Potty. She offered $50,000 for 20% equity.

The Halls quickly agreed to her offer and were very excited to partner with Lori Greiner.

Wrapping Up

Do you think that the Potty Safe is an investible business with such low sales?

If you were a Shark would you have invested in this business?

Since she has other businesses in this market, do you think that Lori will be able to bring Potty Safe the success that Squatty Potty had seen? Begin the conversation in the comments below.

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