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Coursework Example: Scrub Daddy - The Company Overview

2021-07-12 16:24:36
2 pages
516 words
University/College: 
University of Richmond
Type of paper: 
Course work
This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

Scrub daddy is a one of a kind scrubbing tool. The unique thing about scrub daddy is that it is a high technology tool that only requires different temperatures of water for it to change the texture to match the surface that needs rubbing plus its make is user-friendly in such a way that it does not scratch surfaces.

Vision of the company

The vision of the company founder Mr. Aaron Krause is to have his own scrub daddy manufacturing facility, fully equipped with the state of the art equipment. This will also enable him to also extend the business customer base.

Customer Reception

Scrub daddys customer reception is so good that even in its initial stages they already have 3,000 stores lined up for their products and in just four months they have been able to make 100,000 US$.

Current Market

The current market consists of five supermarkets in Philadelphia area, customers from the companys website and from being on QVC three times where their sales always go up 30% more from the last time they were there. Regarding market growth potential, scrub daddy has enormous potential considering it is yet to hit distribution channels in more supermarkets, drug stores and retail stores across the country.

Competition

Scrub daddy as a product faces intense competition from traditional cleaning products which are much cheaper as compared to it. The difference from its competitors, however, is that scrub daddy has a variety of product such as scrub mummy, scrub daddy and scrub baby each of which caters to different customer cleaning needs. Another advantage over the other products is that with scrub daddy no cleaning agent is used just different temperatures of water.

Stake offer.

Aaron Krause, the company's founder, is asking the tanks for 100,000 US$ in exchange for 10% stake in the company. Kevin initially offers 100,000 US$ for 50% stake in the company but later changes the deal and instead offers to give 100,000 US$ with no agreement whatsoever on the percentage of equity that he wants. He, however, wants to change the business concept entirely and also says that Aaron can own the company solely and that he wants only 50cents for every unit of the product sold until his money is completely refunded and 10cents for every product sold after that. Daymond starts with an offer of 50,000 US$ for 15% of the company if Lori is willing to cater for the rest but later offers 150,000US$ for 25% equity of the company. Lori says that she is ready to give 200,000 US$ for 30% stake in the company plus an infomercial deal for the product that she projects will shoot up sales in just a matter of weeks. She agrees to go down to 20% stake, and they finally strike a deal with Aaron at 200,000US$ for 20% stake in the company.

I would personally invest in the product as it has excellent potential for growth across the country. The product is also unique in its features and much healthier too considering chemical agents are not used.

 

Bibliography.

Shark tank biggest success story$100 million value scrub daddy (2017 Mar 24) Retrieved from https://m.youtube.com/watch?v=ggi3yfUvOmo.

 

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