Handy Pan has a net worth of $200,000. The Handy Pan founders, Adam and Josh, sought a mere $10,000 for 20% equity, shocking the Sharks. Their 3-in-1 pan, featuring a detachable handle and strainer lid, impressed Lori Greiner, who secured the deal despite low sales.
Handy Pan Net Worth
| Net Worth | $200,000 |
| Annual Sales | $70,000 |
| Founders | Adam and Josh |
| Asked For | $10k for a 20% equity |
| Investor | Lori Greiner |
| Lifetime Sales | $960,000 |
Sales Revenues
At the time of their Shark Tank pitch in May 2022, Handy Pan had only made $7,900 in sales over three years.
This raised concerns from the Sharks, who felt the product had potential but lacked traction. The founders admitted their marketing strategy was not very effective, which contributed to the low sales figures.
Following the episode’s airing, Handy Pan reportedly sold out of its entire inventory.This suggests a significant sales increase due to the exposure from Shark Tank. As of today, the company generates $6,000 in monthly sales.
The Handy Pan, which initially sold for $29.99, is now priced at $49.99 on the company’s website. Overall, Handy Pan appears to have experienced a significant boost in sales, net worth and brand awareness after appearing on Shark Tank.
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Shark Tank Pitch
Adam Chaudry and Josh Conway, two friends from Ohio, came to Shark Tank with their invention: the Handy Pan.
This multifunctional pan offered 3 features in 1: cooking, straining, and serving. It had a detachable handle and a built-in strainer lid for mess-free cooking.
They surprised the Sharks with their low ask: $10,000 for 20% equity. This bold move attracted attention but also raised questions about their limited sales ($7,900 in 3 years).
They showcased the pan’s versatility through cooking and straining demonstrations, highlighting its convenience and space-saving benefits.
Offers from Sharks:
Mark Cuban and Kevin O’Leary quickly rejected the offer due to a lack of sales and competition. Daymond John offered $10,000 for 30% equity, finding the product interesting but needing validation.
Lori Greiner was impressed by the potential and offered $10,000 for 20% with additional conditions: securing retail partnerships and lowering the price point.
Negotiation & Final Deal:
Adam and Josh countered with 25% equity, but Lori held firm at 20%, citing her expertise in QVC sales and marketing.
They ultimately accepted Lori’s offer, recognizing her experience and potential to scale their business. Since the investment, Handy Pan’s net worth has only surged.