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Shark Tank: Better Bedder Accepts $150,000 From Lori Greiner

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After fifteen years of collaboration, coworkers, Judy Cannella Schott and Nita Friloux Gassen, have decided to leave the insurance industry behind to pursue their dream of growing their business, Better Bedder. The pair created their signature product after Judy’s son was home on a visit from college and began sleeping on her couch rather than his bed because his sheets kept sliding off his bed. Calling Nita for design advice, Judy decided that they could create a simple and effective product that would wrap around the mattress and keep the sheets in place. Thus the Better Bedder was born. This elastic band wraps around a mattress making it easy for sheets to be tucked into the band without lifting the entire mattress. This both keeps the sheets in place and allows beds to be made without lifting heavy mattresses. This is especially important for older people or those with disabilities. The Better Bedder can also be used to store items like books, remotes, and even eyeglasses.

Judy and Nita have come to the Shark Tank looking for an investor willing to part with $150,000 in exchange for 10% equity in Better Bedder. The duo is looking for a partner that is willing to help them create a marketing strategy as their current success has been with very little marketing lift because they don’t have marketing expertise. Even without a dedicated marketing effort, the company was forecasted to end 2020 with over $1 million in sales. The intuitive and simple nature of the product, coupled with incredible sales have several Sharks interested.

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    Barbara Corcoran was the first Shark to make an offer, citing that she will help them to bring their product costs down so they can increase their margins and make more money. She suggests they partner with her because she is great at public relations and because she always partners with the same type of people who she can trust and therefore they wind up being happy to be a part of her portfolio. Lori Greiner also extends an offer, sharing that she would like to showcase the product on QVC and maybe even an infomercial. Daymond John has another growth trajectory for the product and extends an offer to Better Bedder with the intention of partnering with both mattress companies and hotel chains that are already in his portfolio. After countering, Judy and Nita agree to a partnership with Lori Greiner. They will surrender 18% of their equity in exchange for a $150,000 investment from Lori.

    If you were a Shark, would you have invested in Better Bedder? If you were Judy and Nita, which of the Shark’s offers would you have chosen and why? Start the conversation in the comments below!


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