Mod Mom Furniture after the Shark Tank
Modern Toy Boxes - Season 2 - Episode 203 - Update
|Mod Mom Kiersten Hathcock on the|
Shark Tank Show
Like most "true entrepreneur's" out there, we are a stubborn bunch that does not like to take no for an answer. The saying "Failure is NOT An Option" is ingrained in one form or another into every successful person's subconscious mind to the point you will "ALWAYS" get the right answer if you only "Believe" that statement with every part of your being. Kiersten Hathcock is one of those rare individuals that have put this statement to the test on many different levels and to the point "Success Would Become the ONLY Option" from her sheer determination to succeed.
To see how far Hathcock and the Mod Mom Business has grown since being one of the first contestants featured in Season 2, I figured a good place to start would be with Her Shark Tank audition tape. The answers to a lot of questions where the Mod Mom Business was at the time is in this video which also clearly shows Kiersten's motivation and determination to accomplish one major goal.
odds of Mod Mom's becoming a Shark Tank Success Story would of been non existent. It's a Great "Overall" Story that every single entrepreneur could benefit from reading and start paying more attention to your voice within.
Mod Mom on the Shark Tank Show
After practicing hundreds of times, Kiersten Hathcock's entire pitch to the Sharks was completely re-written within 24 hours before going in front of the Sharks. Her story how the Mod Mom Toy Boxes grew into an internationally known business while operating out of her garage struck a chord not only with the audience, but also with Kevin O'Leary and Robert Herjevic.
O'Leary agrees to the $90,000.00 Hathcock is seeking, but wants 33% equity stake in the business and an additional 7.5% royalty fee on all units sold until he gets his investment back. Herjevic offers the same financial commitment, but the royalty fee wouldn't kick in until after Mod Moms makes $500k in revenue. In the end Kiersten accepts Robert's deal as he agrees to help take Mod Moms Toy Boxes to the next level. I probably shouldn't write this part, but son of a ??? it looks like Robert Herjevic backed out of yet another deal after beating out another Shark during the Show.
What ever happened to a "Deals a Deal" Robert? Once, twice maybe even three times, but how many times do you need to beat out other Sharks and then put the entrepreneurs "on hold" as if on the back burner for several months? Obviously, some deals do not get completed during the Due Diligence Phase and usually for a very good reason. But to use the excuse it's not a big enough company when Kiersten was completely upfront where the business was at the time "YOU AGREED" doesn't seem like much of an excuse to me. I guess I'm still a little old fashion and to me a hand shake is "my word" and worth a lot more than a piece of paper or what $90k will ever buy.
Modern Mom's After Shark Tank Update
If you haven't already guessed the deal with Robert Herjevic pretty much fell through before it even began. In Robert's defense a lot of these deals I'm referring to are from older Shark Tank Episode's and he now has a much better team to handle all his deals made on the Show. But the one thing he couldn't take away from Hathcock was the Shark Tank Effect that came knocking on her door and is still knocking to this day.
Another Angel Investor watching the Shark Tank that night contacted Kiersten approximately a year later about potentially investing in the Mod Mom Furniture Business. After a few phone calls and doing his due diligence which was complete in 10 days, immediately put a check in the mail with a much better deal to take Mod Moms Toy Boxes to the next level.
This stay at home Mom that didn't have a clue how to build custom furniture just a few short years ago, is now in negotiations to license the Mod Mom Brand with major manufacturers. It looks like it's a little too early to reveal who these lucky manufacturers are at this time, but I'll update this article when the news comes out in the near future. The one clue Kiersten does reveal is the Mod Mom Brand is expanding into several new product categories with her no doubt in charge of the new modern designs. If you ever want to know what it's really like starting a small business out of the garage and turn it into a multi-million dollar international success, the Mod Moms Blog is a great place to start. Kiersten's Blog dates back to 2007 with the very first post appropriately named "My Garage Life" when she was just getting the Mod Moms Furniture Business off the ground.
This is one Inspiring Success Story that's very close to climbing to the next "much bigger" level and putting Kiersten Hathcock among the most Successful Entrepreneurs ever seen on the Shark Tank Show. Having several hundred entrepreneurs that have been on Shark Tank to choose from, People Magazine just did an article about the Show featuring 7 successful contestants including Kiersten and the Mod Mom Furniture.
I could of sworn I already had an update on Mod Mom done last year, but son of a gun one of the best updates from season 2 was never done until now. I do owe People Magazine a big Thank you to bringing Mod Mom back to my attention and an apology to Kiersten if she reads this for a long overdue article on her Success after the Shark Tank.
Having a dream is one thing, but having the self-motivation and determination to stick with it until it becomes reality will always separate the dreamers from the people that "Make Things Happen". Congratulations Kiersten, something tells me you're just getting started with many more successful chapters yet to be written.
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